Q2 2015 Letter

“But to [yield superior results] he must follow specific methods that are not generally accepted in Wall Street, since those that are so accepted do not seem to produce the results everyone would like to achieve. It would be rather strange if—with all the brains at work professionally in the stock market—there could be approaches which are both sound and relatively unpopular. Yet our own career and reputation have been based on this unlikely fact.” – Benjamin Graham

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Q1 2015 Letter

“The notes I handle no better than many pianists. But the pauses between the notes— ah, that is where the art resides!” – Artur Schnabel

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