The cost of performing well in bad times can be relative underperformance in good times. — Seth Klarman Copy Share Image
The real secret to investing is that there is no secret to investing. — Seth Klarman Copy Share Image
The single greatest edge an investor can have is a long-term orientation. — 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
Generally, the greater the stigma or revulsion, the better the bargain. — Seth Klarman Copy Share Image
All investors must come to terms with the relentless continuity of the investment process. — Seth Klarman Copy Share Image
Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity. — 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
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
You probably would not choose to dine at a restaurant whose chef always ate elsewhere. I do eat my own cooking, and… — 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
We are not so brazen as to believe that we can perfectly calibrate valuation; determining risk and return for any investment remains… — Seth Klarman Copy Share Image
Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and… — Seth Klarman Copy Share Image
While knowing how to value businesses is essential for investment success, the first and perhaps most important step in the investment process… — 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
Selling, in particular, can be a challenge; many investors are tempted to become more optimistic when a security is performing well. This… — Seth Klarman Copy Share Image
It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction… — Seth Klarman Copy Share Image
Below, we itemize some of the quite different lessons investors seem to have learned as of late 2009 - false lessons, we… — 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
In a world in which most investors appear interested in figuring out how to make money every second and chase the idea… — Seth Klarman Copy Share Image
Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests… — Seth Klarman Copy Share Image
Value investors will not invest in businesses that they cannot readily understand or ones they find excessively risky. Hence few value investors… — Seth Klarman Copy Share Image
Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able… — 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
We work really hard never to get confused with what we know from what we think or hope or wish. — Seth Klarman Copy Share Image
Investing today may well be harder than it has been at any time in our three decades of existence, — Seth Klarman Copy Share Image
When people give away stocks based on forced selling or fear that is usually a great opportunity. — 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
Most institutional investors feel compelled to swing at almost every pitch and forgo batting selectivity for frequency. — Seth Klarman Copy Share Image
The trick of successful investors is to sell when they want to, not when they have to. — Seth Klarman Copy Share Image
Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough. — Seth Klarman Copy Share Image
Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm. — Seth Klarman Copy Share Image
Sometimes buying early on the way down looks like being wrong, but it isn't. — Seth Klarman Copy Share Image
Value investing is predicated on the efficient market hypothesis being wrong. — Seth Klarman Copy Share Image
The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent, — Seth Klarman Copy Share Image
Loss avoidance must be the cornerstone of your investment philosophy. — Seth Klarman Copy Share Image
Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling. — Seth Klarman Copy Share Image
We are big fans of fear, and in investing it is clearly better to be scared than sorry. — Seth Klarman Copy Share Image
In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about… — 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
