"In a rising market , every one makes money and a value philosophy is unnecessary . But because there is no certain way to predict what the market will do, one must follow a value philosophy at all times. By controlling risk and limiting loss through extensive fundamental analysis, strict discipline, and endless patience, value investors can expect good results with limited downside. You may not get rich quick, but you will keep what you have, and if the future of value investing resembles its past , you are likely to get rich slowly . As investment strategies go, this is the most that any reason able investor can hope for.”
—Seth Klarman, The Baupost Group"
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