Many investors want to make life easier for themselves. Because there’s plenty of evidence showing the way to make money in this game is to buy assets when they’re cheap and sell them when they’re expensive, investors want to find a shortcut, an easy way to find cheap stocks. They believe they’ll get rich if they can discover this secret.
Sadly, there’s no easy way to find cheap equities. There is no shortcut for investors. The only way to succeed in this game is hard work, due diligence, and learning from one’s errors.
Seth Klarman, the value investor...
