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Value quotes

The mark of a good value investor is a contrarian mindset and a long-term investment horizon. Pearls of wisdom from the value investment greats such as Benjamin Graham and David Dodd remain overwhelmingly influential and serve as useful reminders in every area of value investing. We’ve selected our favourite quotes from the very best investors, they’re always worth referring to from time to time.

To thrive as a value investor you have to "risk being called a dummy from time to time. 

Christopher H. Browne

Face up to two unpleasant facts: the future is never clear and you pay a very high price in the stock market for a cheery consensus. Uncertainty is the friend of the buyer of long-term values.

Warren Buffett

Beware of little expenses; a small leak will sink a great ship. 

Benjamin Franklin

There are those who don't know and those who don't know they don't know.

John Kenneth Galbraith

There can be few fields of human endeavour in which history counts for so little as in the world of finance

John Kenneth Galbraith

The investor's chief problem – even his worst enemy – is likely to be himself.

Benjamin Graham

Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.

Benjamin Graham

Having great clients is the key to investment success.

Seth Klarman

The single greatest edge an investor can have is a long-term orientation.

Seth Klarman

Value investing is at its core the marriage of a contrarian streak and a calculator.

Seth Klarman

(Value) investing is not a paint-by-numbers exercise. Skepticism and judgment are always required.

Seth Klarman

In the world of investing, being correct about something isn't at all synonymous with being proved correct right away.

Howard Marks

It's the investor's job to intelligently bear risk for profit. Doing it well is what separates the best from the rest.

Howard Marks

"The best opportunities are usually found among things most others won't do."

Howard Marks

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

It's not supposed to be easy. Anyone who finds it easy is stupid. 

Charlie Munger

If you buy all the stocks selling at or below two times earnings, you will lose money on half of them because instead of making profits they will actually lose money, but you will only lose a dollar or so a share at most. Then others will be mediocre performers. But the remaining big winners will go up and produce fabulous results and also ensure a good overall result.

John Templeton

If you want to have a better performance than the crowd, you must do things differently from the crowd. 

John Templeton

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

It is easier to rationalize than it is to be rational.

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