When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt. — 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
Warren Buffett likes to say that the first rule of investing is "Don't lose money," and the second rule is, "Never forget… — Seth Klarman Copy Share Image
The single greatest edge an investor can have is a long-term orientation. — 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
I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And… — Seth Klarman Copy Share Image
Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so… — 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
A value strategy is of little use to the impatient investor since it usually takes time to pay off. — Seth Klarman Copy Share Image
Targeting investment returns leads investors to focus on potential upside rather on downside risk ... rather than targeting a desired rate of… — Seth Klarman Copy Share Image
One of the biggest challenges in investing is that the opportunity set available today is not the complete opportunity set that should… — Seth Klarman Copy Share Image
All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come — Seth Klarman Copy Share Image
Generally, the greater the stigma or revulsion, the better the bargain. — Seth Klarman Copy Share Image
There are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin… — Seth Klarman Copy Share Image
All investors must come to terms with the relentless continuity of the investment process. — 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
To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still… — Seth Klarman Copy Share Image
When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because few investors are… — 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
When people give away stocks based on forced selling or fear that is usually a great opportunity. — 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
Short-term performance envy causes many of the shortcomings that lock most investors into a perpetual cycle of underachievement. Watch your competitors not… — 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
