We’re bottom-up investors. We always have to operate on negative macro assumptions.
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As a value investor, what you are interested in is whether the company is creating wealth.
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My clients say the way to get rich is to buy what I’m buying — but to wait two years to do it.
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I don’t even worry about the overall market. I worry about the business and the market will take care of itself.
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Having a mutual fund management company is like having a toll booth on the George Washington bridge all for yourself.
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For us the principal test is creditworthiness, don’t buy common stocks of companies that need continuous access to capital markets.
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With stocks, you have to worry about the market. With debt, I just have to understand the contract. If my analysis is right, I’ll make money.
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We think diversification is only a surrogate, and usually a poor surrogate, for knowledge, control, and price consciousness.
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Shorting is difficult. If you short, you are not only making an investment decision, you are making a market decision.
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We get protection by being price-conscious and by being extremely knowledgeable about our holdings.
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We don’t get involved in all the analytical baggage of trying to figure out where a stock is going to sell. Just try to figure out what it’s worth. And I dare say all the really great investors do it the same way.
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We don’t pay attention to quarterly earnings or consensus forecasts. That’s performance investing, not value investing.
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