The Inoculated Investor: 2009 Loews (LTR) Annual Meeting Notes

Tuesday, May 12, 2009

2009 Loews (LTR) Annual Meeting Notes

2009 Loews Annual Meeting

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I am sorry these are so brief. There was only one shareholder who asked a question and while I could have come up with a few to ask I got caught flat footed when Tisch abruptly ended the meeting. Maybe next time...

5 Best Value Investing Quotes

Seth Klarman: “It turns out that value investing is something that is in your blood. There are people who just don’t have the patience and discipline to do it, and there are people who do. So it leads me to think it’s genetic.”
Seth Klarman: “It sounds kind of crazy, but in times of turmoil in the market, I’ve felt a sort of serenity in knowing that I’ve checked and re-checked my work, one plus one still equals two regardless of where a stock trades right after I buy it.”
Howard Marks (Oaktree Capital): “For forty years I’ve seen the manic-depressive cycle of investor psychology swing crazily: between fear and greed – we all know the refrain – but also between optimism and pessimism, and between credulity and skepticism. In general, following the beliefs of the herd – and swinging with the pendulum – will give you average performance in the long run and can get you killed at the extremes.”
Bruce Greenwald (First Eagle Funds): "There are no bad days in the market. When the market is down, you’ve got bargains, and it’s lovely to think of what you are buying at low prices. When the market is up, the bargains have gone, but you’re rich.”
Mohnish Pabrai (Pabrai Funds): “Warren Buffett has said many times that people either get value investing in five minutes or they won’t get it in five years. So, there is something in the human brain, that for some of us, makes all the difference in the world right away and the patience it requires is part of the wiring process.”

The Inoculated Investor

Tuesday, May 12, 2009

2009 Loews (LTR) Annual Meeting Notes

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The Inoculated Investor

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5 Best Value Investing Quotes