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— Seth Klarman"Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science."
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If there is one lesson that I have learned during my life as an analyst, it is the lesson that what my patients tell me is likely to be true - that many times when I believed that I was right and my patients were wrong, it turned out, though often only after a prolonged search, that my rightness was superficial whereas their rightness was profound.
— Heinz Kohut
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I still believe that for good business analysts a concentrated portfolio is a good strategy combined with a long term horizon. Once again, the secret to success in following the formula strategy is patience, a quality in short supply for both professionals and individual investors alike. I think investors should have a large portion of their assets in equities over time.
— Joel Greenblatt
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