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— Martin J. Whitman"We attracted a lot of market timers and asset allocators. I don't need those ... amateurs in my fund."
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The most striking thing about Graham's discussion of how to allocate your assets between stocks and bonds is that he never mentions the word "age".
— Benjamin Graham
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You don't get rewarded for taking risk; you get rewarded for buying cheap assets. And if the assets you bought got pushed up in price simply because they were risky, then you are not going to be rewarded for taking a risk; you are going to be punished for it.
— Jeremy Grantham
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