---
title: "Best Customer Sayings 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/4db/seth-klarman-1979_attention_most-investors-are-primarily-oriented-to_606647.png"
---

> [Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can…](https://sms4smile.com/quotes/seth-klarman/most-investors-are-primarily-oriented-toward-return-how-much-they-can/)

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

[Image](https://sms4smile.com/quotes/i/4db/seth-klarman-1979_attention_most-investors-are-primarily-oriented-to_606647.png)

> [I know of no long-time practitioner who regrets adhering to a value philosophy; few investors who embrace the fundamental principles ever abandon…](https://sms4smile.com/quotes/seth-klarman/i-know-of-no-long-time-practitioner-who-regrets-adhering-to-a-value/)

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

[Image](https://sms4smile.com/quotes/i/08e/seth-klarman-1979_abandon_i-know-of-no-long-time-practitioner-who_663440.png)

> [It turns out that value investing is something that is in your blood. There are people who just don't have the patience…](https://sms4smile.com/quotes/seth-klarman/it-turns-out-that-value-investing-is-something-that-is-in-your-blood/)

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

[Image](https://sms4smile.com/quotes/i/f65/seth-klarman-1979_blood_it-turns-out-that-value-investing-is-som_644558.png)

> [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/)

[Image](https://sms4smile.com/quotes/i/c73/seth-klarman-1979_adverse_ratings-agencies-are-highly-conflicted-u_248048.png)

> [The prevailing view has been that the market will earn a high rate of return if the holding period is long enough,…](https://sms4smile.com/quotes/seth-klarman/the-prevailing-view-has-been-that-the-market-will-earn-a-high-rate-of/)

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

[Image](https://sms4smile.com/quotes/i/ad6/seth-klarman-1979_customer_the-prevailing-view-has-been-that-the-ma_2548111.png)

> [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…](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/)

[Image](https://sms4smile.com/quotes/i/a72/seth-klarman-1979_buffett_warren-buffett-once-wrote-that-value-inv_205819.jpg)

> [In contrast to the speculators preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss.](https://sms4smile.com/quotes/seth-klarman/in-contrast-to-the-speculators-preoccupation-with-rapid-gain-value/)

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

[Image](https://sms4smile.com/quotes/i/2c4/seth-klarman-1979_aversion_in-contrast-to-the-speculators-preoccupa_942803.jpg)

> [Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against the…](https://sms4smile.com/quotes/seth-klarman/investors-should-always-keep-in-mind-that-the-most-important-metric/)

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

[Image](https://sms4smile.com/quotes/i/2bf/seth-klarman-1979_ability_investors-should-always-keep-in-mind-tha_2409263.png)

> [Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands. By having confidence in…](https://sms4smile.com/quotes/seth-klarman/successful-investors-tend-to-be-unemotional-allowing-the-greed-and/)

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

[Image](https://sms4smile.com/quotes/i/bf2/seth-klarman-1979_allowing_successful-investors-tend-to-be-unemotio_2446259.jpg)

> [Nowhere does it say that investors should strive to make every last dollar of potential profit; consideration of risk must never take…](https://sms4smile.com/quotes/seth-klarman/nowhere-does-it-say-that-investors-should-strive-to-make-every-last/)

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

[Image](https://sms4smile.com/quotes/i/e13/seth-klarman-1979_backseat_nowhere-does-it-say-that-investors-shoul_1351831.jpg)

> [To achieve long-term success over many financial market and economic cycles, observing a few rules is not enough. Too many things change…](https://sms4smile.com/quotes/seth-klarman/to-achieve-long-term-success-over-many-financial-market-and-economic/)

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

[Image](https://sms4smile.com/quotes/i/0d8/seth-klarman-1979_achieve_to-achieve-long-term-success-over-many-f_1032818.jpg)

> [Warren Buffett likes to say that the first rule of investing is "Don't lose money," and the second rule is, "Never forget…](https://sms4smile.com/quotes/seth-klarman/warren-buffett-likes-to-say-that-the-first-rule-of-investing-is-don-t/)

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

[Image](https://sms4smile.com/quotes/i/961/seth-klarman-1979_avoiding_warren-buffett-likes-to-say-that-the-fir_2579925.jpg)

> [Interestingly, we have beaten the market quite handsomely over this time frame, although beating the market has never been our objective. Rather,…](https://sms4smile.com/quotes/seth-klarman/interestingly-we-have-beaten-the-market-quite-handsomely-over-this/)

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

[Image](https://sms4smile.com/quotes/i/1c7/seth-klarman-1979_beaten_interestingly-we-have-beaten-the-market_489418.png)

> [Short-term performance envy causes many of the shortcomings that lock most investors into a perpetual cycle of underachievement. Watch your competitors not…](https://sms4smile.com/quotes/seth-klarman/short-term-performance-envy-causes-many-of-the-shortcomings-that-lock/)

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

[Image](https://sms4smile.com/quotes/i/36b/seth-klarman-1979_able_short-term-performance-envy-causes-many_3085796.png)

> [There are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin…](https://sms4smile.com/quotes/seth-klarman/there-are-only-a-few-things-investors-can-do-to-counteract-risk/)

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

[Image](https://sms4smile.com/quotes/i/c5b/seth-klarman-1979_appropriate_there-are-only-a-few-things-investors-ca_2860196.png)

> [Right at the core, the mainstream has it backwards. Warren Buffett often quips that the first rule of investing is to not…](https://sms4smile.com/quotes/seth-klarman/right-at-the-core-the-mainstream-has-it-backwards-warren-buffett/)

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

[Image](https://sms4smile.com/quotes/i/22e/seth-klarman-1979_approach_right-at-the-core-the-mainstream-has-it_1333386.jpg)

> [If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses --…](https://sms4smile.com/quotes/seth-klarman/if-you-can-remember-that-stocks-aren-t-pieces-of-paper-that-gyrate/)

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

[Image](https://sms4smile.com/quotes/i/10c/seth-klarman-1979_business_if-you-can-remember-that-stocks-aren-t-p_2560196.png)

> [Literally draw a detailed map-like an organization chart-of interlocking ownership and affiliates, many of which were also publicly traded. So, identifying one…](https://sms4smile.com/quotes/seth-klarman/literally-draw-a-detailed-map-like-an-organization-chart-of/)

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

[Image](https://sms4smile.com/quotes/i/4bf/seth-klarman-1979_customer_literally-draw-a-detailed-map-like-an-or_1928526.png)

> [In the financial markets, however, the connection between a marketable security and the underlying business is not as clear-cut. For investors in…](https://sms4smile.com/quotes/seth-klarman/in-the-financial-markets-however-the-connection-between-a-marketable/)

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

[Image](https://sms4smile.com/quotes/i/cc4/seth-klarman-1979_beta_in-the-financial-markets-however-the-con_748397.jpg)

> [Investors should pay attention not only to whether but also to why current holdings are undervalued. It is critical to know why…](https://sms4smile.com/quotes/seth-klarman/investors-should-pay-attention-not-only-to-whether-but-also-to-why/)

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

[Image](https://sms4smile.com/quotes/i/de6/seth-klarman-1979_attention_investors-should-pay-attention-not-only_601683.jpg)

> [One of the biggest challenges in investing is that the opportunity set available today is not the complete opportunity set that should…](https://sms4smile.com/quotes/seth-klarman/one-of-the-biggest-challenges-in-investing-is-that-the-opportunity/)

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

[Image](https://sms4smile.com/quotes/i/19d/seth-klarman-1979_available_one-of-the-biggest-challenges-in-investi_2816806.png)

> [In a crisis, stocks of financial companies are great investments, because the tide is bound to turn. Massive losses on bad loans…](https://sms4smile.com/quotes/seth-klarman/in-a-crisis-stocks-of-financial-companies-are-great-investments/)

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

[Image](https://sms4smile.com/quotes/i/52e/seth-klarman-1979_bounds_in-a-crisis-stocks-of-financial-companie_3141043.png)

> [As value investors, our business is to buy bargains that financial market theory says do not exist. We've delivered great returns to…](https://sms4smile.com/quotes/seth-klarman/as-value-investors-our-business-is-to-buy-bargains-that-financial/)

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

[Image](https://sms4smile.com/quotes/i/15b/seth-klarman-1979_avoiding_as-value-investors-our-business-is-to-bu_1802946.png)

> [Unlike return, however, risk is no more quantifiable at the end of an investment that it was at its beginning. Risk simply…](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/)

[Image](https://sms4smile.com/quotes/i/447/seth-klarman-1979_company_unlike-return-however-risk-is-no-more-qu_10919.png)

> [It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction…](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/)

[Image](https://sms4smile.com/quotes/i/379/seth-klarman-1979_buying_it-is-crucial-to-have-a-strategy-in-plac_300745.png)

> [Selling, in particular, can be a challenge; many investors are tempted to become more optimistic when a security is performing well. This…](https://sms4smile.com/quotes/seth-klarman/selling-in-particular-can-be-a-challenge-many-investors-are-tempted/)

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

[Image](https://sms4smile.com/quotes/i/d72/seth-klarman-1979_challenges_selling-in-particular-can-be-a-challenge_1008961.png)

> [The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by standing against the prevailing winds -…](https://sms4smile.com/quotes/seth-klarman/the-strategy-of-buying-what-s-in-favor-is-a-fool-s-errand-ensuring/)

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

[Image](https://sms4smile.com/quotes/i/cf3/seth-klarman-1979_buying_the-strategy-of-buying-what-s-in-favor-i_1794434.png)

> [My view is that an investor is better off knowing a lot about a few investments than knowing a little about each…](https://sms4smile.com/quotes/seth-klarman/my-view-is-that-an-investor-is-better-off-knowing-a-lot-about-a-few/)

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

[Image](https://sms4smile.com/quotes/i/d75/seth-klarman-1979_better-off_my-view-is-that-an-investor-is-better-of_449807.jpg)

> [Speculators are obsessed with predicting: guessing the direction of stock prices. Every morning on cable television, every afternoon on the stock market…](https://sms4smile.com/quotes/seth-klarman/speculators-are-obsessed-with-predicting-guessing-the-direction-of/)

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

[Image](https://sms4smile.com/quotes/i/c24/seth-klarman-1979_afternoon_speculators-are-obsessed-with-predicting_1611689.png)

> [Wall Street can be a dangerous place for investors. You have no choice but to do business there, but you must always…](https://sms4smile.com/quotes/seth-klarman/wall-street-can-be-a-dangerous-place-for-investors-you-have-no-choice/)

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

[Image](https://sms4smile.com/quotes/i/801/seth-klarman-1979_accepted_wall-street-can-be-a-dangerous-place-for_1719256.png)

> [The government - the ultimate short-term-oriented player - cannot withstand much pain in the economy or the financial markets. Bailouts and rescues…](https://sms4smile.com/quotes/seth-klarman/the-government-the-ultimate-short-term-oriented-player-cannot/)

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

[Image](https://sms4smile.com/quotes/i/c47/seth-klarman-1979_advantage_the-government-the-ultimate-short-term-o_792225.jpg)

> [The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially…](https://sms4smile.com/quotes/seth-klarman/the-latest-trade-of-a-security-creates-a-dangerous-illusion-that-its/)

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

[Image](https://sms4smile.com/quotes/i/275/seth-klarman-1979_anchors_the-latest-trade-of-a-security-creates-a_1048933.png)

> [You need to balance arrogance and humilitywhen you buy anything, it's an arrogant act. You are saying the markets are gyrating and…](https://sms4smile.com/quotes/seth-klarman/you-need-to-balance-arrogance-and-humilitywhen-you-buy-anything-it-s/)

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

[Image](https://sms4smile.com/quotes/i/110/seth-klarman-1979_arrogance_you-need-to-balance-arrogance-and-humili_3068752.jpg)

> [Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able…](https://sms4smile.com/quotes/seth-klarman/value-investing-requires-a-great-deal-of-hard-work-unusually-strict/)

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

[Image](https://sms4smile.com/quotes/i/406/seth-klarman-1979_able_value-investing-requires-a-great-deal-of_3125496.png)

> [Rather, risk is a perception in each investor's mind that results from analysis of the probability and amount of potential loss from…](https://sms4smile.com/quotes/seth-klarman/rather-risk-is-a-perception-in-each-investor-s-mind-that-results-from/)

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

[Image](https://sms4smile.com/quotes/i/e79/seth-klarman-1979_amount_rather-risk-is-a-perception-in-each-inve_1258715.jpg)

> [In a world in which most investors appear interested in figuring out how to make money every second and chase the idea…](https://sms4smile.com/quotes/seth-klarman/in-a-world-in-which-most-investors-appear-interested-in-figuring-out/)

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

[Image](https://sms4smile.com/quotes/i/863/seth-klarman-1979_contrary_in-a-world-in-which-most-investors-appea_2252452.png)

> [Financial innovation can be highly dangerous, though almost no one will tell you this. New financial products are typically created for sunny…](https://sms4smile.com/quotes/seth-klarman/financial-innovation-can-be-highly-dangerous-though-almost-no-one/)

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

[Image](https://sms4smile.com/quotes/i/961/seth-klarman-1979_almost-perfect_financial-innovation-can-be-highly-dange_2933868.png)

> [Below, we itemize some of the quite different lessons investors seem to have learned as of late 2009 - false lessons, we…](https://sms4smile.com/quotes/seth-klarman/below-we-itemize-some-of-the-quite-different-lessons-investors-seem/)

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

[Image](https://sms4smile.com/quotes/i/273/seth-klarman-1979_approach_below-we-itemize-some-of-the-quite-diffe_905131.png)

> [Value investors will not invest in businesses that they cannot readily understand or ones they find excessively risky. Hence few value investors…](https://sms4smile.com/quotes/seth-klarman/value-investors-will-not-invest-in-businesses-that-they-cannot/)

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

[Image](https://sms4smile.com/quotes/i/5e1/seth-klarman-1979_assets_value-investors-will-not-invest-in-busin_3095052.png)

> [Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests…](https://sms4smile.com/quotes/seth-klarman/pressure-to-produce-over-the-short-term-a-gun-to-the-head-of-everyone/)

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

[Image](https://sms4smile.com/quotes/i/a50/seth-klarman-1979_all-time_pressure-to-produce-over-the-short-term_1157670.jpg)

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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": "The prevailing view has been that the market will earn a high rate of return if the holding period is long enough, but entry point is what really matters.",
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                        "text": "Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands. By having confidence in their own analysis and judgement, they respond to market forces not with blind emotion but with calculated reason. Successful investors, for example, demonstrate caution in frothy markets and steadfast conviction in panicky ones. Indeed, the very way an investor views the market and it’s price fluctuations is a key factor in his or her ultimate investment success or failure.",
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                        "text": "Nowhere does it say that investors should strive to make every last dollar of potential profit; consideration of risk must never take a backseat to return. Conservative positioning entering a crisis is crucial: it enables one to maintain long-term oriented, clear thinking, and to focus on new opportunities while others are distracted or even forced to sell. Portfolio hedges must be in place before a crisis hits. One cannot reliably or affordably increase or replace hedges that are rolling off during a financial crisis.",
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                        "text": "To achieve long-term success over many financial market and economic cycles, observing a few rules is not enough. Too many things change too quickly in the investment world for that approach to succeed. It is necessary instead to understand the rationale behind the rules in order to appreciate why they work when they do and don't when they don't.",
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                        "text": "Warren Buffett likes to say that the first rule of investing is \"Don't lose money,\" and the second rule is, \"Never forget the first rule.\" I too believe that avoiding loss should be the primary goal of every investor. This does not mean that investors should never incur the risk of any loss at all. Rather \"don't lose money\" means that over several years an investment portfolio should not be exposed to appreciable loss of principal.",
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                        "text": "Interestingly, we have beaten the market quite handsomely over this time frame, although beating the market has never been our objective. Rather, we have consistently tried not to lose money and, in doing so, have not only protected on the downside but also outperformed on the upside.",
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                        "text": "Short-term performance envy causes many of the shortcomings that lock most investors into a perpetual cycle of underachievement. Watch your competitors not out of jealousy but out of respect and focus your efforts not on replicating others' portfolios but on looking for opportunities where they are not. The only way for investors to significantly outperform is to periodically stand far apart from the crowd, something few are willing, or able, to do.",
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                        "text": "There are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin of safety. It is a precisely because we do not and cannot know all the risks of an investment that we strive to invest at a discount. The bargain element helps to provide a cushion for when things go wrong.",
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                        "text": "Right at the core, the mainstream has it backwards. Warren Buffett often quips that the first rule of investing is to not lose money, and the second rule is to not forget the first rule. Yet few investors approach the world with such a strict standard of risk avoidance.",
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                        "text": "If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses -- it all makes sense.",
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                        "text": "Literally draw a detailed map-like an organization chart-of interlocking ownership and affiliates, many of which were also publicly traded. So, identifying one stock led him to a dozen other potential investments. To tirelessly pull threads is the lesson that I learned from Mike Price.",
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                        "text": "In the financial markets, however, the connection between a marketable security and the underlying business is not as clear-cut. For investors in a marketable security the gain or loss associated with the various outcomes is not totally inherent in the underlying business; it also depends on the price paid, which is established by the marketplace. The view that risk is dependent on both the nature of investments and on their market price is very different from that described by beta.",
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                        "text": "Investors should pay attention not only to whether but also to why current holdings are undervalued. It is critical to know why you have made an investment and to sell when the reason for owning it no longer applies. Look for investments with catalysts that may assist directly in the realization of underlying value. Give reference to companies having good managements with a personal financial stake in the business. Finally, diversify your holdings and hedge when it is financially attractive to do so.",
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                        "text": "One of the biggest challenges in investing is that the opportunity set available today is not the complete opportunity set that should be considered. Limiting your opportunity set to the one immediately at hand would be like limiting your spouse to the students you met in high school",
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                        "text": "In a crisis, stocks of financial companies are great investments, because the tide is bound to turn. Massive losses on bad loans and soured investments are irrelevant to value; improving trends and future prospects are what matter, regardless of whether profits will have to be used to cover loan losses and equity shortfalls for years to come.",
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                        "text": "As value investors, our business is to buy bargains that financial market theory says do not exist. We've delivered great returns to our clients for a quarter century-a dollar invested at inception in our largest fund is now worth over 94 dollars, a 20% net compound return. We have achieved this not by incurring high risk as financial theory would suggest, but by deliberately avoiding or hedging the risks that we identified.",
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                        "text": "Unlike return, however, risk is no more quantifiable at the end of an investment that it was at its beginning. Risk simply cannot be described by a single number. Intuitively we understand that risk varies from investment to investment: a government bond is not as risky as the stock of a high-technology company. But investments do not provide information about their risks the way food packages provide nutritional data.",
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                        "text": "It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the stock market or economy. Value investing, the strategy of buying stocks at an appreciable discount from the value of the underlying businesses, is one strategy that provides a road map to successfully navigate not only through good times but also through turmoil.",
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                        "text": "Selling, in particular, can be a challenge; many investors are tempted to become more optimistic when a security is performing well. This temptation must be resisted; tax considerations aside, when a security reaches full valuation, there is no longer a reason to own it.",
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                        "text": "The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by standing against the prevailing winds - selectively, but resolutely - can an investor prosper over time. But for a while, a value investor typically underperforms.",
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                        "text": "My view is that an investor is better off knowing a lot about a few investments than knowing a little about each of a great many holdings. One's very best idea's are likely to generate higher returns for a given level of risk than one's hundredth or thousandth best idea.",
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                        "text": "Speculators are obsessed with predicting: guessing the direction of stock prices. Every morning on cable television, every afternoon on the stock market report, every weekend in Barron's, every week in dozens of market newsletters, and whenever business people get together. In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a purely speculative undertaking.",
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                        "text": "Wall Street can be a dangerous place for investors. You have no choice but to do business there, but you must always be on your guard. The standard behavior of Wall Streeters is to pursue maximization of self-interest; the orientation is usually short term. This must be acknowledged, accepted, and dealt with. If you transact business with Wall Street with these caveats in mind, you can prosper. If you depend on Wall Street to help you, investment success may remain elusive.",
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                        "text": "The government - the ultimate short-term-oriented player - cannot withstand much pain in the economy or the financial markets. Bailouts and rescues are likely to occur, though not with sufficient predictability for investors to comfortably take advantage. The government will take enormous risks in such interventions, especially if the expenses can be conveniently deferred to the future. Some of the price-tag is in the form of back- stops and guarantees, whose cost is almost impossible to determine.",
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                        "text": "The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially dangerous during periods of market exuberance. The concept of \"private market value\" as an anchor to the proper valuation of a business can also be greatly skewed during ebullient times and should always be considered with a healthy degree of skepticism.",
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                        "text": "You need to balance arrogance and humilitywhen you buy anything, it's an arrogant act. You are saying the markets are gyrating and somebody wants to sell this to me and I know more than everybody else so I am going to stand here and buy it. I am going to pay an 1/8th more than the next guy wants to pay and buy it. That's arrogant. And you need the humility to say 'but I might be wrong.' And you have to do that on everything",
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                        "text": "Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.",
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                        "text": "Rather, risk is a perception in each investor's mind that results from analysis of the probability and amount of potential loss from an investment. If an exploratory oil well proves to be a dry hole, it is called risky. If a bond defaults or a stock plunges in price, they are called risky. But if the well is a gusher, the bond matures on schedule, and the stock rallies strongly, can we say they weren't risky when the investment after it is concluded than was known when it was made.",
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                        "text": "In a world in which most investors appear interested in figuring out how to make money every second and chase the idea du jour, there's also something validating about the message that it's okay to do nothing and wait for opportunities to present themselves or to pay off. That's lonely and contrary a lot of the time, but reminding yourself that that's what it takes is quite helpful.",
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                        "text": "Financial innovation can be highly dangerous, though almost no one will tell you this. New financial products are typically created for sunny days and are almost never stress-tested for stormy weather. Securitization is an area that almost perfectly fits this description; markets for securitized assets such as subprime mortgages completely collapsed in 2008 and have not fully recovered. Ironically, the government is eager to restore the securitization markets back to their pre-collapse stature.",
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                        "text": "Below, we itemize some of the quite different lessons investors seem to have learned as of late 2009 - false lessons, we believe. To not only learn but also effectively implement investment lessons requires a disciplined, often contrary, and long-term-oriented investment approach. It requires a resolute focus on risk aversion rather than maximizing immediate returns, as well as an understanding of history, a sense of financial market cycles, and, at times, extraordinary patience.",
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                        "text": "Value investors will not invest in businesses that they cannot readily understand or ones they find excessively risky. Hence few value investors will own the shares of technology companies. Many also shun commercial banks, which they consider to have unanalyzable assets, as well as property and casualty insurance companies, which have both unanalyzable assets and liabilities.",
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                        "text": "Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests itself in several ways - fully invested posture at all times, the use of leverage, and a market centric orientation that makes it difficult to stand apart from the crowd and take a long term perspective.",
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