All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come — Seth Klarman Copy Share Image
The government can indefinitely control both short-term and long-term interest rates. — Seth Klarman Copy Share Image
By investing at a discount, Benjamin Graham knew that he was unlikely to experience losses. — Seth Klarman Copy Share Image
The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions. — Seth Klarman Copy Share Image
Don't short many stocks. Instead they hedge for tail risk with CDS and options. They are happy to incur illiquidity — Seth Klarman Copy Share Image
I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline — Seth Klarman Copy Share Image
A value strategy is of little use to the impatient investor since it usually takes time to pay off. — Seth Klarman Copy Share Image
When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt. — 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
Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals. — Seth Klarman Copy Share Image
If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing… — Seth Klarman Copy Share Image
To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still… — Seth Klarman Copy Share Image
The government can reasonably rely on debt ratings when it forms programs to lend money to buyers of otherwise unattractive debt instruments. — 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
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
Targeting investment returns leads investors to focus on potential upside rather on downside risk ... rather than targeting a desired rate of… — Seth Klarman Copy Share Image
Value investing is simple to understand but difficult to implement. Value investors are not supersophisticated analytical wizards who create and apply intricate… — Seth Klarman Copy Share Image
If an asset has cash flow or the likelihood of cash flow in the near term and is not purely dependment on… — Seth Klarman Copy Share Image
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 Copy Share Image
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 Copy Share Image
Beware leverage in all its forms. Borrowers - individual, corporate, or government - should always match fund their liabilities against the duration… — Seth Klarman Copy Share Image
When excesses such as lax lending standards become widespread and persist for some time, people are lulled into a false sense of… — Seth Klarman Copy Share Image
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 Copy Share Image
Always remembering that we might be wrong, we must contemplate alternatives, concoct hedges, and search vigilantly for validation of our assessments. We… — Seth Klarman Copy Share Image
Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it. — Seth Klarman Copy Share Image
At the worst possible moment, when your fund is down because cheap things have gotten cheaper, you need to have capital, to… — 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
It turns out that value investing is something that is in your blood. There are people who just don't have the patience… — Seth Klarman Copy Share Image
I know of no long-time practitioner who regrets adhering to a value philosophy; few investors who embrace the fundamental principles ever abandon… — Seth Klarman Copy Share Image
Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them. — Seth Klarman Copy Share Image
Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can… — Seth Klarman Copy Share Image
Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against the… — 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
In contrast to the speculators preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss. — 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… — 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 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
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
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
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
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
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
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
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
Ultimately, nothing should be more important to investors than the ability to sleep soundly at night. — Seth Klarman Copy Share
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
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
Value investing is at its core the marriage of a contrarian streak and a calculator. — Seth Klarman Copy Share
Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them. — Seth Klarman Copy Share
It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the… — Seth Klarman Copy Share
