INVESTING PROCESS

“You have to have a process” Ray Dalio

“Good investors, above all else, demonstrate good process” Chris Parvese

"In the moment, public market investors have no ability to control investment outcomes, but they can control and improve their own processes... We believe that by remaining focused on following a well-conceived process, we will make good risk-adjusted, long-term investments. And we know that if we do that, we will indeed earn good returns over time" Seth Klarman

“We are very focused on process, as I believe you should focus on process not outcomes. Process is the key to proper risk management.” John Phelan

“I’d say if you don’t have a process, you’re probably doomed in this business because what you have is all of the outside pressures which just grind away at any chance you have for logical decision making” William Browne

"To be a successful investor, you have to have a philosophy and process you believe in and can stick to, even under pressure" Howard Marks

“Ultimately, of course, you want people with good process and good outcomes, but I’d rather have somebody working for me who had a good process and a bad outcome in a given year that somebody with a bad process and good outcome” Dan Loeb

“You want to stay true to the investment process” Kevin Daly

“Controlling your process is absolutely crucial to long-term investment success in any market environment” Seth Klarman

“Confusion between process and outcome is the single biggest source of error in the stock market. After all why not keep buying that hot biotech company with no hope of making money if the share price keeps going up? What’s not to like? A complete loss of capital when the party stops is what’s not to like.” Robert Vinall

“It is possible to be profitable over time even though the majority of trading events will be losers. “Process” will trump the results of any given trade or series of trades” Peter Brandt

“When the process is broken, you can’t invest well. It’s hard enough to invest well when the process is good. So it’s crucial to have a sound process that will enable you to perform this difficult task with intellectual honesty, rigor, creativity and integrity” Seth Klarman

“To be consistently successful, an investor or speculator must have rules to guide him” Jesse Livermore

"Whatever the future holds, we will stick to our process. We are not guaranteed of getting what we want all the time—far from it—but we believe it is the best foundation for getting what we want over time." Chuck Akre

"Our mindset is to focus on the process rather than the outcome. We believe if you execute the process well enough for long enough, the outcomes take care of themselves. That is an unusual mindset" John Harris

"The need to focus on process rather than outcomes is critical in investing. Focusing on process frees us up from worrying about aspects of investment which we really can't control - such as return. By focusing upon process we maximise our potential to generate good long-term returns" James Montier

"I think our success is due to our having established sound principles of purchase and sale of securities, and having followed them consistently through all kinds of markets" Benjamin Graham

"Even when our process feels good, we are constantly asking ourselves how we can improve. In order to continue succeeding, we have to up our game and hone our skills each and every year" Chase Coleman

"James Montier recently pointed out that when athletes were asked what went through their minds just before competing in the Beijing Olympics, the constant response was a focus of process, not outcome. The same ought to be true for investors" Seth Klarman

"If we're looking to make better investment decisions, it helps immeasurably to develop a series of rules and routines that we can apply consistently" Guy Spier

"We apply the same investment process that we have used over our twenty-two year history to uncover opportunities for skewed outcomes with limited downside and the opportunity for significant upside." Richard Pzena

"We have worked hard to put in place a disciplined investment process centered on fundamental analysis.” Sir Michael Hintze

“It’s so easy for one’s investment process to break down - and process is everything in investment firms” Seth Klarman

"[Our] success is due to our process and that’s the key to how we invest. We are trying to spot where other investors might be biased. Make no doubt, I’m biased just like every other portfolio manager at Fuller & Thaler, just like you, just like everyone and it’s our process that lets us overcome those biases and find opportunities" Raife Giovinazzo

“It is critical that you remind your clients, your investment team, and, as often as necessary, yourself, that you can only control your process and approach - that you cannot forecast the vagaries of the market, which in any case are an opportunity and not a problem for value investors” Seth Klarman