Quotes from Seth Klarman

Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.

Courage is a function of process.

My experience is that short sellers do far better analysis than long buyers because they have to. The market is biased upward over time-as the saying goes, stocks are for the long run.

By investing at a discount, Benjamin Graham knew that he was unlikely to experience losses.

It's incredibly important to note that when you don't allow failure, you get more failure.

When people give away stocks based on forced selling or fear that is usually a great opportunity.