Jason Bond

What is value investing? youtu.be/pe_65RYaZv0 via @YouTube

My view is that an investor is better off knowing a lot about a few investments than knowing a little about each of a great many holdings. One’s very best ideas are likely to generate higher returns for a given level of risk than one’s 100th or 1,000th best idea. -- Seth Klarman

What counts for most people in investing is not how much they know, but rather how realistically they define what they don’t know. -- Warren Buffett on "circle of competence"

Value investing is at its core the marriage of a contrarian streak and a calculator. -- Seth Klarman

Price & value diverge in predictable & exploitable ways is bc. people are emotional beings. The distinguishing attribute among successful investors is temperament rather than brainpower, experience, or classroom training. They have the ability to be rational... -- Bryan Jacoboski

When properly implemented, troubled-company investing may entail less risk than traditional investing, yet offer significantly higher returns. -- Seth Klarman

(3/3) It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent. -- Charlie Munger

(2/3) This happens as the tortoise stumbles on some particularly effective way to apply the best previous work, or simply avoids the standard calamities. We try more to profit by always remembering the obvious than from grasping the esoteric.

(1/3) It is occasionally possible for a tortoise, content to assimilate proven insights of his best predecessors, to outrun hares which seek originality or don’t wish to be left out of some crowd folly which ignores the best work of the past.

Success in investing doesn’t correlate with IQ once you're above the level of 125. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing. -- Warren Buffett

Listening to uninformed people is worse than having no answers at all. -- Ray Dalio

Every time you confront something painful, you are at a potentially important juncture in your life—you have the opportunity to choose healthy and painful truth or unhealthy but comfortable delusion. -- Ray Dalio

(2/2) An investor who purchased the S&P 500 Index in August 2008 & then sold the Index 6 yrs later, lived through the worst financial crisis & recession since the Great Depression, but still earned 56% profit on his investment before dividends—& 69% w/ dividends" - Ed Wachenheim

(1/2) "During the six months between the end of August 2008 and end of February 2009, the [S&P] 500 Index fell by 42 percent from 1,282.83 to 735.09. Yet by early 2011 the S&P 500 had recovered to the 1,280 level, and by August 2014 it had appreciated to the 2000 level.

More significantly, they illustrate the way the herd mentality of investors can cause all companies in an out-of-favour industry, however disparate, to be tarred with the same brush. -- Seth Klarman

In fact, often there is not immediate buying opportunity; today’s research may be advance preparation for tomorrow’s opportunities. -- Seth Klarman

To be effective you must not let your need to be right be more important than your need to find out what’s true. If you are too proud of what you know or of how good you are at something you will learn less, make inferior decisions, and fall short of your potential. -- Ray Dalio

Investors overreact to the latest news... [That's] especially true today with the Internet. Information spreads so quickly that decisions get made without particularly deep knowledge about the companies involved. People also overemphasize dramatic events... -- John Dorfman

(2/2) We don’t worry about headline risk—once we believe in an asset, we’re buying more on any dips because we’re focused on the end game three or four years out. -- Jeffrey Ubben

(1/2) It’s still true that the biggest players in the public markets—particularly mutual funds and hedge funds—are not good at taking short-term pain for long-term gain. The money’s very quick to move if performance falls off over short periods of time.

It is often said on Wall St that there are many reasons why an insider might sell a stock (need for cash to pay taxes; expenses etc), but there is only one reason for buying. -- Seth Klarman