Words of Wisdom

 
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Q&A with Tony Deden, July 5, 2018

“In the beginning of the QE period, I became convinced that the system was going to destroy the nature of money itself. I became convinced that the rules of the game had changed completely. When the rules change, the basic framework with which you make decisions needs to change.”

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Q&A with Chris Mayer, June 15, 2020

“Going through periods like this makes you a better investor.  The experience is unpleasant, but you learn a lot - about risk, about people and about yourself.”

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Q&A with Bob Rodriguez, September 7, 2020

“The consumer has saved a lot of money because they've gotten all this stimulus cash. They've paid down debt. This is viewed as a positive. But I say, ‘That's only one side of the equation.’ The offset is the government borrowed this money, so it results in a negative savings rate and the net effect is a system-wide savings rate that hasn't been improved.”

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Q&A with Jim Grant, December 10, 2020

“It comes down to, Where do you want to make a stand? What matters to you? What matters to me—and to my journalistic lemonade stand—is not saying the correct things to insinuate myself into the good graces of the financial establishment. It’s speaking up against bubbles and the monetary manipulations that inflate them. It’s speaking up for the incredibly outré institutions of the gold standard and for the great institution of corporate solvency (you’d be surprised how controversial it can become at the end of a boom).”

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Q&A with Seth Klarman, June 21, 2022

“Our approach is, let’s look a mile wide. Let’s look at everything we can possibly figure out and then when we find something that looks like it might be a bargain, inefficient pricing, then we go a mile deep.”

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Q&A with Joel Tillinghast, May 31, 2023

“Stick to the long view.  Compare price with value.  Think about risks that are not immediately in view.  Favor founder-led companies that offer something the customers think is very valuable.  Dare to explore companies where management doesn't give much guidance and where there aren't many analysts. Don't hold too many path-dependent companies, especially if they don't have moats.”

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