Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.
Seth KlarmanTargeting investment returns leads investors to focus on potential upside rather on downside risk ... rather than targeting a desired rate of return, even an eminently reasonable one, investors should target risk.
Seth KlarmanValue investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process.
Seth KlarmanIn reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.
Seth Klarman