Our Philosophy

Never ask anyone for their opinion, forecast, or recommendation. Just ask them what they have—or don’t have—in their portfolio.


Nassim Taleb

2019-01-02T17:27:36+00:00

Nassim Taleb

Experience is what you got when you didn’t get what you wanted.


Howard Marks

2019-01-02T16:25:51+00:00

Howard Marks

If 1,000 managers make a market prediction at the beginning of a year, it’s very likely that the calls of at least one will be correct for nine consecutive years. Of course, 1,000 monkeys would be just as likely to produce a seemingly all-wise prophet. But there would remain a difference: The lucky monkey would not find people standing in line to invest with him.


Warren Buffett

2019-01-02T16:26:40+00:00

Warren Buffett

An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.


Benjamin Graham

2019-01-02T16:07:28+00:00

Benjamin Graham

The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.


Benjamin Graham

2019-01-02T15:57:29+00:00

Benjamin Graham

The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.

Investors need discipline to avoid the many unattractive pitches that are thrown, patience to wait for the right pitch, and judgement to know when it is time to swing.


Seth Klarman

2019-02-27T15:41:38+00:00

Seth Klarman

Stick with big, “easy” decisions and eschew activity.


Warren Buffett

2019-01-02T16:27:18+00:00

Warren Buffett

In science you need to understand the world. In business you need others to misunderstand it.


Nassim Taleb

2019-01-02T16:13:22+00:00

Nassim Taleb

You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.


Benjamin Graham

2019-01-02T15:54:52+00:00

Benjamin Graham

You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.

Everything that’s important in investing is counterintuitive and everything that’s obvious is wrong.


Howard Marks

2019-03-20T03:34:12+00:00

Howard Marks

All good investing is value investing by definition.


Charlie Munger

2019-01-02T16:27:54+00:00

Charlie Munger

Time is the friend of the wonderful business, the enemy of the mediocre.


Warren Buffett

2019-01-02T16:09:49+00:00

Warren Buffett

Obvious decisions require no more than a single reason.


Nassim Taleb

2019-01-02T16:59:37+00:00

Nassim Taleb

Beliefs are hypotheses to be tested, not treasures to be guarded.


Philip Tetlock

2019-01-02T16:11:09+00:00

Philip Tetlock

Ignorance more frequently begets confidence than does knowledge.


Charles Darwin

2019-01-02T16:29:35+00:00

Charles Darwin

It is better to be approximately right than precisely wrong.


Warren Buffett

2019-01-02T16:04:05+00:00

Warren Buffett

Mr. Market’s job is to provide you with prices; your job is to decide whether it is to your advantage to act on them. You do not have to trade with him just because he constantly begs you to.


Benjamin Graham

2019-01-02T16:04:44+00:00

Benjamin Graham