Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm. — Seth Klarman Copy Share Image
Sometimes buying early on the way down looks like being wrong, but it isn't. — Seth Klarman Copy Share Image
The trick of successful investors is to sell when they want to, not when they have to. — Seth Klarman Copy Share Image
When people give away stocks based on forced selling or fear that is usually a great opportunity. — 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
In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about… — Seth Klarman Copy Share Image
Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling. — Seth Klarman Copy Share Image
The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent, — Seth Klarman Copy Share Image
The prevailing view has been that the market will earn a high rate of return if the holding period is long enough,… — Seth Klarman Copy Share Image
The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is… — Seth Klarman Copy Share Image
At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst… — 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
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
We continue to adhere to a common-sense view of risk - how much we can lose and the probability of losing it.… — 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… — Seth Klarman Copy Share Image
Bad things happen, but really bad things do not. Do buy the dips, especially the lowest quality securities when they come under… — 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
Selling, in particular, can be a challenge; many investors are tempted to become more optimistic when a security is performing well. This… — 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
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
My view is that an investor is better off knowing a lot about a few investments than knowing a little about each… — Seth Klarman Copy Share Image
Speculators are obsessed with predicting: guessing the direction of stock prices. Every morning on cable television, every afternoon on the stock market… — 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
The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially… — Seth Klarman Copy Share Image
Value investing is predicated on the efficient market hypothesis being wrong. — 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
Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and… — 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
Value investors have to be patient and disciplined, but what I really think is you need not to be greedy. If you're… — Seth Klarman Copy Share Image
Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more… — Seth Klarman Copy Share Image
When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to… — Seth Klarman Copy Share Image
My experience is that short sellers do far better analysis than long buyers because they have to. The market is biased upward… — Seth Klarman Copy Share Image
When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because few investors are… — 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
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 Copy Share Image
Many LBOs are man-made disasters. When the price paid is excessive, the equity portion of an LBO is really an out-of-the-money call… — Seth Klarman Copy Share Image
While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk… — Seth Klarman Copy Share Image
A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad… — Seth Klarman Copy Share Image
You must buy on the way down. There is far more volume on the way down than on the way back up,… — 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
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
