"[Ben] Graham's wonderful sentence is, an investor needs only two things: Cash and Courage. Having only one of them is not enough. Courage is a function of process." -Seth Klarman
[H/T @MarkYusko, via his excellent commentary on Klarman in the Morgan Creek Q2 Letter]
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The quote from Klarman also brought to mind: Charlie Munger on the balance between competency and gumption...
