"I write because it's all I know how to do. Writing is my anchor and my purpose. My life is informed by writing, whether the work is going well or I'm stuck in the hell of writer's block, which I'm happy to report only occurs about once a day."

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The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially dangerous during periods of market exuberance. The concept of "private market value" as an anchor to the proper valuation of a business can also be greatly skewed during ebullient times and should always be considered with a healthy degree of skepticism.

— Seth Klarman