“If you own the best dealership, the top bank, and the finest restaurant in town, you will do well.”
― Charlie Munger on Diversification
“I’m not interested in meeting management today… I’m more interested in finding out how a person has behaved in the past.”
― Bruce Berkowitz
“Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands. By having confidence in their own analysis and judgement, they respond to market forces not with blind emotion but with calculated reason. Successful investors, for example, demonstrate caution in frothy markets and steadfast conviction in panicky ones. Indeed, the very way an investor views the market and it’s price fluctuations is a key factor in his or her ultimate investment success or failure.”
― Seth Klarman
“The most successful horse players (I guess they lose the least) are the ones who don’t bet on every race but wager on only those occasions when they have a clear conviction.”
― Joel Greenblatt
