Investing isn’t about brilliance or timing the market. It’s about temperament and time in the market.

Here are 10 invaluable quotes from the investing legend Seth Klarman:

1. Patience Pays

“Consistency and patience are crucial. Most investors are their own worst enemies. Endurance and patience enables compounding.”

2. Cash Is A Position

“Holding cash in the absence of opportunity makes sense.” Keep dry powder for the inevitable emergencies and opportunities.

3. Expect The Unexpected

“Unprecedented events occur with some regularity, so be prepared.” No one predicted the 2007 Financial Crisis or 2020 COVID-19 Pandemic.

4. Listen To The Market

“The market tells you when to buy things. And when things are really cheap, you should like them more. When they’re expensive, you should like them less.”

5. Choose Your Poison

“Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so often, or protect on the downside and don’t be at the party so long when things are good.”

6. Guard Against Catastrophe

“We try to protect against tail risk: the risk of unlikely but possible events that could be catastrophic.”

7. Peace Of Mind

“All investors need to learn how to be at peace with their decisions.”

8. Be Unemotional

“Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands.”

9. Beware The Hype

“The value of a company selling a trendy product, such as television shopping, depends on the profitability of the product, the product life cycle, competitive barriers, and the ability of the company to replicate its current success.”

10. Simple, Not Easy

“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 is really that simple. ”

Seth Kkarman’s Baupost Fund is managed with the intention of earning good absolute returns regardless of how any particular financial market performs. This philosophy is implemented with a bottom-up value investment strategy whereby they hold only those securities that are significantly undervalued, and hold cash when we cannot find better alternatives. Further, they prefer investments, when they can find them at attractive prices, that involve a catalyst for the realization of underlying value.