Some good quotes' from Lauren Templeton Capital Management March 2014 letter to shareholders. Lauren Templeton is John Templeton's granddaughter who also manages funds.
The letter paraphase Jesse Livermore:
"Before we begin however, we are reminded of a quote from the famed trader of the 1920s and 1930s, Jesse Livermore (paraphrasing from his book How to Trade in Stocks) to provide context.
Over a long period of years I have rarely attended a dinner party including strangers that someone did not sit down beside me and after the usual pleasantries inquire:
"How can I make some money in the market?"
It is difficult to exercise patience with such people. In the first place, the inquiry is not a compliment to the man who has made a scientific study of investment and speculation. It would be as fair for the layman to ask an attorney or a surgeon:
"How can I make some quick money in law or surgery?"
Futher in the letter there are quotes from Wilbur Ross:
In Mr. Ross’s words, “Implementation is the sine qua non” and that he would rather back a “mediocre idea that is brilliantly executed versus a brilliant idea with mediocre execution.” Wilbur Ross stressed that in turnaround scenarios it is better in his experience to pay slightly more and not be too early, citing that the additional data points are valuable. In sum, he mentioned that he maintains two plaques in his office, with one stating, “Duration is the Natural Enemy of Return” and the second that “Time Equals Risk.”
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