We are not so brazen as to believe that we can perfectly calibrate valuation; determining risk and return for any investment remains an art not an exact science
Seth KlarmanA simple rule applies: if you don't quickly comprehend what a company is doing, then management probably doesn't either.
Seth KlarmanGraham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.
Seth KlarmanRatings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.
Seth Klarman