The cost of performing well in bad times can be relative underperformance in good times.
Seth KlarmanThe inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled out of the tub, all boats dropped as the water rushed down the drain.
Seth KlarmanWhy should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?
Seth KlarmanWe 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 Klarman