Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose.

If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing due to over-reaction.

When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.

Never stop reading. History doesn't repeat, but it does rhyme.

My view is that an investor is better off knowing a lot about a few investments than knowing a little about each of a great many holdings. One's very best idea's are likely to generate higher returns for a given level of risk than one's hundredth or thousandth best idea.

A value strategy is of little use to the impatient investor since it usually takes time to pay off.

Bad things happen, but really bad things do not. Do buy the dips, especially the lowest quality securities when they come under pressure, because declines will quickly be reversed.