PROFIT IS IN THE BUYING

“The single biggest determinant of investment returns is the purchase price.” Josh Harris

“Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we buy a bargain.” Seth Klarman

“The entrance strategy is actually more important than the exit strategy.” Eddie Lampert

“Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results. The better sale will be frosting on the cake.” Warren Buffett

"At Oaktree we say, "Well bought is half sold". By this we mean we don't spend a lot of time thinking about what price we're going to be able to sell a holding for, or when, or to whom, or through what mechanism. If you've bought it cheap, eventually those questions will answer themselves." Howard Marks

“Just remember, any fool can buy a business, you just have to pay more than the next guy. It’s not when you buy a business that you celebrate. It’s when you sell it at a profit.” Henry Kravis

“We expect our outperformance to come from making great purchases than from making great sales.” Mark Curnin

“As the saying goes, a stock well bought is half sold. I think Ben was an expert in that area.” Walter Schloss

“Price matters: compounded returns [are] significantly affected by starting valuations.” Chuck Akre

“Rate of return is a function of entry level.” Charles Driefus

“We are less concerned with the absolute quality of our companies than with the price we pay for whatever it is we’re getting. In short, we feel “everything is triple-A at the right price”. Howard Marks

"The investment decision making process cannot be analysed acutely, but it worked for Windsor in a direction that usually resulted in companies' being well bought." John Neff

“Price is the single largest determinant of an investor’s returns.” Wally Weitz

"If you focus on the entrance strategy then the exit normally works out fine." Mohnish Pabrai

"We make money when we buy, not when something goes up in value." Seth Klarman