Seth Klarman

Do not suffer interim losses, relish and appreciate them

— Seth Klarman

We don't deal in absolutes. We deal in probabilities.

— Seth Klarman

Having great clients is the key to investment success.

— Seth Klarman

You need humility to say 'I might be wrong.'

— Seth Klarman

Value investing by its very nature is contrarian.

— Seth Klarman

Be focused on process and not outcome

— Seth Klarman

Investing is the intersection of economics and psychology.

— Seth Klarman

Hold cash when opportunities are not presenting themselves.

— Seth Klarman

Value investing is predicated on the efficient market hypothesis being wrong.

— Seth Klarman

If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.

— Seth Klarman

It's incredibly important to note that when you don't allow failure, you get more failure.

— Seth Klarman

The trick of successful investors is to sell when they want to, not when they have to.

— Seth Klarman

One must understand the importance of an endless drive to get information and seek value.

— Seth Klarman

Most institutional investors feel compelled to swing at almost every pitch and forgo batting selectivity for frequency.

— Seth Klarman

Sometimes buying early on the way down looks like being wrong, but it isn't.

— Seth Klarman

Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.

— Seth Klarman

The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent,

— Seth Klarman

The government can reasonably rely on debt ratings when it forms programs to lend money to buyers of otherwise unattractive debt instruments.

— Seth Klarman

I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And…

— Seth Klarman

There is an old saying, "How did you go bankrupt?" And the answer is, "Gradually, and then suddenly." The impending fiscal crisis…

— Seth Klarman

When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive…

— Seth Klarman

Analysts recommendations may not produce good results. In part this is due to the pressure placed on these analysts to recommend frequently…

— Seth Klarman

In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict…

— Seth Klarman

When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because few investors are…

— Seth Klarman

We suppose that could be considered a hedged position for the awards committee, one that would never occur in the hard sciences…

— Seth Klarman

The average person can’t really trust anybody. They can’t trust a broker, because the broker is interested in churning commissions. They can’t…

— Seth Klarman

As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You…

— Seth Klarman

Almost no one will accept responsibility for his or her role in precipitating a crisis: not leveraged speculators, not willfully blind leaders…

— Seth Klarman

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

Value investing is simple to understand but difficult to implement. Value investors are not supersophisticated analytical wizards who create and apply intricate…

— Seth Klarman

Value in relation to price, not price alone, must determine your investment decisions. If you look to Mr Market as a creator…

— Seth Klarman

Things that have never happened before are bound to occur with some regularity. You must always be prepared for the unexpected, including…

— Seth Klarman

Occasionally we are asked whether it would make sense to modify our investment strategy to perform better in today's financial climate. Our…

— Seth Klarman

Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business…

— Seth Klarman

One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the…

— Seth Klarman

While no one wishes to incur losses, you couldn't prove it from an examination of the behavior of most investors and speculators.…

— Seth Klarman

Investors should pay attention not only to whether but also to why current holdings are undervalued. It is critical to know why…

— Seth Klarman

Financial innovation can be highly dangerous, though almost no one will tell you this. New financial products are typically created for sunny…

— Seth Klarman

Successful investors like stocks better when they’re going down. When you go to a department store or a supermarket, you like to…

— Seth Klarman

The government - the ultimate short-term-oriented player - cannot withstand much pain in the economy or the financial markets. Bailouts and rescues…

— Seth Klarman