Value Invest

Speakers 2017

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Charles Brandes

Charles Brandes – Brandes Investment Partners

Charles Brandes is founder and Chairman of Brandes Investment Partners, and shares responsibility for the firm’s strategic decisions and implementing its vision and objectives. Mr. Brandes is a member of the All Cap Investment Committee, as well as the firm’s Investment Oversight Committee, which monitors the processes and activities of the firm’s investment committees. Early in his career, Mr. Brandes became a student of the value investment philosophy and an acquaintance of Benjamin Graham, widely considered the father of the value-investing approach. When the bear market of 1973-1974 created unusually large long-term opportunities for disciplined, patient investors, Mr. Brandes decided it was time to launch his own firm, and founded Brandes in 1974. Mr. Brandes has authored two books on value investing, Brandes on Value: the Independent Investor(published in 2014) and Value Investing Today (published in 2003). He has served on the boards of numerous organizations involved in scientific, charitable and cultural work, including the Salk Institute for Biological Studies, where he also served as Chair of the Investment Committee. Mr. Brandes earned his BA in economics from Bucknell University. His relevant experience began in 1968, and in 2015 he received lifetime achievement awards from Bucknell University and the London Value Investor Conference. Mr. Brandes is a frequent lecturer at graduate business schools, CFA Society meetings and industry conferences worldwide.

Peter Kennan

Peter Kennan – Black Crane Capital

Peter is the founder and Managing Partner of Black Crane Capital, a boutique investment manager specialising in corporate finance driven, deep value investments in Asia. The firm’s investment process leverages Peter’s 15 year track record as a leading corporate financier in Asia. Black Crane has an eight year track record of achieving superior, un-correlated returns for its investors. Prior to founding Black Crane, Peter was Head of Asian Industrials Group at UBS Asia, a sector team of 30+ corporate financiers covering energy, resources, infrastructure, consumer/retail and general industrial companies. Peter has led in excess of 50 corporate finance transactions in Asia including assignments in mainland China, Hong Kong, Indonesia, Philippines, Singapore, Taiwan, Korea, Australia and New Zealand.

Dawid Krige

Dawid Krige – Cederberg Capital

Dawid has over 15 years’ experience investing in Chinese equities. He co-founded Cederberg Capital in 2011. From 2005 to 2011 he was with Mondrian Investment Partners where he was a partner, portfolio manager and China specialist. From 2002 to 2004, Dawid was an investment analyst with RMB MultiManagers (a division of FirstRand Ltd) focusing on Asian equity strategies. Dawid has a Masters in Finance from London Business School, where he participated in the Value Investing Program, and a B. Com. Honours degree (cum laude) from Stellenbosch University. He obtained the CFA charter in 2004.

Michelle Leung

Michelle Leung – Xingtai Capital Management

Michelle Leung is the Founder and Chief Executive Officer of Xingtai Capital, a long-only Greater China Fund. Prior to Xingtai Capital, Michelle served as a Partner at Lunar Capital, a consumer-focused, control-oriented, operationally-involved private equity fund. Prior to Lunar, Michelle served as COO and Executive Director of TOM Group (2383.HK), an associate of Hutchison Whampoa (0013.HK) where she was responsible for the acquisition and integration of over 30 Chinese companies in the media and consumer sectors. Michelle also worked in Investment Banking at Goldman Sachs. Michelle began her career at the United Nations, where she worked in Peacekeeping Operations. Michelle received an MBA from the Harvard Business School, a BSc(Econ) degree from the London School of Economics and an undergraduate diploma from Peking University.

 

Bingchao Cao

Bingchao Cao – Xingtai Capital Management

Bingchao Cao serves as the Portfolio Manager of Xingtai Capital, a long-only Greater China Fund. Prior to Xingtai Capital, Bingchao served as senior portfolio manager at Lombard Odier’s Asia investment team, managing a Greater China-focused portfolio. He previously worked as a senior analyst at SAC Capital Advisors in Hong Kong and Citadel on their long/short equities team. Bingchao began his career as a equity research analyst at Goldman Sachs and CLSA covering Chinese equities. Bingchao holds an undergraduate degree in computer science from Tsinghua University in Beijing and a master’s degree in engineering management from Dartmouth College.

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 15.0% 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 was a Director/Head of M&A at Hana Financial Investment. Chan started his career in finance as an M&A lawyer in Korea. 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.

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 20 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.

Takashi Ito

Takashi Ito – ARGA Investment Management

Mr. Ito is a member of the Emerging Markets Equity Strategy’s Portfolio Construction Team and a Global Business Analyst at ARGA. Mr Ito joined ARGA in November, 2012. He was formerly Director of Business Development at Vestec, a Canadian voice-recognition company. Prior to joining Vestec in 2011, he founded Highview Research which advised the Silverstone Fund, a global long-short, market-neutral fund focused on the automotive sector. Based in Tokyo from 2004 to 2011, Mr. Ito was responsible for the Silverstone Fund’s Asian and Japanese investments, and designed processes for risk control and position sizing. The Silverstone Fund was nominated for Best Global Equity Fund award by London’s Eurohedge in 2008. Mr. Ito also covered global/Japanese consumer durable and capital goods companies at UBS Global Asset Management and Citigroup Asset Management. Mr. Ito graduated from Sophia University with a degree in International Economics in 1993 and is a Chartered Financial Analyst.

Seng Chong YEO

Seng Chong YEO – Yeoman Capital Management

The company applies a traditional value investment methodology focused on listed equities in the Asia ex-Japan environment with track record of just under 20 years at end 1H 2017.  Cumulative investment returns over the period was +1008.64% implying an annualized compounding rate of return of +13.01% nett of all fees, in SGD terms with dividends re-invested.  This compares well against the Index which returned +145.39% cumulatively or +4.67% annualized over the same period.  The company also manages a value mandate for a Japan dedicated fund which had positive track record of more than 6 years at 1H 2017. He earned an engineering degree at McGill University in Montreal, Canada, worked as an engineer for the first 5 years of his career, joined a Singapore statutory board which required a diplomatic posting to China for another 5 years followed by 10 years in corporate positions in marketing, business development and general management for 3 large Singapore companies before setting  up Yeoman Capital Management in 1999.  Prior to that he did not work in the financial services sector.

 

Adrian Warner

Adrian Warner – Avenir Capital

Adrian Warner is the Managing Director and Chief Investment Officer of Avenir Capital. Prior to founding Avenir Capital in 2011, Adrian worked in the private equity industry in the United States, Asia and Australia with an investment record spanning over 17 years. Adrian was previously part-owner and Managing Director of private equity firm Catalyst Investment Managers and worked as Managing Director at CVC Asia Pacific, one of the leading private equity groups in Asia. He has also worked at private equity firms Pacific Equity Partners, in Australia, AEA Investors, in New York, and management consulting firm Bain & Company. Adrian holds a Master of Business Administration (MBA) from Harvard Business School and a Bachelor of Commerce (First Class Honours) from the University of New South Wales.

TJ Tan

Teck Jin Tan – DCG Capital

TJ joined DCG Capital as an investment analyst in September 2014. He has over five years of investment management experience. From 2012 to 2014, TJ was an Investment Analyst at Target Asset Management covering Greater China equity. From 2011 to 2012, TJ was a Research Associate with Deutsche Bank in Hong Kong covering China and Hong Kong Macro-economics and equity strategy. From 2004 to 2009, TJ served the Singapore Police as a securities fraud investigator (last held appointment: Head, Securities Fraud branch) covering Singapore Exchange listed equities TJ holds a MBA from Columbia University, where he was selected for the Value Investing Program ’11 at the Heilbrunn Center for Graham & Dodd Investing. TJ also holds a Bachelor of Arts and Masters in Engineering from Cambridge University and is a CFA charterholder. TJ is an active volunteer with both the CFA Institute and CFA Society Singapore. TJ sits on the Investment Committee of Credit Counselling Singapore, and is an active Grassroots Leader in his local community. He continues to serve the Singapore Army as a reservist Armour Officer.

Melvin Tan

Melvin Tan – DCG Capital

Melvin was a founding partner of DCG Capital, starting with the firm in July 2011. He has over twelve years of investment experience. From 2005 to 2011, he was an Investment Analyst at Lion Global Investors covering the Technology and Telecommunications sector within the Asia Pacific ex-Japan markets. Melvin was responsible for carrying out detailed fundamental research on selected companies within the sector and making recommendations to the portfolio managers. During his stint at Lion, Melvin established a good network of contacts in the industry. From 2004 to 2005, Melvin worked at Straits Lion Asset Management where was involved in a number of IT projects including the implementation of the firm’s portfolio management system. From 2001 to 2004, Melvin worked at Avanade Asia Pte Ltd as a software engineer. Melvin holds a Bachelor of Engineering from the National University of Singapore and is a CFA charterholder.

Michael Liang

Michael Liang – Foundation Asset Management

Mr. Michael Liang, age 48, founded Foundation Asset Management in 2006 with two institutional partners. He has been the firm’s CIO from the start, and he is also in charge of the firm’s business and corporate activities. Under him, Foundation Asset Management AUM have reached about US$200 million as at 30 September 2016, building up a global client base. In the process, Mr. Liang transformed Foundation Asset Management from a start-up boutique firm into a full-fledged, mid-sized asset management firm. The firm’s flagship fund Foundation China Opportunity Fund received nomination by HFM Awards Asia for 3 consecutive years as “Best Greater China Fund” in 2013, 2014 and 2015, and also nominated by AsiaHedge Awards for 2 consecutive years as “Best China Fund” in 2013 and 2014. As one of the pioneers in creatively applying value investing to regional markets, he regularly presents at media and conferences, including CNN, Bloomberg TV, AsianInvestor and HK’s most popular financial journal Economic Digest and Ming Pao, sharing his view on the economy, markets, investment strategy and ideas. Prior to Foundation Asset Management, Mr. Liang’s career in finance started with Macquarie Bank in Australia in 1993 as an investment analyst, and then held various senior positions of major financial institutions responsible for securities broking and research. He has an MBA degree from Peking University, a degree in Economics from Renmin University of China and Wollongong University in Australia, and he is also a CFA.

Anthony Serhan

Anthony Serhan – Morningstar (Moderator)

Anthony Serhan is Managing Director of Research Strategy of the Asia Pacific Region at Morningstar. He is responsible for the development of innovative research and commentary about investment themes and trends within the Asia-Pacific region, and representing Morningstar’s manager, equity and credit research capabilities. Serhan has more than 25 years of investment and financial services experience in both institutional and retail capacities. At Morningstar, he previously held the roles of CEO Morningstar Australasia, managing director of Ibbotson Associates Australia, and head of adviser and research. Before joining Morningstar in 2003, he was an associate director at ASSIRT, and before that, headed the investment consulting practice at AMP Consulting. Serhan is also a director and president of the CFA Society of Sydney and a director and chair of the Abbotsleigh Foundation investment committee, and was previously a member of the ASFA investment sub-committee for 13 years. He holds the Chartered Financial Analyst® designation, a graduate diploma in applied finance and investments from Finsia, and a bachelor’s degree in business from the University of Technology, Sydney.

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Speakers: 7th December 2017


Charles Brandes
Peter Kennan

Dawid Krige
Michelle Leung

Bingchao Cao
Chan Lee

Albert Yong
Mark Pearson

Takashi Ito
Seng Chong YEO

Adrian Warner
TJ Tan

Melvin Tan
Michael Liang

Anthony Serhan		 
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  • “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.”
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  • “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
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