Klarman: When a value investor is tempted to become something other than what he or she is, I find it best to recall the wisdom of Graham and Dodd. Graham and Dodd have provided us with a remarkable road map that has been carried on some of the world's most successful investment journeys for 75 years - a road map that allows us to navigate through difficult, even uncharted, territory and come out ahead.

In a market like we've been experiencing, most investors lose their rudders. They become incapacitated, unable to navigate amidst extreme turmoil, declining corporate results, and a litany of economic woes and mounting losses. They become unwilling to part with their cash - afraid of possible redemptions, and afraid of adding to their losses. Investors today, who are tempted to pull out of the market and wait for some kind of "all clear" signal before recommitting, would be well advised to remember the counsel of Graham and Dodd who wrote in 1934: "While we were writing, we had to combat a widespread conviction that financial debacle was to be the permanent order." If they could say that then, I must restate it now.

0 件のコメント: