Value investing is at its core the marriage of a contrarian streak and a calculator.

Klarman frames value investing as requiring two complementary traits: psychological independence and quantitative discipline. The “contrarian streak” points to the willingness to buy when others are fearful or indifferent, resisting social proof and market momentum. The “calculator” signals that contrarianism alone is not enough; it must be anchored in careful appraisal of intrinsic value, downside risk, and margin of safety. The line captures a core value-investing tension: opportunities often arise from mispricing created by emotion, but exploiting them responsibly depends on sober analysis rather than bravado. It also implies that temperament (patience, skepticism, emotional control) is as essential as technique.