Quite a Quote!

“When securities prices decline, an investor’s perspective can go in one of two directions. The vast majority of investors view a price decline as a loss of value. This has a basis in reality for those who are traders, those whose portfolios are financed with borrowed money, and those who have little or no knowledge about the companies in whose securities they have invested. For value investors, though, price declines frequently mean nothing more than that yields have rallied. The same securities with the same fundamentals, and without any permanent impairments of capital, have become available at far more attractive pricing than was previously available.” —Martin J. Whitman.