The notes just keep on coming. Here are my notes from the 2010 Markel Annual Meeting in Omaha that was held the day after the Berkshire Hathaway Annual Meeting. Both Tom Gayner and Steve Markel shared a lot of wisdom with those who were in attendance. For those of you who could not make it, enjoy the notes.
Also, stay tuned for notes from:
Day 1 of the Value Investing Congress in Pasadena
Day 2 of the Value Investing Congress in Pasadena
Wesco Annual Meeting in Pasadena
I have 25 pages of notes from the VIC that will be posted (with permission from the organizers) and 10 pages of absolute gold from Charlie Munger. Check back by the end of the weekend. I hope to have them edited for your reading pleasure by then.
Your loyal scribe,
Ben
Markel Annual Meeting 2010
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“Warren Buffett once wrote that value investing is like an inoculation--it either takes or it doesn’t--and when you explain to somebody what it is and how it works and why it works and show them the returns, either they get it or they don’t.” -Seth Klarman of the Baupost Group
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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.”