Some argue that being less than fully invested is akin to market timing. But isn’t a yes or no decision the crucial one in investing? Where does it say that investing means always buying something, even the best of a bad lot? An investor who can’t or won’t say no forgoes perhaps the most valuable tool available to investors. – Seth Klarman Look for more value in terms of discounted future cash flow than you’re paying for. Move only when you have an advantage…. You have to understand the odds and have the discipline to bet only when the odds are in your favour…. Great investing requires a lot of delayed gratification. It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that. There are a lot of things where the only way to win is to work a long time. I have read Barron’s for fifty years. In fifty years I found one investment opportunity in Barron’s, out of ...
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