In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based… — 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
Things that have never happened before are bound to occur with some regularity. You must always be prepared for the unexpected, including… — Seth Klarman Copy Share Image
Literally draw a detailed map-like an organization chart-of interlocking ownership and affiliates, many of which were also publicly traded. So, identifying one… — 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
The trick of successful investors is to sell when they want to, not when they have to. — 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
At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst… — 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
Loss avoidance must be the cornerstone of your investment philosophy. — 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
Value investing is predicated on the efficient market hypothesis being wrong. — Seth Klarman Copy Share Image
At Baupost, we constantly ask: 'What should we work on today?' We keep calling and talking. We keep gathering information. You never… — 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
The real secret to investing is that there is no secret to investing. — 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
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
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
Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the… — 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
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
While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk… — 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
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
Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands. By having confidence in… — 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
