Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.
Seth KlarmanIf 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.
Seth KlarmanThe cost of performing well in bad times can be relative underperformance in good times.
Seth Klarman