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Quote by Michael Steinhardt

“The hardest thing over the years has been having the courage to go against the dominant wisdom of the time to have a view that is at variance with the present consensus and bet that view. The hard part is that the investor must measure himself not by his own perceptions of his performance, but by the objective measure of the market. The market has its own reality. In an immediate emotional sense the market is always right so if you take a variant point of view you will always be bombarded for some time by conventional wisdom as expressed by the market.”

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Michael Steinhardt

Michael Steinhardt, born on December 7, 1940, is an accomplished manager with extensive experience in the business sector. He has achieved significant success in various industries. more

“Value investors will not invest in businesses that they cannot readily understand or ones they find excessively risky. Hence few value investors will own the shares of technology companies. Many also shun commercial banks, which they consider to have unanalyzable assets, as well as property and casualty insurance companies, which have both unanalyzable assets and liabilities.”

Wells Values Company Technology Share Property Assets Investors Casualties Liability Insurance Companies Commercial Banks Assets And Liabilities

Author:Seth Klarman

“The best protection against risk is knowing what you are doing.”

Knowing Risk Protection

Author:Seth Klarman

“Right at the core, the mainstream has it backwards. Warren Buffett often quips that the first rule of investing is to not lose money, and the second rule is to not forget the first rule. Yet few investors approach the world with such a strict standard of risk avoidance.”

World Firsts Loses Forget Risk Approach Standards Investing Core Investors Mainstream Strict Backwards Avoidance Quip Buffett Warren Buffet

Author:Seth Klarman

Quote by Michael Steinhardt

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