My favorite real estate quotes

Consider the investors who are recognized for doing a great job, people such as Warren Buffet, Peter Lynch, Bill Miller and Julian Robertson. Their records are remarkable because of their decades of consistency and absence of disasters, not just their high returns. Each may have a bad year or two, but in general, they dealt as well with risk as with return.
Howard Marks, Oaktree Capital

Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
Seth Klarman, Baupost

Successful investors tend to be unemotional, allowing the greed and fears of others to play into their hands. By having the confidence in their own analysis and judgment, they respond to market forces not with blind emotion but with calculated reason.
Seth Klarman, Baupost

The focus of most investors differs from that of value investors. Most investors are primarily oriented toward return, how much they can make, and pay little attention to risk, how much they can lose.
Seth Klarman, Baupost

The definition of a great investor is someone who starts by understanding the downside. You must make the judgment in advance as to how much downside risk you are willing to take. I knew that I could always survive the good days, but the critical element is to be able to survive when the market isn’t doing well or the investment isn’t performing. I always focus on how much exposure I am taking.
Sam Zell, Equity Group Investments

Investment success doesn’t come from buying good things, but rather from buying things well. It has been demonstrated time and time again that no asset is so good that it can’t become a bad investment if bought at too high a price. And there are few assets so bad that they can’t be a good investment if bought cheap enough. No asset class or investment has the birthright of a high return. It’s only attractive if its priced right.
Howard Marks, Oaktree Capital

Only when the tide goes out do you discover who’s been swimming naked.
Warren Buffett, Berkshire Hathaway

We believe firmly that if we avoid the losers, the winners will take care of themselves. We go for batting average, not home runs. We know others will get the headlines for their big victories and spectacular seasons. But we expect to be around at the finish because of consistent good performance that produces satisfied clients.
Howard Marks, Oaktree Capital

Always do the very best you can to fulfill what you said you would do, help others simply because you can rather than because you believe it would indirectly benefit you, and do this for the next thirty years, and you will have a great reputation and network.
Peter Linneman, Linneman & Associates 

Don’t ever think you are as smart as everybody thinks you are during the good times because you’re not going to want to believe you’re as dumb as they think you are during the bad times.
Jim Chaffin, Chaffin/Light Associate

Strategy is a commodity, execution is an art.
Peter Drucker

Show me the incentive and I will show you the outcome.
Charlie Munger 

You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.
Benjamin Graham

What’s your favorite real estate quote?