Investing today may well be harder than it has been at any time in our three decades of existence, — Seth Klarman Copy Share Image
Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators. — Seth Klarman Copy Share Image
In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based… — Seth Klarman Copy Share Image
A value strategy is of little use to the impatient investor since it usually takes time to pay off. — Seth Klarman Copy Share Image
People should be highly sceptical of anyone's including their own, ability to predict the future, and instead pursue strategies that can survive… — Seth Klarman Copy Share Image
The cost of performing well in bad times can be relative underperformance in good times. — Seth Klarman Copy Share Image
All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come — Seth Klarman Copy Share Image
At the worst possible moment, when your fund is down because cheap things have gotten cheaper, you need to have capital, to… — 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
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
The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled… — Seth Klarman Copy Share Image
Markets need not be in sync with one another. Simultaneously, the bond market can be priced for sustained tough times, the equity… — Seth Klarman Copy Share Image
As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is… — Seth Klarman Copy Share Image
Interestingly, we have beaten the market quite handsomely over this time frame, although beating the market has never been our objective. Rather,… — Seth Klarman Copy Share Image
It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to… — Seth Klarman Copy Share Image
When excesses such as lax lending standards become widespread and persist for some time, people are lulled into a false sense of… — Seth Klarman Copy Share Image
It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction… — Seth Klarman Copy Share Image
Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able… — Seth Klarman Copy Share Image
The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by standing against the prevailing winds -… — Seth Klarman Copy Share Image
It sounds kind of crazy, but in times of turmoil in the market, I've felt a sort of serenity in knowing that… — 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
