HOME-RUNS

"Keep things simple and don't swing for the fences" Warren Buffett

“For an investor who had a gross return of over 30% per year for 28 years, the number of ‘home-runs’ – shares we had doubles or triples or more – in this period were surprisingly few. My gains were earned the hard way. I would kiddingly repeat ‘our investment style is four yards up the middle in a cloud of dust’” Michael Steinhardt

“There were no home-runs and no strike outs, few singles and doubles and occasional triples” Frank Martin

"The key to investment success isn't hitting home runs; it's avoiding the strike outs and inning-ending double plays" Howard Marks

"Real investment success is much more the product of minimizing losses than it is hitting “home runs" Scott Fearon

“As an investor, I’m not a home-run hitter and can’t think of a lot of securities on which I’ve made ten times my money. But I also can’t think of a lot of securities, post -1970 on which I’ve lost a meaningful amount of capital. It’s not really much more complicated than that” Spencer Davidson

“In the end, our success is driven by making many good decisions rather than depending upon a few big home-runs. In the long run, we believe this approach creates a more sustainable investment model.” Lee Ainslee

“Being a high-risk, high return investor is in my opinion like operating on the high wire without a net. You can do it spectacularly .. for a little while” Howard Marks

“I don’t think many investment managers’ careers end because they fail to hit home-runs. Rather, they end up out of the game because they strike out to often – not because they don’t have enough winners, but because they have too many losers. And yet, lots of managers keep swinging for the fences” Howard Marks

"Don't gamble, don't try to hit home-runs - it's a losing strategy, unless you're Soros, then you're the exception"  James Dinan

“If you base a fund’s growth or a clients future on one or two potential sky-rockets, you have to be prepared to live with the misfires. And I simply can’t do that. I strive for consistency” Peter Cundill

“Of the two ways to perform as an investor – racking up exceptional gains and avoiding losses – I believe the latter is the more dependable” Howard Marks 

“Over a full career, most investors’ results will be determined more by how many losers they have, and how bad they are, than by the greatness of their winners. Skilful risk control is the mark of the superior investor”   Howard Marks 

Return maximization and ensuring survival are mutually exclusive. That is very important to bear in mind” Howard Marks

"To explain their approach, the Managers [Canyon Partners] 2006 year end letter to clients used the language of baseball.. Quoting George Will's Men at Work, they reminded investors that baseball "involves constant attention to the law of cumulation, which is a lot of little things add up, through 162 games, 1,458 innings, to big differences.  A 162-game season is like life, an exercise in cumulation.  It's about getting on base often and hitting singles or doubles, rather than setting out to hit a home-run every time and risking a lot more strike-outs" Katherine Burtin

"We think hitting a homer once every hundred times at bat, with dozens of strike-outs in between, will not get us an invitation to the Hall of Fame.  We're content to concentrate on singles and doubles." Frank Martin

"For most participants, success is likely to lie more dependably in discipline, consistency and minimization of error, rather than in bold strokes -high batting average and an absence of strikeouts, not the occasional, sensational home run." Howard Marks

“We don’t want to swing for the fences and go for home runs because that also raises the risk of striking out.” Shelby M.C.Davis

“We like to think of ourselves in the business of hitting singles and doubles.  If you can keep you money compounding over time and extend your time horizon you should do very well”   William Browne

"I think if investors adopted an ethos of not fooling themselves, and focused on reducing unforced errors as opposed to hitting the next home-run, returns would improve dramatically"  Allan Mecham

"Warren Buffett, Seth Klarman, Jean-Marie Eveillard, and my former partner of two decades, Bob Rodriguez. Each compiled a long track record respected by investors of all types. Each had their share of winners, but none created their enviable performance by owning those few golden stocks of a given year. They won by not striking out, rather than by hitting grand slams. In other words, they won by not losing – emblematic of our approach." Steve Romick