Asia Value Investor Conference

2016

V-Nee Yeh

V-Nee Yeh

Mr. Yeh is a Co-founder and Honorary Chairman of Value Partners Group Limited, a fund management firm listed on the Stock Exchange of Hong Kong Limited; he is the Chairman and Responsible Officer of Cheetah Investment Management Limited, an investment advisory firm, and the Co-founder and Chairman of Argyle Street Management Limited, a boutique distressed asset management firm; and the Co-founder and Advisory Board Chairman of HS Group.  Mr. Yeh is also one of Founding Shareholders of Samena Capital and took over as Chairman in April 2011.  He sits on the Executive Committee of his family office, Hsin Chong International Holdings Limited. He was a member of the Executive Council of the Hong Kong Government from January 2009 to June 2012; a member of the Takeovers and Mergers Panel, the Takeovers Appeal Committee of the Securities & Futures Commission from April 1998 to March 2012 and a member of the Hong Kong Stock Exchange listing committee from 1996 to 2006. Mr. Yeh is currently a Board member of the Columbia University Endowment, USA and he was the Board of Trustees of Milton Academy, Massachusetts, USA from 2007 to 2015.

James Morton

James Morton, Santa Lucia Asset Management

James Morton has a thirty year career in financial services including credit analysis at Citibank, strategic consulting at Bain & Co, and mergers and acquisitions at Samuel Montagu. He started managing portfolios in 1992 inside a family office and set up his own investment management company in 1994. While writing a book for the Financial Times that year, he met Peter Cundill, the Canadian value investor, and has been a convert to value investing ever since. He worked as a consultant for Peter from 1995 through to his passing in 2011. He has practised value investing in several manifestations including traditional deep value, property long/short, and high yield equities. He began investing in Asia in 1998. He has won a number of awards from Lipper, Morning Star and Thomson Reuters. His flagship Asia Pacific dividend strategy has compounded at a rate of over 14% p.a. since 2001. He is currently the Chief Investment Officer of Santa Lucia Asset Management Pte Ltd. His company has offices in Jakarta, London and Singapore.

Michael van Biema

Michael van Biema, van Biema Value Partners

Michael van Biema is the founder of the van Biema Value Partners, LLC.  Mr. van Biema was on the faculty of Columbia Business School from 1992 to 2004 where he has taught general corporate finance, capital markets, securities analysis, value investing and entrepreneurial finance in both the regular and executive MBA programs.  He has also served as director of a multi-year, multimillion-dollar research project into productivity in the service sector funded by the Alfred P. Sloan Foundation. He received his B.A. from Princeton University in Electrical Engineering and his Ph.D. from Columbia University.  Before joining the faculty of Columbia Business School he was involved in several startup ventures. Mr. van Biema is the author of numerous publications, including an article in the Harvard Business Review entitled “Managing Productivity in the Service Sector” (Summer 1998), and co-author of the books “Value Investing from Graham to Buffett and Beyond” (Wiley, June 2001), and “Concentrated Investing” (Wiley 2016).  He has lectured internationally on value investing.

Ronald Chan

Ronald W. Chan, Chartwell Capital

Ronald W. Chan is the founder and Chief Investment Officer of Chartwell Capital Limited. With office locations in Hong Kong and Thailand, Ronald and his investment team strongly believe that they have been sound stewards of their clients’ capital since the company’s inception in 2007. To generate business insights and provide sustainable investment returns to clients, the Chartwell team looks for mispriced investment opportunities that are overlooked by investors in the Asia-Pacific region. Keeping in close contact with various industry leaders over the years, Ronald shared his experience by publishing Behind the Berkshire Hathaway Curtain: Lessons from Warren Buffett’s Top Business Leaders in 2010 and The Value Investors: Lessons from the World’s Top Fund Managers in 2012. Ronald graduated from the Stern School of Business at New York University with Bachelor of Science degrees in Finance and Accounting. In 2016, he was appointed by The Stock Exchange of Hong Kong to serve as a member of the Listing Committee Panel.

Jamie Rosenwald

James B. Rosenwald, Dalton Investments

Mr. Rosenwald is a Co-founder of Dalton and the Senior Portfolio Manager for Dalton’s Asian Equities strategies.  He is a recognized authority in Pacific Rim investing with more than 30 years of investment experience. He formerly co-managed and founded Rosenwald, Roditi & Company, Ltd., now known as Rovida Asset Management, Ltd., which he established in 1992 with Nicholas Roditi. Mr. Rosenwald advised numerous Soros Group funds between 1992 and 1998. He commenced his investment career with the Grace Family at their securities firm, Sterling Grace & Co. Mr. Rosenwald holds an MBA from New York University and an AB from Vassar College. He is a CFA charterholder and a director of numerous investment funds. He is a member of the CFA Society of Los Angeles and the CFA Institute, and is an Adjunct Professor of Finance at New York University’s Stern Business School.

Sanjay Bakshi

Sanjay Bakshi, ValueQuest Capital

Sanjay is one of India’s best-recognized professors in the field of value investing and behavioral finance. He is also a successful practitioner of value investing in India for more than 22 years and at present is Managing Partner at ValueQuest Capital LLP, which is an investment boutique that advises a few large family offices in India and an offshore fund called The ValueQuest India Moat Fund for making investments in high-quality businesses through Indian public markets. Since its launch in April 2014 till June 2016, The ValueQuest India Moat Fund has delivered a net USD return to its investors of 73% (CAGR of 28%) versus 9.8% delivered by CNX Nifty (CAGR of 4.3%).Sanjay received M.Sc. (Economics) from London School of Economics and Political Science and B.Com. (Hons.) from University of Delhi, India. He is also a fellow member of the Institute of Chartered Accountants of India.
Rakshit Sethi

Rakshit Sethi, Fair Value Capital

Rakshit Sethi is the Founder and Chief Investment Officer of Fair Value Capital, a firm dedicated to proprietary bottom-up, value-centric investment research and advisory on the Indian equity markets for well over a decade. Fair Value Capital is the Investment Advisor to India Insight Value Fund (“IIVF”), an India dedicated offshore Fund, which seeks absolute, long term capital appreciation from undervalued/mispriced investment opportunities in India. Since its inception in February 2012, IIVF has delivered an absolute USD return of 109% (CAGR 17% p.a.), net of all fee and expenses, versus 17.6% (CAGR 3.5% p.a.) and 15.7% (CAGR 3.1% p.a.) delivered by NSE Nifty and S&P BSE Sensex respectively. Prior to founding Fair Value Capital, Mr. Sethi has worked with Deloitte Touche Tohmatsu in their corporate finance practice and with Kotak Securities- at the time a JV between Goldman Sachs and Kotak. He holds an MBA in Finance from MDI Gurgaon, India and Copenhagen Business School, Denmark and a B.A. (Honours) in Economics from Hindu College, University of Delhi.

Albert Yong

Albert Yong, Petra Capital Management

Albert H. Yong is a Managing Partner and the CIO of Petra Capital Management. Albert has more than 19 years of experience of investing in Korea. Albert utilizes a disciplined and patient deep value investing approach to seek superior risk-adjusted returns with limited volatility and bases his investment decisions on detailed, research-based analysis and thorough due diligence. Albert believes that the Korean stock market currently offers compelling value investing opportunities for international investors. Prior to co-founding Petra in 2009, Albert was a Managing Director and the CIO of Pinnacle Investments and a Portfolio Manager of Pan Asia Capital where he was in charge of managing the Korean equity portfolio. Albert received his MBA from the UCLA Anderson School of Management and his BS in Electrical Engineering from Seoul National University.

Mark Pearson

Mark Pearson, Arcus Investment

Mark Pearson, ACA, CFA, co-founded Arcus Investment in 1998. Prior to founding Arcus, Mark was a director and portfolio manager responsible for Japanese equities at Buchanan Partners Limited in London from 1992 to 1998. From 1990 to 1992 Mark was General Manager of Japanese equity fund management in Kleinwort Benson Investment Management in Tokyo. From 1986 to 1989, Mark was an investment analyst at Kleinwort Benson Securities in Tokyo, and from 1981 to 1986, at Coopers & Lybrand, London as a Chartered Accountant. Mark graduated from Emmanuel College (University of Cambridge) with MA in Economics in 1981. Mark lives in Hong Kong.

Cho-Yu Kooi

Cho-Yu Kooi, J O Hambro Capital Management

Cho-Yu is Senior Fund Manager of the JOHCM Asia ex Japan Small and Mid Cap strategy. Prior to joining JOHCM, Cho-Yu was a Portfolio Manager at Silver Metis Capital Management Pte Ltd. She previously worked at Lloyd George Management from 2001 to 2008 as a Portfolio Manager, where she managed the Lloyd George Asian Smaller Companies Fund, the Siam Recovery Fund and several institutional accounts valued at over US$1bn at the peak. She had also worked at UBS and DBS Asset Management for close to eight years. Cho-Yu is a CFA charterholder and graduated from the London School of Economics with first class BSc (Hons) in Economics.

Edouard Mercier

Edouard Mercier, Ascender Capital

Edouard is Co-Founder and Investment Partnerat Ascender Capital. Prior to founding Ascender Capital in Hong Kong in 2012, Edouard built a successful entrepreneurial background as co-founder of Sendit AB, a Swedish telecommunications software company that was acquired by Microsoft in 1999. After its acquisition, he set up and managed Microsoft’s Mobile Internet Business Unit in Asia until 2001. From 2002 to 2004, Edouard was the leading investor and CEO of Incomit AB, which was later on acquired by BEA Systems. The acquisition was a key enabler for BEA and then Oracle’s entry into the telecommunications field. Since 2005, Edouard has been an active financial investor in a number of publicly listed companies and closed-end funds. On occasion he has played an active role in the success of his investments; for example, he served on the board of InfoVista SA during its restructuring and up to its acquisition by Thoma Bravo in 2012. Edouard holds an M.Sc. in Telecommunications Engineering from the Swiss Federal Institute of Technology (ETH Zurich) and an MBA from INSEAD.

Chan Lee

Chan Lee, Petra Capital Management

Chan H. Lee is the co-founder and a Managing Partner of Petra Capital Management. Since inception in September of 2009, its Petra Korean Equity Strategy has returned 15.7% annualized, net of all fees to investors. Chan has over 19 years of investment experience in Korea and his investment career has focused on identifying and analyzing undervalued competitive companies whose market prices are significantly discounted to intrinsic value. Chan is also constantly on the lookout for mispricing opportunities and special situations where investors can profit handsomely from a subsequent change of valuation. Prior to co-founding Petra in 2009, he worked as an investment banker and corporate attorney for more than 10 years. Chan received his JD from the UCLA School of Law and his BS in Business Administration from the University of California at Berkeley where he was a member of Beta Gamma Sigma.

Samir Mehta

Samir Mehta, J O Hambro Capital Management

Samir is Senior Fund Manager of the JOHCM Asia ex Japan strategy. Prior to joining JOHCM, he was a Partner and CIO in a firm specialising in Asian equities, Silver Metis Capital Management Pte Ltd. Samir was previously at Lloyd George Management (LGM) where he worked from 1998 to 2007 as Chief Investment Officer (CIO). At LGM he was lead manager for a range of institutional Asia Pacific mandates, valued at over $5bn at peak asset levels. Samir was also responsible for the LGM investment process and managed a team of 20 Investment Professionals. Prior to joining LGM, he worked at Peregrine Securities and ANZ Grindlays Bank for close to eight years as an Analyst specialising in India. Samir is a CFA charterholder and holds a BCom from Bombay University.

David Shapiro

David Shapiro, Willis Towers Watson

David is the Portfolio Manager for the Global Equity Focus Fund at Willis Towers Watson and Director of the Equity Research team. Alongside his portfolio management responsibilities David provides regular research input to a number of clients, including a large UK based investment trust. David joined from Stamford Associates where he was Deputy CIO responsible for devising and implementing investment strategies for a range of its largest investment clients. Prior to Stamford Associates, David established Greentrees Partners LLP as a joint venture with Collins Stewart before which he gained broad investment experience as a UK equity portfolio manager with UBS Global Asset Management (formerly Phillips and Drew) from 1998 and then as a UK equity portfolio manager with Morley Fund Management from 2003. In total David has 20 years of portfolio management and investment analyst experience. David is a member of the Chartered Institute for Securities and Investment (CISI).

Allen Benello

Allen Benello, White River Partners

Allen Carpé Benello, CFA is the co-author of Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors, published by Wiley in 2016. Mr. Benello manages White River Partners, L.P., a private investment fund based in San Francisco, California, which he founded in 2000. White River Partners is a concentrated global value fund. He previously worked in the investment management division of PICO Holdings, Inc., an insurance holding company based in La Jolla, CA. Mr. Benello is also a seed investor in technology companies in Silicon Valley. Mr. Benello graduated with a B.A. in History from Tufts University in 1988, and received an M.A. in International Relations from the Paul H. Nitze School of Advanced International Studies (SAIS) at Johns Hopkins University in 1992, where he was an Olin Fellow in Strategic Studies. Mr. Benello has lectured at investing seminars and conferences in North America, South America, Europe, and Asia. From 1999 to 2003, Mr. Benello served on the board of the ICA Group in Boston, Massachusetts. The ICA Group is a non-profit organization fostering employee ownership. Since 2014, he has served on the board of GiveSurf, whose mission is to provide surfing equipment to underprivileged youths around the world.

Sign up for value investor digest

Speakers: 7th December 2017

  • "We will only do with your money what we would do with our own."
    Warren Buffett
  • “The trick of successful investors is to sell when they want to, not when they have to.”
    Seth Klarman
  • "Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world."
    Charlie Munger
  • "The stock market is filled with individuals who know the price of everything, but the value of nothing."
    Phillip Fisher
  • "To thrive as a value investor you have to risk being called a dummy from time to time."
    Christopher H. Browne
  • “The game of life is the game of everlasting learning. At least it is if you want to win.”
    Charlie Munger
  • “Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.”
    Seth Klarman
  • "In the short run, the market is a voting machine, but in the long run it is a weighing machine."
    Ben Graham
  • “Rule #1: Never Lose Money; Rule #2: Never forget Rule #1.”
    Warren Buffett
  • “Confronted with a challenge to distil the secret of sound investment into three words, we venture the motto, Margin of Safety.”
    Ben Graham
  • "All intelligent investing is value investing - acquiring more than you are paying for. You must value the business in order to value the stock."
    Charlie Munger
  • “Practical investors usually learn their problem is finding enough outstanding investments, rather than choosing among too many.”
    Phillip Fisher
  • “In theory, there’s no difference between theory and practice. In practice, there is.”
    Yogi Berra
  • “We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.”
    Warren Buffett
  • “Whenever you find yourself on the side of the majority, it’s time to reform.”
    Mark Twain
  • "It's not supposed to be easy. Anyone who finds it easy is stupid."
    Charlie Munger
  • “As time goes on, I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes.”
    John Maynard Keynes
  • “Believe me, there’s nothing better than buying from someone who has to sell regardless of price during a crash. Many of the best buys we’ve ever made occurred for that reason.”
    Howard Marks
  • “Acquire Riches by Industry and Frugality.”
    Benjamin Franklin
  • "Cash combined with courage in a time of crisis is priceless."
    Warren Buffett
  • "The Stock Market is designed to transfer money from the Active to the Patient."
    Warren Buffett
  • "Great investors are not unemotional, but are inversely emotional – they get worried when the market is up and feel good when everyone is worried."
    Bill Miller
  • “Contributing to . . . euphoria are two further factors little noted in our time or in past times. The first is the extreme brevity of the financial memory.”
    John Kenneth Galbraith
  • "In the world of investing, being correct about something isn't at all synonymous with being proved correct right away."
    Howard Marks
  • "The single greatest edge an investor can have is a long-term orientation."
    Seth Klarman
  • "For some reason, people take their cues from price action rather than from values. What doesn’t work is when you start doing things that you don’t understand or because they worked last week for somebody else. The dumbest reason in the world to buy a stock is because it’s going up."
    Warren Buffett
  • "Buy companies with strong histories of profitability and with a dominant business franchise."
    Warren Buffett
  • “There’s little that’s as dangerous for investor health as insistence on extrapolating today’s events into the future.”
    Howard Marks
  • "Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well."
    Warren Buffett
  • "Having great clients is the key to investment success."
    Seth Klarman
  • “The focus of most investors differs from that of value investors. Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose.”
    Seth Klarman
  • "If you want to have a better performance than the crowd, you must do things differently from the crowd."
    John Templeton
  • “A margin of safety is necessary because valuation is an imprecise art, the future is unpredictable, and investors are human and do make mistakes. It is adherence to the concept of a margin of safety that best distinguishes value investors from all others, who are not as concerned about loss.”
    Seth Klarman
  • “As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned.”
    Seth Klarman
  • "To buy when others are despondently selling and to sell when others are euphorically buying takes the greatest courage, but provides the greatest profit."
    John Templeton
  • “Wall Street research is strongly oriented toward buy rather than sell recommendations. There is more business to be done by issuing an optimistic research report than by writing a pessimistic one.”
    Seth Klarman
  • ‘If you don’t feel comfortable owning something for 10 years, then don’t own it for 10 minutes.’
    Warren Buffett
  • "It is easier to rationalize than it is to be rational."
    unknown
  • “Investors have been so oversold on diversification that fear of having too many eggs in one basket has caused them to put far too little into companies they thoroughly know and far too much in others which they know nothing about.”
    Phillip Fisher
  • “Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process.”
    Seth Klarman
  • “Once you adopt a value-investment strategy, any other investment behaviour starts to seem like gambling.”
    Seth Klarman
  • “What the wise man does in the beginning, the fool does in the end.”
    Howard Marks
  • “You need to have a passionate interest in why things are happening. That cast of mind, kept over long periods, gradually improves your ability to focus on reality. If you don’t have that cast of mind, you’re destined for failure even if you have a high I.Q.”
    Charlie Munger
  • “Establishing and maintaining an unconventional investment profile requires acceptance of uncomfortably idiosyncratic portfolios, which frequently appear downright imprudent in the eyes of conventional wisdom.”
    David Swensen
  • “Conservative investors sleep well.”
    Phillip Fisher
  • “Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group… then to hell with them.”
    Charlie Munger
  • "Price is what you pay. Value is what you get."
    Warren Buffett
  • “Sometimes a value investor will review in depth a great many potential investments without finding a single one that is sufficiently attractive. Such persistence is necessary, however, since value is often well hidden.”
    Seth Klarman
  • "In my whole life, I have known no wise people who didn't read all the time - none, zero... You'd be amazed at how much Warren reads - at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out."
    Charlie Munger
  • “Usually a very long list of securities is not a sign of the brilliant investor, but of one who is unsure of himself.”
    Phillip Fisher
  • "Warren and I insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think. So Warren and I do more reading and thinking and less doing than most people in business."
    Charlie Munger
  • “there are two essential ingredients for profit in a declining market: you have to have a view on intrinsic value, and you have to hold that view strongly enough to be able to hang in and buy even as price declines suggest that you’re wrong. Oh yes, there’s a third; you have to be right.”
    Howard Marks
  • “When everyone believes something is risky, their unwillingness to buy usually reduces it’s price to the point where it’s not risky at all. Broadly negative opinion can make it the least risky thing since all optimism has been driven out of it’s price.”
    Howard Marks
  • “We have two classes of forecasters: Those who don’t know – and those who don’t know they don’t know.”
    John Kenneth Galbraith
  • “Spend each day trying to be a little wiser than you were when you woke up.”
    Charlie Munger
  • “At one extreme of the pendulum – the darkest of times – it takes analytical ability, objectivity, resolve, even imagination, to think things will ever get better. The few people who possess those qualities can make unusual profits with low risk…”
    Howard Marks
  • "The harder you work, the more confidence you get. But you may be working hard on something that is false."
    Charlie Munger
  • “…at the other extreme, when everyone assumes and prices in the impossible – improvement forever – the stage is set for painful losses.”
    Howard Marks
  • "You shouldn’t own common stocks if a 50 per cent decrease in their value in a short period of time would cause you acute distress."
    Warren Buffett
  • “Many investors insist on affixing exact values to their investments, seeking precision in an imprecise world, but business value cannot be precisely determined.”
    Seth Klarman
  • “Greater risk does not guarantee greater return. To the contrary, risk erodes return by causing losses. By itself risk does not create incremental return, only price can accomplish that.”
    Seth Klarman
  • “Markets can remain irrational longer than you can remain solvent.”
    John Maynard Keynes
  • “...active management strategies demand uninstitutional behaviour from institutions, creating a paradox that few can unravel.”
    David Swensen
  • “Investing is the intersection of economics and psychology.”
    Seth Klarman
  • ‘Risk can be greatly reduced by concentrating on only a few holdings.’
    Warren Buffett
  • “The number of things that can go wrong (in business) greatly exceeds the number that can go right.”
    Seth Klarman
  • "Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised."
    Warren Buffett
  • “How do value investors deal with the analytical necessity to predict the unpredictable? The only answer is conservatism.”
    Seth Klarman
  • “We look for a horse with one chance in two of winning and which pays you three to one.”
    Charlie Munger
  • "I never buy anything unless I can fill out on a piece of paper my reasons. I may be wrong, but I would know the answer to that. “I’m paying $32 billion today for the Coca Cola Company because. If you can’t answer that question, you shouldn’t buy it. If you can answer that question, and you do it a few times, you’ll make a lot of money."
    Warren Buffett
  • "Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it."
    Warren Buffett
  • “It is better to fail conventionally than to succeed unconventionally.”
    John Maynard Keynes
  • "You do things when the opportunities come along. I’ve had periods in my life when I’ve had a bundle of ideas come along, and I’ve had long dry spells. If I get an idea next week, I’ll do something. If not, I won’t do a damn thing."
    Warren Buffett
  • "An investment in knowledge pays the best interest."
    Benjamin Franklin
  • “Know what you own, and know why you own it”
    Peter Lynch
  • “In both economic forecasting and investment management, it’s worth noting that there’s usually someone who gets it exactly right… but it’s rarely the same person twice.”
    Howard Marks
  • "The four most dangerous words in investing are: 'this time it's different.' "
    Sir John Templeton
  • "I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable."
    Warren Buffett
  • “Skepticism and pessimism aren’t synonymous. Skepticism calls for pessimism when optimism is excessive. But it also calls for optimism when pessimism is excessive.”
    Howard Marks
  • "In investing, what is comfortable is rarely profitable."
    Robert Arnott
  • “You can’t predict. You can prepare.”
    Howard Marks
  • “No wise pilot, no matter how great his talent and experience, fails to use his checklist.”
    Charlie Munger
  • "Wide diversification is only required when investors do not understand what they are doing."
    Warren Buffett
  • “A hugely profitable investment that doesn’t begin with discomfort is usually an oxymoron.”
    Howard Marks
  • “There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.”
    Charlie Munger
  • “The wise investor can profit if he can think independently of the crowd and reach the rich answer when the majority of financial opinion is leaning the other way.”
    Phillip Fisher
  • “Analysis should be penetrating not prophetic.”
    Ben Graham
  • “…it never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles.”
    Charlie Munger
  • “This matter of training oneself not to go with the crowd but to be able to zig when the crowd zags, in my opinion, is one of the most important fundamentals of investment success.”
    Phillip Fisher
  • “Without numerical fluency, in the part of life most of us inhibit, you are like a one-legged man in an ass-kicking contest.”
    Charlie Munger
  • “All Investors should devote themselves to understanding the nature of the business and its intrinsic worth, rather than wasting their time trying to guess the unknowable future.”
    James Montier
  • “There is a complicating factor that makes the handling of investment mistakes more difficult. This is the ego in each of us.”
    Phillip Fisher
  • “The disciplined pursuit of bargains makes value investing very much a risk-averse approach.”
    Seth Klarman
  • “The successful investor is usually an individual who is inherently interested in business problems.”
    Phillip Fisher
  • "In a commodity business, it’s very hard to be smarter than your dumbest competitor."
    Warren Buffett
  • “Because investing is as much an art as a science, investors need a margin of safety.”
    Seth Klarman
  • "Chains of habits are too light to be felt until they are too heavy to be broken."
    Warren Buffett

By continuing to use the site, you agree to the use of cookies. more information

On 26 May 2011, the rules about cookies on websites changed. This site uses cookies. We have already set cookies which are essential for the operation of this site. More Info By using this site you accept additional cookies from this site used to support optional features of the site or to gather anonymous usage statistics we use to improve the siteures of the site or to gather anonymous usage statistics we use to improve the site

Close