In the short run the market is a voting machine, but in the long run it is a weighing machine.

Benjamin Graham

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. The greatest challenge is maintaining the requisite patience and discipline to buy only when prices are attractive and to sell when they are not, avoiding the short-term performance that engulfs most market participants.

Seth Klarman

Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.

Benjamin Graham

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

Seth Klarman

Risk comes from not knowing what you are doing.

Warren Buffett

No matter how great the talent or effort, some things just take time; you can’t produce a baby in one month by getting nine women pregnant.

Warren Buffett

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

Benjamin Graham

Diversification is protection against ignorance. It makes little sense if you know what you are doing.

Warren Buffett

To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What’s needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding the framework.

Benjamin Graham

QV26 is an independent investment advisory firm focused on long term capital growth through a disciplined approach to value investing.

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