“It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment, refinement, patience, and reflection. It requires endless curiosity, the relentless pursuit of additional information, the raising of questions, and the search for answers. It necessitates dealing with imperfect information - knowing you will never know everything and that that must not prevent you from acting. It requires a precarious balance between conviction, steadfastness in the face of adversity, and doubt - keeping in mind the possibility that you could be wrong.” KnowsNeedsMindImportantRememberFacesValuesAnswersPerfectActingKnowingDoubtInformationPossibilityBalanceJudgmentReflectionAdversityCuriosityInvestingConvictionPursuitEndlessImperfectOngoingRelentlessRefinementPrecariousSteadfastnessFacing AdversityRelentless Pursuit Author:Seth Klarman
“Conservationists have, I fear, adopted the pedagogical method of the prophets: we mutter darkly about impending doom if people don't mend their ways. The doom is impending, all right; no one can be an ecologist, even an amateur one, without seeing it. But do people mend their ways for fear of calamity? I doubt it. They are more likely to do it out of pure curiosity and interest.” PeopleIfsWayInterestDoubtSeeingPureMethodCuriosityProphetAdoptedDoomCalamity Book:Aldo Leopold: A Sand County Almanac & Other Writings on Conservation and Ecology: (Library of America #238) Source: Aldo Leopold: A Sand County Almanac & Other Writings on Conservation and Ecology: (Library of America #238)