A simple rule applies: if you don't quickly comprehend what a company is doing, then management probably doesn't either. — 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
If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses --… — Seth Klarman Copy Share Image
Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals. — Seth Klarman Copy Share Image
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 Copy Share Image
While knowing how to value businesses is essential for investment success, the first and perhaps most important step in the investment process… — Seth Klarman Copy Share Image
I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And… — Seth Klarman Copy Share Image
Value investors will not invest in businesses that they cannot readily understand or ones they find excessively risky. Hence few value investors… — 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
Wall Street can be a dangerous place for investors. You have no choice but to do business there, but you must always… — 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
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 Image
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 Image
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 Image
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 Image
Ultimately, nothing should be more important to investors than the ability to sleep soundly at night. — Seth Klarman Copy Share Image
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 Image
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 Image
Value investing is at its core the marriage of a contrarian streak and a calculator. — Seth Klarman Copy Share Image
The avoidance of loss is the surest way to ensure a profitable outcome. — Seth Klarman Copy Share Image
