The government can reasonably rely on debt ratings when it forms programs to lend money to buyers of otherwise unattractive debt instruments. — Seth Klarman Copy Share Image
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
Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so… — Seth Klarman Copy Share Image
In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict… — Seth Klarman Copy Share Image
Benjamin Graham wrote, "Those with enterprise haven't the money, and those with money haven't the enterprise, to buy stocks when they are… — Seth Klarman Copy Share Image
Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity… — Seth Klarman Copy Share Image
Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the… — Seth Klarman Copy Share Image
To achieve long-term success over many financial market and economic cycles, observing a few rules is not enough. Too many things change… — Seth Klarman Copy Share Image
Right at the core, the mainstream has it backwards. Warren Buffett often quips that the first rule of investing is to not… — 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
In a crisis, stocks of financial companies are great investments, because the tide is bound to turn. Massive losses on bad loans… — Seth Klarman Copy Share Image
In a world in which most investors appear interested in figuring out how to make money every second and chase the idea… — Seth Klarman Copy Share Image
Warren Buffett likes to say that the first rule of investing is "Don't lose money," and the second rule is, "Never forget… — Seth Klarman Copy Share Image
In the financial markets, however, the connection between a marketable security and the underlying business is not as clear-cut. For investors in… — Seth Klarman Copy Share Image
The government - the ultimate short-term-oriented player - cannot withstand much pain in the economy or the financial markets. Bailouts and rescues… — Seth Klarman Copy Share Image
Financial innovation can be highly dangerous, though almost no one will tell you this. New financial products are typically created for sunny… — 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
