One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the… — 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
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
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
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
Rather, risk is a perception in each investor's mind that results from analysis of the probability and amount of potential loss from… — Seth Klarman Copy Share Image
If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back. — Seth Klarman Copy Share Image
As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You… — 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
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
A simple rule applies: if you don't quickly comprehend what a company is doing, then management probably doesn't either. — 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
Warren Buffett is right when he says you should invest as if the market is going to be closed for the next… — Seth Klarman Copy Share Image
If another person were to enter the building, it would once again be empty. — Seth Klarman Copy Share Image
Here’s how to know if you have the makeup to be an investor. How would you handle the following situation? Let’s say… — Seth Klarman Copy Share Image
Be indifferent if you lose your short term clients, remember they are your own worst enemy — 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
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
Value in relation to price, not price alone, must determine your investment decisions. If you look to Mr Market as a creator… — 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
