Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we… — Seth Klarman Copy Share Image
Limit risk with: Deep analysis Bargain purchase Sensitivity analysis. — Seth Klarman Copy Share Image
Generally, the greater the stigma or revulsion, the better the bargain. — Seth Klarman Copy Share Image
Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more… — Seth Klarman Copy Share Image
The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is… — Seth Klarman Copy Share Image
When you buy bargains and they become better bargains, it is easy to start to question yourself, which can impair your judgement.… — Seth Klarman Copy Share Image
If you are predisposed to be patient, disciplined and psychologically appreciate the idea of buying bargains, then you're likely to be good… — Seth Klarman Copy Share Image
While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes… — Seth Klarman Copy Share Image
There are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin… — Seth Klarman Copy Share Image
As value investors, our business is to buy bargains that financial market theory says do not exist. We've delivered great returns to… — Seth Klarman Copy Share Image
One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the… — Seth Klarman Copy Share Image
Unlike return, however, risk is no more quantifiable at the end of an investment that it was at its beginning. Risk simply cannot be… — Seth Klarman Copy Share
Because investors are not usually penalized for adhering to conventional practices, doing so is the less professionally risky strategy, even though it virtually guarantees… — Seth Klarman Copy Share
There is an old saying, "How did you go bankrupt?" And the answer is, "Gradually, and then suddenly." The impending fiscal crisis in the… — Seth Klarman Copy Share
In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the… — Seth Klarman Copy Share
Ultimately, nothing should be more important to investors than the ability to sleep soundly at night. — Seth Klarman Copy Share
Warren Buffett once wrote that value investing is like an inoculation--it either takes or it doesn't--and when you explain to somebody what it is… — Seth Klarman Copy Share
It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment, refinement, patience,… — Seth Klarman Copy Share
Value investing is at its core the marriage of a contrarian streak and a calculator. — Seth Klarman Copy Share
Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them. — Seth Klarman Copy Share
It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the… — Seth Klarman Copy Share
