- Our own psychology is as important as the fundamentals of the businesses we invest in
- Certainty belongs to mathematics, not to markets
- I often remind our analysts that 100% of the information you have about a company represents the past, and 100% of a stock’s valuation depends on the future
- The market does reflect the available information, as the professors tell us. But just as the funhouse mirrors don’t always accurately reflect your weight, the markets don’t always accurately reflect that information. Usually they are too pessimistic when it’s bad, and too optimistic when it’s good
- Time arbitrage just means exploiting the fact that most investors — institutional, individual, mutual funds or hedge funds — tend to have very short-term time horizons, have rapid turnover or are trying to exploit very short-term anomalies in the market. So the market looks extremely efficient in the short run. In an environment with massive short-term data over- load and with people concerned about minute-to-minute performance, the inefficiencies are likely to be looking out beyond, say, 12 month
- Anyone can get lucky for a short period of time. But consistent outperformance over long periods is probably evidence of skill
- What we try to do is take advantage of errors others make, usually because they are too short-term oriented, or they react to dramatic events, or they overestimate the impact of events, and so on
- Some things never change in the investment business. They cycles of greed and fear, of undervaluation and overvaluation, have persisted as long as there have been markets
- We try to buy companies that trade at large discounts to intrinsic value. What’s different is we will look for that value anywhere we can. We don’t rule out technology as an area to look for value
- Most people are not wired to sell what’s going up and buy what’s going down
- Our overall philosophy was to invest in permanent facilities rather than temporary facilities. We steered them in that direction so that we had something left at the end of the Olympics
- It could be a great break that we’re looking for
- Kicking is all about the next kick, … If you miss one, you have to take the next kick and do what you have to do
Kontak Kami
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