Seth Klarman

I don't have a Bloomberg on my desk. I don't care.

— Seth Klarman

Almost every financial blow up is because of leverage,

— Seth Klarman

Complexity - limits competition.

— Seth Klarman

We worry top-down, but we invest bottom-up

— Seth Klarman

Avoid organizing investment team into silos.

— Seth Klarman

The way to maximize outcome is to focus on the process.

— Seth Klarman

Always look for forced urgent selling.

— Seth Klarman

Courage is a function of process.

— Seth Klarman

Great investments don't just knock on the door and say "buy me".

— Seth Klarman

We are big fans of fear, and in investing it is clearly better to be scared than sorry.

— Seth Klarman

Buying's easier, selling's hard - [it's] hard to know when to get out.

— Seth Klarman

Be indifferent if you lose your short term clients, remember they are your own worst enemy

— Seth Klarman

Loss avoidance must be the cornerstone of your investment philosophy.

— Seth Klarman

Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.

— Seth Klarman

In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about…

— Seth Klarman

Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient

— Seth Klarman

A tipping point is invisible, as we just saw in Greece. In most situations, everything appears fine until it's not fine, until,…

— Seth Klarman

Targeting investment returns leads investors to focus on potential upside rather on downside risk ... rather than targeting a desired rate of…

— Seth Klarman

It is crucial in a sound investment process to search a mile wide than a mile deep with they find something -…

— Seth Klarman

To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still…

— Seth Klarman

Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we…

— Seth Klarman

Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.

— Seth Klarman

If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing…

— Seth Klarman

There's no such thing as a value company. Price is all that matters. At some price, an asset is a buy, at…

— Seth Klarman

Always remembering that we might be wrong, we must contemplate alternatives, concoct hedges, and search vigilantly for validation of our assessments. We…

— Seth Klarman

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

Investors frequently benefit from making decisions with less than perfect knowledge and are well rewarded for bearing the risk of uncertainty. The…

— Seth Klarman

The risk of an investment is described by both the probability and the potential amount of loss. The risk of an investment-the…

— Seth Klarman

At the worst possible moment, when your fund is down because cheap things have gotten cheaper, you need to have capital, to…

— Seth Klarman

Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably…

— Seth Klarman

If an asset has cash flow or the likelihood of cash flow in the near term and is not purely dependment on…

— Seth Klarman

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

Here’s how to know if you have the makeup to be an investor. How would you handle the following situation? Let’s say…

— Seth Klarman

When excesses such as lax lending standards become widespread and persist for some time, people are lulled into a false sense of…

— Seth Klarman

Beware leverage in all its forms. Borrowers - individual, corporate, or government - should always match fund their liabilities against the duration…

— Seth Klarman

Warren Buffett is right when he says you should invest as if the market is going to be closed for the next…

— Seth Klarman

Frequent comparative ranking can only reinforce a short-term investment perspective. It is understandably difficult to maintain a long-term view when, faced with…

— Seth Klarman

The government can always rescue the markets or interfere with contract law whenever it deems convenient with little or no apparent cost.…

— Seth Klarman

Nowhere does it say that investors should strive to make every last dollar of potential profit; consideration of risk must never take…

— Seth Klarman

Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands. By having confidence in…

— Seth Klarman