Investing today may well be harder than it has been at any time in our three decades of existence.

Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.

Having great clients is the key to investment success.

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.

The cost of performing well in bad times can be relative underperformance in good times.

It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to stand apart from it. Yet distancing yourself from the crowd is an essential component of long-term investment success.

We work really hard never to get confused with what we know from what we think or hope or wish.