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I know there's no heaven. I know it all turns to nothingness. But I fear there will be some remnant of me left within that void. Left conscious by some random fluke. Something that will scream out for this. That one speck of my soul will still exist and be left trapped and wanting. For you. For the light. For anything.

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Seth Klarman

When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.

Broker, Grain, Grain Of Salt, Optimism, Wall
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Selling, in particular, can be a challenge; many investors are tempted to become more optimistic when a security is performing well. This temptation must be resisted; tax considerations aside, when a security reaches full valuation, there is no longer a reason to own it.

Become, Challenges, Optimistic, Reason, Temptation

Value in relation to price, not price alone, must determine your investment decisions. If you look to Mr Market as a creator of investment opportunities (where price departs from underlying value), you have the makings of a value investor. If you insist on looking to Mr Market for investment guidance however, you are probably best advised to hire someone else to manage your money.

Alone, Decision, Hire, Looks, Makings, Opportunity

The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled out of the tub, all boats dropped as the water rushed down the drain.

Cash, Drain, Inability, Plug, Times, Water

When excesses such as lax lending standards become widespread and persist for some time, people are lulled into a false sense of security, creating an even more dangerous situation. In some cases, excesses migrate beyond regional or national borders, raising the ante for investors and governments. These excesses will eventually end, triggering a crisis at least in proportion to the degree of the excesses. Correlations between asset classes may be surprisingly high when leverage rapidly unwinds.

Class, Correlations, Creating, Dangerous Situations, Lax

Be sure that you are well compensated for illiquidity - especially illiquidity without control - because it can create particularly high opportunity costs.

Compensated, Cost, Costs, Opportunity, Wells
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