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As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria and if you don't find them, patiently wait. Deciding not to panic is still a decision.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Waiting
Pitch
Opportunity
Swings
Stills
Panic
Dodd
Remember
Investing
Graham
Still
Opportunities
Patiently
Find
Fit
Deciding
Every
Wait
Criteria
Always
Decision
Swing

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Never stop reading. History doesn't repeat, but it does rhyme.
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I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And when I find a great business I'm happy to buy it and hold it. Most businesses don't look so great to me.
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The cost of performing well in bad times can be relative underperformance in good times.
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