Courage is a function of process.

While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes the need to perform in-depth fundamental analysis, pursue long-term investment results, limit risk, and resist crowd psychology.

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.

The trick of successful investors is to sell when they want to, not when they have to.

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.

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

Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.