Peter Cundill Quotes
23 quotes from Peter Cundill — Canadian deep-value investor who generated extraordinary returns over 33 years at the Cundill Value Fund..
“The best time to buy is when blood is running in the streets.”
“I will go anywhere in the world to find undervalued securities. Geography is not a constraint when seeking value.”
“The four most dangerous words in investing are 'this time it's different.'”
“The most important thing is not being wrong. If you're not wrong, you don't have to be spectacularly right to do well.”
“Time is the friend of the wonderful business and the enemy of the mediocre one.”
“The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.”
“All we are doing is buying $1 for 40¢ and waiting for the market to recognize that it's worth $1.”
“The secret to successful investing is to figure out the value of something—and then pay a lot less.”
“Price is what you pay, but value is what you get. The two are often very different.”
“Risk comes from not knowing what you're doing. If you understand what you own, volatility becomes opportunity rather than risk.”
“[Uncertainty](/mental-models/uncertainty) is the friend of the buyer of long-term values.”
“The best opportunities often exist where others fear to tread.”
“Political uncertainty creates some of the best investment opportunities, provided you can separate temporary noise from permanent change.”
“I spend 80% of my time reading and thinking, and 20% acting. Most investors reverse this ratio.”
“You can't make good investment decisions without good information, and you can't get good information without doing the work.”
“The footnotes often tell you more about a company than the main financial statements.”
“The market is a voting machine in the short run, but a weighing machine in the long run.”
“Emotion is the enemy of rational decision-making. The best investors are those who can remain calm when others are panicking.”
“The crowd is usually wrong at extremes. When everyone is buying, you should be selling, and vice versa.”
“Successful investing requires the ability to do nothing for long periods of time.”
“The stock market is designed to transfer money from the impatient to the patient.”
“[Discipline](/mental-models/discipline) is the bridge between investment goals and investment accomplishment.”
“It's not how much you make when you're right that matters, it's how little you lose when you're wrong.”
