All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come — 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
Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good. — 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
Investment success cannot be captured in a mathematical equation or a computer program. — 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
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
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
Benjamin Graham wrote, "Those with enterprise haven't the money, and those with money haven't the enterprise, to buy stocks when they are… — Seth Klarman Copy Share Image
It sounds kind of crazy, but in times of turmoil in the market, I've felt a sort of serenity in knowing that… — 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
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
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
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
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
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
My view is that an investor is better off knowing a lot about a few investments than knowing a little about each… — Seth Klarman Copy Share Image
Speculators are obsessed with predicting: guessing the direction of stock prices. Every morning on cable television, every afternoon on the stock market… — Seth Klarman Copy Share Image
The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially… — Seth Klarman Copy Share Image
You need to balance arrogance and humilitywhen you buy anything, it's an arrogant act. You are saying the markets are gyrating and… — 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
The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by standing against the prevailing winds -… — Seth Klarman Copy Share Image
Successful investors like stocks better when they’re going down. When you go to a department store or a supermarket, you like to… — 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,… — Seth Klarman Copy Share Image
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
Occasionally we are asked whether it would make sense to modify our investment strategy to perform better in today's financial climate. Our… — Seth Klarman Copy Share Image
Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business… — 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
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
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
