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Diversification is a surrogate - and a damn poor surrogate - for knowledge, elements of control, and priceconsciousness.

Martin J. Whitman

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Martin J. Whitman
Age: 93 †
Born: 1924
Born: September 30
Died: 2018
Died: April 16
Teacher
Poor
Surrogate
Surrogates
Diversification
Investing
Damn
Elements
Control
Knowledge

More quotes by Martin J. Whitman

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In the financial world it tends to be misleading to state, There is no free lunch. Rather the more meaningful comment is, Somebody has to pay for lunch.
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If I learn 1,000 techniques with my luck I'll go out on the street and be attacked by number 1,001.
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We ignore outlooks and forecasts... we're lousy at it and we admit it ... everyone else is lousy too, but most people won't admit it.
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Rarely do more than three or four variables really count. Everything else is noise.
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We attracted a lot of market timers and asset allocators. I don't need those ... amateurs in my fund.
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