By investing at a discount, Benjamin Graham knew that he was unlikely to experience losses.
Seth KlarmanThe prevailing view has been that the market will earn a high rate of return if the holding period is long enough, but entry point is what really matters.
Seth KlarmanWhile knowing how to value businesses is essential for investment success, the first and perhaps most important step in the investment process is knowing where to look for opportunities
Seth KlarmanSpeculators are obsessed with predicting: guessing the direction of stock prices. Every morning on cable television, every afternoon on the stock market report, every weekend in Barron's, every week in dozens of market newsletters, and whenever business people get together. In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a purely speculative undertaking.
Seth Klarman