Gary Mishuris on sticking to the investment process

You have to have the temperament to be successful in this business.  And so if you start worrying about what clients are going to think or what someone else is going to think, you're going about it all wrong.

[...]

Where I can succeed is where a lot of other people I see folding to the pressure and saying, "the market's changed, value investing doesn't work."  I can actually stick to a process when it's really painful to do so.  Most people can't.

~ Gary Mishuris, interview with Dan Ferris, Stansberry Investor Hour, April 15, 2024

Kaushal "Ken" Majmudar on investing process vs. outcome

Most investors who are fooled by randomness focus too much on outcome (i.e. historical experience grounded in statistics) and too little on process.  By focusing on outcome over process, you tend to become overactive, undisciplined and a follower – looking and finding short-term patterns to which you attribute often false significance.  You constantly attempt to move to greener pastures but rarely arrive at your destination or stay to enjoy your surroundings.  In investing as in life, most people overestimate what can be accomplished in one year and vastly underestimate what can be accomplished in ten years.

~ Kaushal "Ken" Majmudar, founder of Ridgewood Investments, 2005 Annual Letter to Clients, March 7,  2006

Warren Buffett on the importance of process

Games are won by players who focus on the playing field -- not by those whose eyes are glued to the scoreboard.

~ Warren Buffett