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Below are favorite quotes from 20 years of Investment Outlooks. What's your favorite? Drop us a line and let us know or send us a new one and we may feature it on our website!


“To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still some higher price. The goal is to buy the first, avoid the second, and sell the third.”

Seth Karlman

“In my opinion, investment success will not be provided by arcane formulae, computer programs or signals flashed by the price behavior of stocks and markets. Rather an investor will succeed by coupling good business judgement with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl around the marketplace."

Warren Buffett

“Many investors prefer comfort, chasing what is popular and loved, rather than pursuing what is out of favor. The  markets  do not re ward comfort.”

Robert D. Arnott

Jim Cramer: “Lyft IPO likely to surge drawing investors back to the whole stock market.   Cramer said the IPO which was priced at $72 could open as high as $100 per share."


Warren Buffett:. ”I don't know why, with all the things you can buy for $25 billion in this world, that you would pick a business (Lyft)that really has to be earning $2.5 or $3 billion pre-tax in five years to even be on the same radar screen as things you can buy right now."

- Warren Buffett & Jim Cramer

“In a market downturn, momentum investors cannot find momentum, growth investors worry about a slowdown, and technical analysts don’t like their charts. But the value investing discipline tells you exactly what to analyze, price versus value, and then what to do, buy at a considerable discount and sell near full value. And, because you cannot tell what the market is going to do, a value investment discipline is important because it is the only approach that produces consistently good investment results over a complete market cycle."

- Seth Klarman

 “The cost of performing well in bad times can be relative underperformance in good times.” 

- Seth Klarman

“Risk is the likelihood of permanent capital loss. Opportunity risk is the likelihood of missing out on potential gains. Put together you’ll see that risk is the possibility of things not going the way you want.”

- Howard Marks

“Investing is a popularity contest, and the most dangerous thing is to buy something at the peak of its popularity.”

- Howard Marks

“Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.”

- John Maynard Keynes

“Value investors must be strong and resilient, as well as independent-minded and sometimes contrary. You don't become a value investor for the group hugs. Indeed, one can go long stretches of time with no positive reinforcement whatsoever. Unlike some other fields of endeavor, in investing you can do the same thing as yesterday but achieve completely different reported results. In the long run, the research and analysis you perform should overcome market forces; the fundamentals ultimately matter. But in the short run, markets can trump effort and insight.”

- Seth Klarman

“There is only one combination of facts that makes it advisable for a company to repurchase its shares: First, the company has available funds — cash plus sensible borrowing capacity — beyond the near-term needs of the business and, second, finds its stock selling in the market below its intrinsic value, conservatively calculated.”

- Warren Buffett

“When any method for selecting stocks becomes popular, then switch to unpopular methods.”

- Sir John Templeton

“The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price."

- Benjamin Graham

“Value investing works because it is contrary to naïve strategies of other investors, which include extrapolating past earnings growth too far into the future and assuming that a well-run company will always be a good investment, regardless of price."

- Dr. Josef Lakonishok

LSV Asset Management

“But this time is never different. History always rhymes. Human nature never changes. You should always be more skeptical of any investment that has soared in price, and you should always be more enthusiastic about any asset that has recently fallen in price."

- Jason Zweig

Wall Street Journal

“Investment success also requires remembering that securities prices are not blips on a Bloomberg terminal but are fractional interests in - or claims on - companies. Business fundamentals, not price quotations, convey useful information. With so many market participants fixated on short-term investment performance, successful investing requires a focus not on how one is doing, but on corporate balance sheets and income and cash flow statements."

- Seth Klarman

2010 Baupost Letter

“Having great clients is the real key to investment success. It is probably more important than any other factor in enabling a manager to take a long-term time frame when the world is putting so much pressure on short term results."

- Seth A. Klarman

President, Baupost Group

“Mr. Market delights in switching labels. When he thinks nobody's looking, he sticks the "risky" label on the "safe" asset, and the "safe" label on the "risky" asset. Yet, not infrequently, it's the supposedly risky asset that winds up preserving capital or even delivering capital gains. It all depends on price.”

James Grant

“The best investors do not focus on returns; they focus on risk.”

- Seth Klarman

"Finally, be aware that the market does not turn when market participants begin to see the light at the end of the tunnel. It turns when all looks black, but just a subtle shade less black than the day before."

- Jeremy Grantham

Chairman - GMO, LLC

"I can't predict the short-term movements of the stock market. I haven't the faintest idea as to whether stocks will be higher or lower a month - or a year - from now. What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up. So if you wait for the robins, spring will be over."

- Warren Buffet

NY Times OpEd 10/16/08

“When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you've got to get up and dance. We're still dancing."

- Chuck Prince

CEO of Citigroup - July 9, 2007 Financial Times Interview

"Basic economics-- sometimes the parts are worth more than the whole."

New Yorker

"Monetary Policy acts a little like vodka-you think it's not working, and then it sneaks up on you."

-Robert McTeer

Federal Reserve Bank-Dallas

"Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1."

-Warren Buffett

"What most people do is buy a fund after it has been hot for three years, just in time for it to turn cold. That is like planting a garden in October."

-Ron Muhlenkampn

Muhlenkamp Fund

"Bubbles have always given back everything. There have been no exceptions-None."

-Jeremy Grantham, Principal

Grantham, Mayo, Van Otterloo & Co. LLC

"It's only when the tide goes out that you learn who's been swimming naked."

-Warren Buffett

"I have seen no trend toward value investing in the 35 years I've practiced it. There seems to be some perverse human characteristic that likes to make easy things difficult."

-David Elsner

"Price is what you pay. Value is what you get."

-Warren Buffett, letter to partners

January 20, 1966

"When the stock doubles, sell it. If it doesn't double, don't buy it."

-Will Rogers

"There is a thin line between being contrarian and being just plain stubborn."

-John Neff

"When you mix raisins and turds, you've still got turds."

-Charlie Munger

Vice Chairman, Berkshire Hathaway

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*This sample is provided for illustrative purposes only and is not necessarily indicative of the composition of a particular client's investment portfolio or the performance of that portfolio.  Each client's investment portfolio will vary as to its holdings and the performance of those holdings based upon the client’s particular investment goals and objectives. This is not a recommendation to buy or sell any security. A complete list of current holdings and all recommendations from the past 12 months are available upon request.