You need to balance arrogance and humilitywhen you buy anything, it's an arrogant act. You are saying the … - Seth Klarman

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Dress how you feel and love what you wear because at the end of the day you have got to wear and feel great in it.

Seth Klarman

You need to balance arrogance and humilitywhen you buy anything, it's an arrogant act. You are saying the markets are gyrating and somebody wants to sell this to me and I know more than everybody else so I am going to stand here and buy it. I am going to pay an 1
8th more than the next guy wants to pay and buy it. That's arrogant. And you need the humility to say 'but I might be wrong. ' And you have to do that on everything

Humility, Guy, Arrogance, Somebody, Act

Same Author Quotes

Selling, in particular, can be a challenge; many investors are tempted to become more optimistic when a security is performing well. This temptation must be resisted; tax considerations aside, when a security reaches full valuation, there is no longer a reason to own it.

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Value in relation to price, not price alone, must determine your investment decisions. If you look to Mr Market as a creator of investment opportunities (where price departs from underlying value), you have the makings of a value investor. If you insist on looking to Mr Market for investment guidance however, you are probably best advised to hire someone else to manage your money.

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The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled out of the tub, all boats dropped as the water rushed down the drain.

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When excesses such as lax lending standards become widespread and persist for some time, people are lulled into a false sense of security, creating an even more dangerous situation. In some cases, excesses migrate beyond regional or national borders, raising the ante for investors and governments. These excesses will eventually end, triggering a crisis at least in proportion to the degree of the excesses. Correlations between asset classes may be surprisingly high when leverage rapidly unwinds.

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Be sure that you are well compensated for illiquidity - especially illiquidity without control - because it can create particularly high opportunity costs.

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