---
title: "120 Customer Quotes By Seth Klarman"
description: "120 Customer quotes by Seth Klarman. Plus more from Seth Klarman and more Customer sayings from other authors."
image: "https://sms4smile.com/quotes/i/5ff/seth-klarman-1979_avoid_avoid-organizing-investment-team-into-si_409621.png"
---

> [Avoid organizing investment team into silos.](https://sms4smile.com/quotes/seth-klarman/avoid-organizing-investment-team-into-silos/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/5ff/seth-klarman-1979_avoid_avoid-organizing-investment-team-into-si_409621.png)

> [Great investments don't just knock on the door and say "buy me".](https://sms4smile.com/quotes/seth-klarman/great-investments-don-t-just-knock-on-the-door-and-say-buy-me/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/856/seth-klarman-1979_customer_great-investments-don-t-just-knock-on-th_2448064.png)

> [I think markets will never be efficient because of human nature.](https://sms4smile.com/quotes/seth-klarman/i-think-markets-will-never-be-efficient-because-of-human-nature/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/20a/seth-klarman-1979_customer_i-think-markets-will-never-be-efficient_2630556.png)

> [Hold cash when opportunities are not presenting themselves.](https://sms4smile.com/quotes/seth-klarman/hold-cash-when-opportunities-are-not-presenting-themselves/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/fe8/seth-klarman-1979_cash_hold-cash-when-opportunities-are-not-pre_898755.png)

> [Value investing by its very nature is contrarian.](https://sms4smile.com/quotes/seth-klarman/value-investing-by-its-very-nature-is-contrarian/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/9ea/seth-klarman-1979_contrarian_value-investing-by-its-very-nature-is-co_999001.png)

> [Having great clients is the key to investment success.](https://sms4smile.com/quotes/seth-klarman/having-great-clients-is-the-key-to-investment-success/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/0f7/seth-klarman-1979_clients_having-great-clients-is-the-key-to-inves_320780.png)

> [Value investing is risk aversion.](https://sms4smile.com/quotes/seth-klarman/value-investing-is-risk-aversion/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/64d/seth-klarman-1979_aversion_value-investing-is-risk-aversion-60005_60005.png)

> [Flexible approach - will look at ALL asset classes.](https://sms4smile.com/quotes/seth-klarman/flexible-approach-will-look-at-all-asset-classes/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/934/seth-klarman-1979_approach_flexible-approach-will-look-at-all-asset_2514598.png)

> [The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent,](https://sms4smile.com/quotes/seth-klarman/the-overwhelming-majority-of-people-are-comfortable-with-consensus/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/3af/seth-klarman-1979_bent_the-overwhelming-majority-of-people-are_764624.png)

> [Value investing is predicated on the efficient market hypothesis being wrong.](https://sms4smile.com/quotes/seth-klarman/value-investing-is-predicated-on-the-efficient-market-hypothesis/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/4ce/seth-klarman-1979_being-wrong_value-investing-is-predicated-on-the-eff_2103412.png)

> [In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about…](https://sms4smile.com/quotes/seth-klarman/in-investing-it-is-never-wrong-to-change-your-mind-it-is-only-wrong/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/b9e/seth-klarman-1979_changing-your-mind_in-investing-it-is-never-wrong-to-change_2189827.png)

> [Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.](https://sms4smile.com/quotes/seth-klarman/once-you-adopt-a-value-investment-strategy-any-other-investment/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/f1f/seth-klarman-1979_behavior_once-you-adopt-a-value-investment-strate_895595.png)

> [Value investing is at its core the marriage of a contrarian streak and a calculator.](https://sms4smile.com/quotes/seth-klarman/value-investing-is-at-its-core-the-marriage-of-a-contrarian-streak/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/3ee/seth-klarman-1979_calculators_value-investing-is-at-its-core-the-marri_237128.png)

> [When people give away stocks based on forced selling or fear that is usually a great opportunity.](https://sms4smile.com/quotes/seth-klarman/when-people-give-away-stocks-based-on-forced-selling-or-fear-that-is/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/846/seth-klarman-1979_customer_when-people-give-away-stocks-based-on-fo_2938354.png)

> [Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.](https://sms4smile.com/quotes/seth-klarman/having-clients-with-a-long-term-orientation-is-crucial-nothing-else/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/bac/seth-klarman-1979_clients_having-clients-with-a-long-term-orientat_812846.png)

> [Sometimes buying early on the way down looks like being wrong, but it isn't.](https://sms4smile.com/quotes/seth-klarman/sometimes-buying-early-on-the-way-down-looks-like-being-wrong-but-it/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/ea2/seth-klarman-1979_being-wrong_sometimes-buying-early-on-the-way-down-l_1907263.png)

> [I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And…](https://sms4smile.com/quotes/seth-klarman/i-think-buffett-is-a-better-investor-than-me-because-he-has-a-better/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/eec/seth-klarman-1979_buffett_i-think-buffett-is-a-better-investor-tha_2672405.png)

> [The government can reasonably rely on debt ratings when it forms programs to lend money to buyers of otherwise unattractive debt instruments.](https://sms4smile.com/quotes/seth-klarman/the-government-can-reasonably-rely-on-debt-ratings-when-it-forms/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/42e/seth-klarman-1979_buyers_the-government-can-reasonably-rely-on-de_1297666.png)

> [There's no such thing as a value company. Price is all that matters. At some price, an asset is a buy, at…](https://sms4smile.com/quotes/seth-klarman/there-s-no-such-thing-as-a-value-company-price-is-all-that-matters-at/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/9ef/seth-klarman-1979_assets_there-s-no-such-thing-as-a-value-company_1605858.png)

> [If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing…](https://sms4smile.com/quotes/seth-klarman/if-only-one-word-is-to-be-used-to-describe-what-baupost-does-that/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/0ca/seth-klarman-1979_customer_if-only-one-word-is-to-be-used-to-descri_1216787.png)

> [Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.](https://sms4smile.com/quotes/seth-klarman/individual-and-institutional-investors-alike-frequently-demonstrate/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/fe5/seth-klarman-1979_business_individual-and-institutional-investors-a_381622.png)

> [To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still…](https://sms4smile.com/quotes/seth-klarman/to-a-value-investor-investments-come-in-three-varieties-undervalued/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/17c/seth-klarman-1979_customer_to-a-value-investor-investments-come-in_2884996.png)

> [At the worst possible moment, when your fund is down because cheap things have gotten cheaper, you need to have capital, to…](https://sms4smile.com/quotes/seth-klarman/at-the-worst-possible-moment-when-your-fund-is-down-because-cheap/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/f8a/seth-klarman-1979_add_at-the-worst-possible-moment-when-your-f_545820.png)

> [Targeting investment returns leads investors to focus on potential upside rather on downside risk ... rather than targeting a desired rate of…](https://sms4smile.com/quotes/seth-klarman/targeting-investment-returns-leads-investors-to-focus-on-potential/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/7f2/seth-klarman-1979_customer_targeting-investment-returns-leads-inves_2809619.png)

> [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…](https://sms4smile.com/quotes/seth-klarman/the-average-person-can-t-really-trust-anybody-they-can-t-trust-a/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/744/seth-klarman-1979_assets_the-average-person-can-t-really-trust-an_2613100.png)

> [Beware leverage in all its forms. Borrowers - individual, corporate, or government - should always match fund their liabilities against the duration…](https://sms4smile.com/quotes/seth-klarman/beware-leverage-in-all-its-forms-borrowers-individual-corporate-or/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/1f0/seth-klarman-1979_assets_beware-leverage-in-all-its-forms-borrowe_978665.jpg)

> [When excesses such as lax lending standards become widespread and persist for some time, people are lulled into a false sense of…](https://sms4smile.com/quotes/seth-klarman/when-excesses-such-as-lax-lending-standards-become-widespread-and/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/6d8/seth-klarman-1979_assets_when-excesses-such-as-lax-lending-standa_955988.png)

> [If you are predisposed to be patient, disciplined and psychologically appreciate the idea of buying bargains, then you're likely to be good…](https://sms4smile.com/quotes/seth-klarman/if-you-are-predisposed-to-be-patient-disciplined-and-psychologically/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/ba6/seth-klarman-1979_action_if-you-are-predisposed-to-be-patient-dis_1586965.jpg)

> [If an asset has cash flow or the likelihood of cash flow in the near term and is not purely dependment on…](https://sms4smile.com/quotes/seth-klarman/if-an-asset-has-cash-flow-or-the-likelihood-of-cash-flow-in-the-near/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/aa7/seth-klarman-1979_amount_if-an-asset-has-cash-flow-or-the-likelih_765836.png)

> [Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably…](https://sms4smile.com/quotes/seth-klarman/do-not-accept-principal-risk-while-investing-short-term-cash-the/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/128/seth-klarman-1979_accepting_do-not-accept-principal-risk-while-inves_1784291.png)

> [The risk of an investment is described by both the probability and the potential amount of loss. The risk of an investment-the…](https://sms4smile.com/quotes/seth-klarman/the-risk-of-an-investment-is-described-by-both-the-probability-and/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/5b3/seth-klarman-1979_adverse_the-risk-of-an-investment-is-described-b_3211483.jpg)

> [Investors frequently benefit from making decisions with less than perfect knowledge and are well rewarded for bearing the risk of uncertainty. The…](https://sms4smile.com/quotes/seth-klarman/investors-frequently-benefit-from-making-decisions-with-less-than/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/051/seth-klarman-1979_benefits_investors-frequently-benefit-from-making_1692253.png)

> [Warren Buffett is right when he says you should invest as if the market is going to be closed for the next…](https://sms4smile.com/quotes/seth-klarman/warren-buffett-is-right-when-he-says-you-should-invest-as-if-the/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/c2e/seth-klarman-1979_buffett_warren-buffett-is-right-when-he-says-you_1824450.png)

> [Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business…](https://sms4smile.com/quotes/seth-klarman/investing-is-the-intersection-of-economics-and-psychology-the/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/d44/seth-klarman-1979_analysis_investing-is-the-intersection-of-economi_2038145.png)

> [Occasionally we are asked whether it would make sense to modify our investment strategy to perform better in today's financial climate. Our…](https://sms4smile.com/quotes/seth-klarman/occasionally-we-are-asked-whether-it-would-make-sense-to-modify-our/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/b53/seth-klarman-1979_answers_occasionally-we-are-asked-whether-it-wou_360258.jpg)

> [While no one wishes to incur losses, you couldn't prove it from an examination of the behavior of most investors and speculators.…](https://sms4smile.com/quotes/seth-klarman/while-no-one-wishes-to-incur-losses-you-couldn-t-prove-it-from-an/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/22e/seth-klarman-1979_avoidance_while-no-one-wishes-to-incur-losses-you_983343.jpg)

> [One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the…](https://sms4smile.com/quotes/seth-klarman/one-thing-i-want-to-emphasize-is-that-like-any-human-being-we-can/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/5eb/seth-klarman-1979_bargains_one-thing-i-want-to-emphasize-is-that-li_463135.jpg)

> [It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment,…](https://sms4smile.com/quotes/seth-klarman/it-is-important-to-remember-that-value-investing-is-not-a-perfect/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/bc1/seth-klarman-1979_acting_it-is-important-to-remember-that-value-i_210395.jpg)

> [Successful investors like stocks better when they’re going down. When you go to a department store or a supermarket, you like to…](https://sms4smile.com/quotes/seth-klarman/successful-investors-like-stocks-better-when-they-re-going-down-when/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/eb7/seth-klarman-1979_college_successful-investors-like-stocks-better_620854.png)

> [The trick of successful investors is to sell when they want to, not when they have to.](https://sms4smile.com/quotes/seth-klarman/the-trick-of-successful-investors-is-to-sell-when-they-want-to-not/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/8b8/seth-klarman-1979_customer_the-trick-of-successful-investors-is-to_2001063.png)

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## More by Seth Klarman

> [Unlike return, however, risk is no more quantifiable at the end of an investment that it was at its beginning. Risk simply cannot be…](https://sms4smile.com/quotes/seth-klarman/unlike-return-however-risk-is-no-more-quantifiable-at-the-end-of-an/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Because investors are not usually penalized for adhering to conventional practices, doing so is the less professionally risky strategy, even though it virtually guarantees…](https://sms4smile.com/quotes/seth-klarman/because-investors-are-not-usually-penalized-for-adhering-to/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Value investing is risk aversion.](https://sms4smile.com/quotes/seth-klarman/value-investing-is-risk-aversion/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Be focused on process and not outcome](https://sms4smile.com/quotes/seth-klarman/be-focused-on-process-and-not-outcome/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [There is an old saying, "How did you go bankrupt?" And the answer is, "Gradually, and then suddenly." The impending fiscal crisis in the…](https://sms4smile.com/quotes/seth-klarman/there-is-an-old-saying-how-did-you-go-bankrupt-and-the-answer-is/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the…](https://sms4smile.com/quotes/seth-klarman/in-a-rising-market-everyone-makes-money-and-a-value-philosophy-is/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.](https://sms4smile.com/quotes/seth-klarman/ultimately-nothing-should-be-more-important-to-investors-than-the/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [The best protection against risk is knowing what you are doing.](https://sms4smile.com/quotes/seth-klarman/the-best-protection-against-risk-is-knowing-what-you-are-doing/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [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…](https://sms4smile.com/quotes/seth-klarman/warren-buffett-once-wrote-that-value-investing-is-like-an-inoculation/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment, refinement, patience,…](https://sms4smile.com/quotes/seth-klarman/it-is-important-to-remember-that-value-investing-is-not-a-perfect/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Value investing is at its core the marriage of a contrarian streak and a calculator.](https://sms4smile.com/quotes/seth-klarman/value-investing-is-at-its-core-the-marriage-of-a-contrarian-streak/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [The avoidance of loss is the surest way to ensure a profitable outcome.](https://sms4smile.com/quotes/seth-klarman/the-avoidance-of-loss-is-the-surest-way-to-ensure-a-profitable-outcome/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Do not suffer interim losses, relish and appreciate them](https://sms4smile.com/quotes/seth-klarman/do-not-suffer-interim-losses-relish-and-appreciate-them/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.](https://sms4smile.com/quotes/seth-klarman/ratings-agencies-are-highly-conflicted-unimaginative-dupes-they-are/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the…](https://sms4smile.com/quotes/seth-klarman/it-is-crucial-to-have-a-strategy-in-place-before-problems-hit/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

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                        "text": "I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And when I find a great business I'm happy to buy it and hold it. Most businesses don't look so great to me.",
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                        "text": "The government can reasonably rely on debt ratings when it forms programs to lend money to buyers of otherwise unattractive debt instruments.",
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                        "text": "There's no such thing as a value company. Price is all that matters. At some price, an asset is a buy, at another it's a hold, and at another it's a sell.",
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                        "text": "If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing due to over-reaction.",
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                        "text": "Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.",
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                        "text": "To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still some higher price. The goal is to buy the first, avoid the second, and sell the third.",
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                        "text": "At the worst possible moment, when your fund is down because cheap things have gotten cheaper, you need to have capital, to have clients who will actually love the phone call and-most of the time, if not all the time-add, rather than subtract, capital.",
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                        "text": "Targeting investment returns leads investors to focus on potential upside rather on downside risk ... rather than targeting a desired rate of return, even an eminently reasonable one, investors should target risk.",
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                        "text": "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 trust a mutual fund, because the mutual fund is interested in gathering a lot of assets and keeping them. And now it’s even worse because even the most sophisticated people have no idea what’s going on.",
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                        "text": "Beware leverage in all its forms. Borrowers - individual, corporate, or government - should always match fund their liabilities against the duration of their assets. Borrowers must always remember that capital markets can be extremely fickle, and that it is never safe to assume a maturing loan can be rolled over. Even if you are unleveraged, the leverage employed by others can drive dramatic price and valuation swings; sudden unavailability of leverage in the economy may trigger an economic downturn.",
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                        "text": "When excesses such as lax lending standards become widespread and persist for some time, people are lulled into a false sense of security, creating an even more dangerous situation. In some cases, excesses migrate beyond regional or national borders, raising the ante for investors and governments. These excesses will eventually end, triggering a crisis at least in proportion to the degree of the excesses. Correlations between asset classes may be surprisingly high when leverage rapidly unwinds.",
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                        "text": "If you are predisposed to be patient, disciplined and psychologically appreciate the idea of buying bargains, then you're likely to be good at it. If you have a need for action, if you want to be involved in the new and exciting technological breakthroughs of our time, that's great, but you're not a value investor, and you shouldn't be one.",
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                        "text": "If an asset has cash flow or the likelihood of cash flow in the near term and is not purely dependment on what a future buyer might pay, then it's an investment. If an asset's value is totally dependent on the amount a future buyer might pay, then its purchase is speculation.",
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                        "text": "Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably leads to the incurrence of greater risk, which increases the likelihood of losses and severe illiquidity at precisely the moment when cash is needed to cover expenses, to meet commitments, or to make compelling long-term investments.",
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                        "text": "The risk of an investment is described by both the probability and the potential amount of loss. The risk of an investment-the probability of an adverse outcome-is partly inherent in its very nature. A dollar spent on biotechnology research is a riskier investment than a dollar used to purchase utility equipment. The former has both a greater probability of loss and a greater percentage of the investment at stake.",
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                        "text": "Investors frequently benefit from making decisions with less than perfect knowledge and are well rewarded for bearing the risk of uncertainty. The time other investors spend delving into the last unanswered detail may cost them the chance to buy into situations at prices so low they offer a margin of safety despite the incomplete information",
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                        "text": "Warren Buffett is right when he says you should invest as if the market is going to be closed for the next five years. The fundamental principles of value investing, if they make sense to you, can allow you to survive and prosper when everyone else is rudderless. We have a proven map with which to navigate. It sounds kind of crazy, but in times of turmoil in the market. I’ve felt a sort of serenity in knowing that if I’ve checked and rechecked my work, one plus one still equals two regardless of where a stock trades right after I buy it.",
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                        "text": "Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business isn't that hard. The psychology - how much do you buy, do you buy it at this price, do you wait for a lower price, what do you do when it looks like the world might end - those things are harder. Knowing whether you stand there, buy more, or whether something has legitimately gone wrong and you need to sell, those are harder things. That you learn with experience, by having the right psychological makeup.",
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                        "text": "Occasionally we are asked whether it would make sense to modify our investment strategy to perform better in today's financial climate. Our answer, as you might guess, is: No! It would be easyfor us to capitulate to the runaway bull market in growth and technology stocks. And foolhardy. And irresponsible. And unconscionable. It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to stand apart from it. Yet distancing yourself from the crowd is an essential component of long-term investment success.",
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                        "text": "While no one wishes to incur losses, you couldn't prove it from an examination of the behavior of most investors and speculators. The speculative urge that lies within most of us is strong; the prospect of a free lunch can be compelling, especially when others have already seemingly partaken. It can be hard to concentrate on potential losses while others are greedily reaching for gains and your broker is on the phone offering shares in the latest \"hot\" initial public offering. Yet the avoidance of loss is the surest way to ensure a profitable outcome.",
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                        "text": "One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the market. Fortunately for our clients, we don't tend to operate based on the view. Our investment strategy is to invest bottom up, one stock at a time, based on price compared to value. And while we may have a macro view that things aren't very good right now - which in fact we feel very strongly  we will put money to work regardless of that macro view if we find bargains. So tomorrow, if we found half a dozen bargains, we would invest all our cash.",
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                        "text": "It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment, refinement, patience, and reflection. It requires endless curiosity, the relentless pursuit of additional information, the raising of questions, and the search for answers. It necessitates dealing with imperfect information - knowing you will never know everything and that that must not prevent you from acting. It requires a precarious balance between conviction, steadfastness in the face of adversity, and doubt - keeping in mind the possibility that you could be wrong.",
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                        "text": "Successful investors like stocks better when they’re going down. When you go to a department store or a supermarket, you like to buy merchandise on sale, but it doesn’t work that way in the stock market. In the stock market, people panic when stocks are going down, so they like them less when they should like them more. When prices go down, you shouldn’t panic, but it’s hard to control your emotions when you’re overextended, when you see your net worth drop in half and you worry that you won’t have enough money to pay for your kids’ college.",
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