When a government official says a problem has been "contained," pay no attention. — Seth Klarman Copy Share Image
The government can indefinitely control both short-term and long-term interest rates. — 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
Almost no one will accept responsibility for his or her role in precipitating a crisis: not leveraged speculators, not willfully blind leaders… — 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… — 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
Financial innovation can be highly dangerous, though almost no one will tell you this. New financial products are typically created for sunny… — 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
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
The government can always rescue the markets or interfere with contract law whenever it deems convenient with little or no apparent cost.… — 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
