If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing due to over-reaction.

The single greatest edge an investor can have is a long-term orientation.

Value investing is at its core the marriage of a contrarian streak and a calculator.

Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.

In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.

Investment success cannot be captured in a mathematical equation or a computer program.

Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient

The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is probably much worth selling.

As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned.

The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.

The most beautiful thing in the world is a heart that is changing.

When you fall so many times, you become the master of flight.

The human spirit is like an elastic band. The more you stretch, the greater your capacity.

Humor is my default mode.

Just because we are not Italian, does not mean we cannot appreciate Michelangelo, it is the same with cuisine.

The key is to maintain an evenness. Try to play one possession at a time, regardless of what happened on the last possession

When I go home, I play with my baby dolls and strollers and stuffed animals, pretend like they're real dogs.

No philosophers so thoroughly comprehend us as dogs and horses.

I teach you celebration. And laughter has certainly to be one of the major ingredients in this celebration.

It was like I had a baby and I suddenly started to feel I could play anything.