Quotes worth sharing

"Consistent with our culture, we believe in thinking long term, in being independent, and doing things that we think are right, rather than are popular in a particular point in time."

Brent V. Woods, CFA, Brandes CEO

"Investment is most intelligent when it is most businesslike."

Benjamin Graham

"The intelligent investor is a realist who sells to optimists and buys from pessimists."

Benjamin Graham

"...this environment―where we have the ability to buy what we consider good, resilient businesses that also have attractive return potential―is like a boxer being able to punch with both fists. It’s the sweet spot for our value oriented, bottom-up investment approach, seeking the absolute return potential that our clients are looking for while also seeking to preserve capital. It’s refreshing."

Mark Costa, CFA, Brandes Director of Investments

“[M]athematical valuations have become most prevalent precisely in those areas where one might consider them least reliable. For the more dependent the valuation becomes on anticipations of the future—and the less it is tied to a figure demonstrated by past performance—the more vulnerable it becomes to possible miscalculation and serious error."

Benjamin Graham

"[I]nvesting isn't about beating others at their game. It's about controlling yourself at your own game."

Jason Zweig, American Journalist

"Successful investing is about managing risk, not avoiding it."

Jason Zweig, American Journalist

"[T]he intelligent investor should recognize that market panics can create great prices for good companies … and good prices for great companies."

Jason Zweig, American Journalist

"Sooner or later the market will do what it has to do to prove the majority wrong."

Peter Cundill, Economist

"Focus on value because most investors focus on outlooks and trends."

Sir John Templeton, Founder, Templeton Mutual Funds

"See the investment world as an ocean and buy where you get the most value for your money."

Sir John Templeton, Founder, Templeton Mutual Funds

"The goal of a value investor is to find companies that are undervalued by the market and are likely to appreciate over time."

Charles Brandes, CFA, Founder, Brandes Investment Partners

"Be fearful when others are greedy. Be greedy when others are fearful."

Warren Buffett, Chairman, Berkshire Hathaway, Inc.

"The most common cause of low prices is pessimism—sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer."

Warren Buffett, Chairman, Berkshire Hathaway, Inc.

"Value investing is timeless. It’s as relevant today as it was 100 years ago. The principles haven’t changed and never will."

Charles Brandes, CFA, Founder, Brandes Investment Partners

"You don’t try to buy businesses worth $83 million for $80 million. You leave yourself an enormous margin. When you build a bridge, you insist it can carry 30,000 pounds, but you only drive 10,000-pound trucks across it. And that same principle works in investing."

Warren Buffett, Chairman, Berkshire Hathaway, Inc.

"Volatility is not a surprise, so it does not make sense for an investor to suffer loss from an attribute that is known in advance. Volatility is neutral; it is just part of what the asset is. But you can turn it into risk if you mishandle it."

Dr. Eben Otuteye, Professor of Finance, University of New Brunswick

"There's no asset so good that it can't become overpriced and thus risky, and few so bad that there’s no price at which they’re a buy (and safe)."

Howard Marks, Co-Founder, Oaktree Capital Management

"I think all good investing is value investing. It's just that some people look for values in strong companies and some look for values in weak companies. Every value investor tries to get more value than he pays for."

Charlie Munger, Vice Chairman, Berkshire Hathaway, Inc.

"You're not buying a stock, you're buying a part ownership in a business. You will do well if the business does well—and if you didn't pay a totally silly price."

Warren Buffett, Chairman, Berkshire Hathaway, Inc.

"That men do not learn very much from the lessons of history is the most important of all the lessons of history."

Aldous Huxley, English Writer and Philosopher

"The investor’s chief problem—and his worst enemy—is likely to be himself."

Benjamin Graham

"Value investing is not just about investing. It is also about lifestyle."

George Athanassakos, Ivey Business School at Western University

"A value investor looks for companies that have a sustainable competitive advantage and a strong balance sheet, as these are the key indicators of long-term success."

Charles Brandes, CFA, Founder, Brandes Investment Partners

"(Benjamin) Graham urges you to invest only if you would be comfortable owning a stock even if you had no way of knowing its daily share price."

Jason Zweig, American Journalist

"Long ago, Ben Graham taught me that ‘Price is what you pay; value is what you get.’ Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down."

Warren Buffett, Chairman, Berkshire Hathaway, Inc.

"When the risk/reward profile for a company changes for the better due to short-term or temporary market “noise,” we seek to capture that opportunity by initiating a position."

Jeff Germain, CFA, Brandes Director of Investments

“It's not what you buy, it's what you pay. And success in investing doesn't come from buying good things, but from buying things well. And if you don't know the difference, you're in the wrong business.”

Howard Marks, Co-Founder, Oaktree Capital Management

“[T]he secret to successful investing is relatively simple: Figure out the value of something and then—pay a lot less.”

Joel Greenblatt, Founder, Gotham Capital

"You can't always find value in the stock market by looking for the best company, but you can always find the best company by looking for value."

Charles Brandes, CFA, Founder, Brandes Investment Partners

"I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years. "

Warren Buffett, Chairman, Berkshire Hathaway, Inc., Forbes.com, September 25, 2013

“For most investors in general, selling the expensive asset, and buying the cheap asset, seems like a logical strategy—except when you actually try to do it. Because most people are actually not wired to be selling what's expensive and going up, and buying what's cheap and going down.”

Bill Miller, Manager, Legg Mason Value Trust

"[Technology] can streamline processes, reduce risk and costs, and improve client experience."

Joe Scafidi, Brandes Global Head of Trading

“There is nothing esoteric about value investing. It is simply the process of determining the value underlying a security and then buying it at a considerable discount from that value. It really is that simple.”

Seth Klarman, CEO and President, Baupost Group

"We don't ask our analysts to recommend securities―we ask them to value businesses."

Brent V. Woods, CFA, Brandes CEO

“The best investment you can make is in your own abilities. Anything you can do to develop your own abilities is likely to be more productive.”

Warren Buffett, Chairman, Berkshire Hathaway, Inc.

“Superior investing is taking advantage of the errors of others.”

Howard Marks, Co-Founder, Oaktree Capital Management

"Patience is one of the most important traits of a successful value investor. You have to be willing to wait for opportunities and not get caught up in the short-term fluctuations of the market."

Charles Brandes, CFA, Founder, Brandes Investment Partners

"In the old legend the wise men finally boiled down the history of mortal affairs into the single phrase, "This too will pass." Confronted with a like challenge to distill the secret of sound investment into three words, we venture the motto, MARGIN OF SAFETY."

Benjamin Graham

"While the application of value investing continues to evolve, the underlying principles endure: Value investing is fundamentally about drawing on vast amounts of firm- and industry-level data to arrive at an independent assessment of firm value. "

Dr. Allan Timmermann, University of California at San Diego

"[In spring 2023, the U.S. banking system] had a crisis of confidence .... It's not rational to create a bank run, but once a bank run is on, it is rational to participate, particularly if you have a significant amount of uninsured deposits. And it was definitely the case with the three bank failures that you had a large proportion of the deposit base (that) was uninsured."

Michael Hutchens, CFA, Brandes Director of Investments

“The investor who says, ‘This time is different,’ when in fact it’s virtually a repeat of an earlier situation, has uttered among the four most costly words in the annals of investing.”

Sir John Templeton, Founder, Templeton Mutual Funds

"By maintaining a strict focus on the relationship between business value and stock price at the company-specific level and largely ignoring the broader market’s fascination with short-term developments, value investors can exploit market behavior in pursuit of long-term gains."

Charles Brandes, CFA, Founder, Brandes Investment Partners

"An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative."

Benjamin Graham

"As value investors, we don't define value as simply cheapness or low price or low multiples. Instead, we consider growth, and quality, and moats to be components of value. However, we do appreciate that 'high-flying' narratives tend to get over-baked at times. So we look for other ways to take advantage of the attractive qualities of secular themes. "

Brent Fredberg, Brandes Director of Investments

"Value investing is not just about investing. It is also about corporate finance."

George Athanassakos, Ivey Business School at Western University

"We believe a team approach, in contrast to a star manager approach to managing portfolios, allows us to make better investment decisions and reduce biases. As a firm, this team approach also helps us develop future leaders and serve our clients over decades."

Louis Y. Lau, CFA, Brandes Director of Investments

"Great investments typically aren’t born out of comfort. "

Brent Fredberg, Brandes Director of Investments

"The key to successful value investing is to have a disciplined approach and stick to your strategy, even when the market is going against you."

Charles Brandes, CFA, Founder, Brandes Investment Partners

"We take a holistic approach to the tech sector. Our approach involves quantitative screens backed by qualitative research, studying the technology, considering market trends, and having discussions with various market participants. Making sure that we understand the real-world drivers and phenomena that are driving the more quantitative numbers that we are looking at is the key."

Alex Yee, Brandes Equity Research Analyst

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"Consistent with our culture, we believe in thinking long term, in being independent, and doing things that we think are right, rather than are popular in a particular point in time."

"Investment is most intelligent when it is most businesslike."

"The intelligent investor is a realist who sells to optimists and buys from pessimists."

"[I]nvesting isn't about beating others at their game. It's about controlling yourself at your own game."

"Successful investing is about managing risk, not avoiding it."

"[T]he intelligent investor should recognize that market panics can create great prices for good companies … and good prices for great companies."

"Sooner or later the market will do what it has to do to prove the majority wrong."

"Focus on value because most investors focus on outlooks and trends."

"See the investment world as an ocean and buy where you get the most value for your money."

"The goal of a value investor is to find companies that are undervalued by the market and are likely to appreciate over time."

"Be fearful when others are greedy. Be greedy when others are fearful."

"The most common cause of low prices is pessimism—sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer."

"Value investing is timeless. It’s as relevant today as it was 100 years ago. The principles haven’t changed and never will."

"You don’t try to buy businesses worth $83 million for $80 million. You leave yourself an enormous margin. When you build a bridge, you insist it can carry 30,000 pounds, but you only drive 10,000-pound trucks across it. And that same principle works in investing."

"Volatility is not a surprise, so it does not make sense for an investor to suffer loss from an attribute that is known in advance. Volatility is neutral; it is just part of what the asset is. But you can turn it into risk if you mishandle it."

"There's no asset so good that it can't become overpriced and thus risky, and few so bad that there’s no price at which they’re a buy (and safe)."

"I think all good investing is value investing. It's just that some people look for values in strong companies and some look for values in weak companies. Every value investor tries to get more value than he pays for."

"You're not buying a stock, you're buying a part ownership in a business. You will do well if the business does well—and if you didn't pay a totally silly price."

"That men do not learn very much from the lessons of history is the most important of all the lessons of history."

"The investor’s chief problem—and his worst enemy—is likely to be himself."

"Value investing is not just about investing. It is also about lifestyle."

"A value investor looks for companies that have a sustainable competitive advantage and a strong balance sheet, as these are the key indicators of long-term success."

"(Benjamin) Graham urges you to invest only if you would be comfortable owning a stock even if you had no way of knowing its daily share price."

"Long ago, Ben Graham taught me that ‘Price is what you pay; value is what you get.’ Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down."

"When the risk/reward profile for a company changes for the better due to short-term or temporary market “noise,” we seek to capture that opportunity by initiating a position."

“It's not what you buy, it's what you pay. And success in investing doesn't come from buying good things, but from buying things well. And if you don't know the difference, you're in the wrong business.”

“[T]he secret to successful investing is relatively simple: Figure out the value of something and then—pay a lot less.”

"You can't always find value in the stock market by looking for the best company, but you can always find the best company by looking for value."

"I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years. "

“For most investors in general, selling the expensive asset, and buying the cheap asset, seems like a logical strategy—except when you actually try to do it. Because most people are actually not wired to be selling what's expensive and going up, and buying what's cheap and going down.”

"[Technology] can streamline processes, reduce risk and costs, and improve client experience."

“There is nothing esoteric about value investing. It is simply the process of determining the value underlying a security and then buying it at a considerable discount from that value. It really is that simple.”

"We don't ask our analysts to recommend securities―we ask them to value businesses."

“The best investment you can make is in your own abilities. Anything you can do to develop your own abilities is likely to be more productive.”

“Superior investing is taking advantage of the errors of others.”

"Patience is one of the most important traits of a successful value investor. You have to be willing to wait for opportunities and not get caught up in the short-term fluctuations of the market."

"In the old legend the wise men finally boiled down the history of mortal affairs into the single phrase, "This too will pass." Confronted with a like challenge to distill the secret of sound investment into three words, we venture the motto, MARGIN OF SAFETY."

"While the application of value investing continues to evolve, the underlying principles endure: Value investing is fundamentally about drawing on vast amounts of firm- and industry-level data to arrive at an independent assessment of firm value. "

“The investor who says, ‘This time is different,’ when in fact it’s virtually a repeat of an earlier situation, has uttered among the four most costly words in the annals of investing.”

"By maintaining a strict focus on the relationship between business value and stock price at the company-specific level and largely ignoring the broader market’s fascination with short-term developments, value investors can exploit market behavior in pursuit of long-term gains."

"An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative."

"Value investing is not just about investing. It is also about corporate finance."

"We believe a team approach, in contrast to a star manager approach to managing portfolios, allows us to make better investment decisions and reduce biases. As a firm, this team approach also helps us develop future leaders and serve our clients over decades."

"Great investments typically aren’t born out of comfort. "

"The key to successful value investing is to have a disciplined approach and stick to your strategy, even when the market is going against you."

"Great investments typically aren’t born out of comfort. "