---
title: "130 Investing Quotes By Seth Klarman"
description: "130 Investing quotes by Seth Klarman. Plus more from Seth Klarman and more Investing sayings from other authors."
image: "https://sms4smile.com/quotes/i/64d/seth-klarman-1979_aversion_value-investing-is-risk-aversion-60005_60005.png"
---

> [Value investing is risk aversion.](https://sms4smile.com/quotes/seth-klarman/value-investing-is-risk-aversion/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/64d/seth-klarman-1979_aversion_value-investing-is-risk-aversion-60005_60005.png)

> [Investing is the intersection of economics and psychology.](https://sms4smile.com/quotes/seth-klarman/investing-is-the-intersection-of-economics-and-psychology/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/b61/seth-klarman-1979_economics_investing-is-the-intersection-of-economi_614475.png)

> [We buy expecting to hold a bond to maturity and a stock forever.](https://sms4smile.com/quotes/seth-klarman/we-buy-expecting-to-hold-a-bond-to-maturity-and-a-stock-forever/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/618/seth-klarman-1979_expecting_we-buy-expecting-to-hold-a-bond-to-matur_866995.png)

> [Value investing by its very nature is contrarian.](https://sms4smile.com/quotes/seth-klarman/value-investing-by-its-very-nature-is-contrarian/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/9ea/seth-klarman-1979_contrarian_value-investing-by-its-very-nature-is-co_999001.png)

> [Having great clients is the key to investment success.](https://sms4smile.com/quotes/seth-klarman/having-great-clients-is-the-key-to-investment-success/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/0f7/seth-klarman-1979_clients_having-great-clients-is-the-key-to-inves_320780.png)

> [There is no amount of bad news that the markets cannot see past.](https://sms4smile.com/quotes/seth-klarman/there-is-no-amount-of-bad-news-that-the-markets-cannot-see-past/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/4a0/seth-klarman-1979_amount_there-is-no-amount-of-bad-news-that-the_1406983.png)

> [I think markets will never be efficient because of human nature.](https://sms4smile.com/quotes/seth-klarman/i-think-markets-will-never-be-efficient-because-of-human-nature/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/20a/seth-klarman-1979_customer_i-think-markets-will-never-be-efficient_2630556.png)

> [Great investments don't just knock on the door and say "buy me".](https://sms4smile.com/quotes/seth-klarman/great-investments-don-t-just-knock-on-the-door-and-say-buy-me/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/856/seth-klarman-1979_customer_great-investments-don-t-just-knock-on-th_2448064.png)

> [All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come](https://sms4smile.com/quotes/seth-klarman/all-an-investor-can-do-is-follow-a-consistently-disciplined-and/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/98b/seth-klarman-1979_approach_all-an-investor-can-do-is-follow-a-consi_2821151.png)

> [By investing at a discount, Benjamin Graham knew that he was unlikely to experience losses.](https://sms4smile.com/quotes/seth-klarman/by-investing-at-a-discount-benjamin-graham-knew-that-he-was-unlikely/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/368/seth-klarman-1979_customer_by-investing-at-a-discount-benjamin-grah_2103173.png)

> [The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.](https://sms4smile.com/quotes/seth-klarman/the-stock-market-is-the-story-of-cycles-and-of-the-human-behavior/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/294/seth-klarman-1979_behavior_the-stock-market-is-the-story-of-cycles_571980.png)

> [Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.](https://sms4smile.com/quotes/seth-klarman/macro-worries-are-like-sports-talk-radio-everyone-has-a-good-opinion/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/253/seth-klarman-1979_investing_macro-worries-are-like-sports-talk-radio_623346.png)

> [Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.](https://sms4smile.com/quotes/seth-klarman/ultimately-nothing-should-be-more-important-to-investors-than-the/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/8a2/seth-klarman-1979_ability_ultimately-nothing-should-be-more-import_172428.png)

> [The cost of performing well in bad times can be relative underperformance in good times.](https://sms4smile.com/quotes/seth-klarman/the-cost-of-performing-well-in-bad-times-can-be-relative/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/577/seth-klarman-1979_bad-time_the-cost-of-performing-well-in-bad-times_1205926.png)

> [Investment success cannot be captured in a mathematical equation or a computer program.](https://sms4smile.com/quotes/seth-klarman/investment-success-cannot-be-captured-in-a-mathematical-equation-or-a/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/ea8/seth-klarman-1979_captured_investment-success-cannot-be-captured-in_856358.png)

> [I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline](https://sms4smile.com/quotes/seth-klarman/i-find-value-investing-to-be-a-stimulating-intellectually-challenging/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/26b/seth-klarman-1979_challenges_i-find-value-investing-to-be-a-stimulati_383810.png)

> [The prevailing view has been that the market will earn a high rate of return if the holding period is long enough,…](https://sms4smile.com/quotes/seth-klarman/the-prevailing-view-has-been-that-the-market-will-earn-a-high-rate-of/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/ad6/seth-klarman-1979_customer_the-prevailing-view-has-been-that-the-ma_2548111.png)

> [Benjamin Graham wrote, "Those with enterprise haven't the money, and those with money haven't the enterprise, to buy stocks when they are…](https://sms4smile.com/quotes/seth-klarman/benjamin-graham-wrote-those-with-enterprise-haven-t-the-money-and/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/7c4/seth-klarman-1979_business_benjamin-graham-wrote-those-with-enterpr_536662.png)

> [Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can…](https://sms4smile.com/quotes/seth-klarman/most-investors-are-primarily-oriented-toward-return-how-much-they-can/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/4db/seth-klarman-1979_attention_most-investors-are-primarily-oriented-to_606647.png)

> [It sounds kind of crazy, but in times of turmoil in the market, I've felt a sort of serenity in knowing that…](https://sms4smile.com/quotes/seth-klarman/it-sounds-kind-of-crazy-but-in-times-of-turmoil-in-the-market-i-ve/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/3a5/seth-klarman-1979_crazy_it-sounds-kind-of-crazy-but-in-times-of_1684548.png)

> [It turns out that value investing is something that is in your blood. There are people who just don't have the patience…](https://sms4smile.com/quotes/seth-klarman/it-turns-out-that-value-investing-is-something-that-is-in-your-blood/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/f65/seth-klarman-1979_blood_it-turns-out-that-value-investing-is-som_644558.png)

> [I know of no long-time practitioner who regrets adhering to a value philosophy; few investors who embrace the fundamental principles ever abandon…](https://sms4smile.com/quotes/seth-klarman/i-know-of-no-long-time-practitioner-who-regrets-adhering-to-a-value/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/08e/seth-klarman-1979_abandon_i-know-of-no-long-time-practitioner-who_663440.png)

> [Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against the…](https://sms4smile.com/quotes/seth-klarman/investors-should-always-keep-in-mind-that-the-most-important-metric/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/2bf/seth-klarman-1979_ability_investors-should-always-keep-in-mind-tha_2409263.png)

> [If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses --…](https://sms4smile.com/quotes/seth-klarman/if-you-can-remember-that-stocks-aren-t-pieces-of-paper-that-gyrate/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/10c/seth-klarman-1979_business_if-you-can-remember-that-stocks-aren-t-p_2560196.png)

> [Wall Street can be a dangerous place for investors. You have no choice but to do business there, but you must always…](https://sms4smile.com/quotes/seth-klarman/wall-street-can-be-a-dangerous-place-for-investors-you-have-no-choice/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/801/seth-klarman-1979_accepted_wall-street-can-be-a-dangerous-place-for_1719256.png)

> [My view is that an investor is better off knowing a lot about a few investments than knowing a little about each…](https://sms4smile.com/quotes/seth-klarman/my-view-is-that-an-investor-is-better-off-knowing-a-lot-about-a-few/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/d75/seth-klarman-1979_better-off_my-view-is-that-an-investor-is-better-of_449807.jpg)

> [Speculators are obsessed with predicting: guessing the direction of stock prices. Every morning on cable television, every afternoon on the stock market…](https://sms4smile.com/quotes/seth-klarman/speculators-are-obsessed-with-predicting-guessing-the-direction-of/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/c24/seth-klarman-1979_afternoon_speculators-are-obsessed-with-predicting_1611689.png)

> [The government - the ultimate short-term-oriented player - cannot withstand much pain in the economy or the financial markets. Bailouts and rescues…](https://sms4smile.com/quotes/seth-klarman/the-government-the-ultimate-short-term-oriented-player-cannot/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/c47/seth-klarman-1979_advantage_the-government-the-ultimate-short-term-o_792225.jpg)

> [The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially…](https://sms4smile.com/quotes/seth-klarman/the-latest-trade-of-a-security-creates-a-dangerous-illusion-that-its/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/275/seth-klarman-1979_anchors_the-latest-trade-of-a-security-creates-a_1048933.png)

> [You need to balance arrogance and humilitywhen you buy anything, it's an arrogant act. You are saying the markets are gyrating and…](https://sms4smile.com/quotes/seth-klarman/you-need-to-balance-arrogance-and-humilitywhen-you-buy-anything-it-s/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/110/seth-klarman-1979_arrogance_you-need-to-balance-arrogance-and-humili_3068752.jpg)

> [Unlike return, however, risk is no more quantifiable at the end of an investment that it was at its beginning. Risk simply…](https://sms4smile.com/quotes/seth-klarman/unlike-return-however-risk-is-no-more-quantifiable-at-the-end-of-an/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/447/seth-klarman-1979_company_unlike-return-however-risk-is-no-more-qu_10919.png)

> [It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction…](https://sms4smile.com/quotes/seth-klarman/it-is-crucial-to-have-a-strategy-in-place-before-problems-hit/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/379/seth-klarman-1979_buying_it-is-crucial-to-have-a-strategy-in-plac_300745.png)

> [Successful investors like stocks better when they’re going down. When you go to a department store or a supermarket, you like to…](https://sms4smile.com/quotes/seth-klarman/successful-investors-like-stocks-better-when-they-re-going-down-when/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/eb7/seth-klarman-1979_college_successful-investors-like-stocks-better_620854.png)

> [It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment,…](https://sms4smile.com/quotes/seth-klarman/it-is-important-to-remember-that-value-investing-is-not-a-perfect/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/bc1/seth-klarman-1979_acting_it-is-important-to-remember-that-value-i_210395.jpg)

> [One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the…](https://sms4smile.com/quotes/seth-klarman/one-thing-i-want-to-emphasize-is-that-like-any-human-being-we-can/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/5eb/seth-klarman-1979_bargains_one-thing-i-want-to-emphasize-is-that-li_463135.jpg)

> [Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business…](https://sms4smile.com/quotes/seth-klarman/investing-is-the-intersection-of-economics-and-psychology-the/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/d44/seth-klarman-1979_analysis_investing-is-the-intersection-of-economi_2038145.png)

> [Occasionally we are asked whether it would make sense to modify our investment strategy to perform better in today's financial climate. Our…](https://sms4smile.com/quotes/seth-klarman/occasionally-we-are-asked-whether-it-would-make-sense-to-modify-our/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/b53/seth-klarman-1979_answers_occasionally-we-are-asked-whether-it-wou_360258.jpg)

> [The government can always rescue the markets or interfere with contract law whenever it deems convenient with little or no apparent cost.…](https://sms4smile.com/quotes/seth-klarman/the-government-can-always-rescue-the-markets-or-interfere-with/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/922/seth-klarman-1979_believe_the-government-can-always-rescue-the-mar_2391773.jpg)

> [Warren Buffett is right when he says you should invest as if the market is going to be closed for the next…](https://sms4smile.com/quotes/seth-klarman/warren-buffett-is-right-when-he-says-you-should-invest-as-if-the/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/c2e/seth-klarman-1979_buffett_warren-buffett-is-right-when-he-says-you_1824450.png)

> [We worry top-down, but we invest bottom-up](https://sms4smile.com/quotes/seth-klarman/we-worry-top-down-but-we-invest-bottom-up/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/005/seth-klarman-1979_bottom_we-worry-top-down-but-we-invest-bottom-u_773627.png)

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## More by Seth Klarman

> [Unlike return, however, risk is no more quantifiable at the end of an investment that it was at its beginning. Risk simply cannot be…](https://sms4smile.com/quotes/seth-klarman/unlike-return-however-risk-is-no-more-quantifiable-at-the-end-of-an/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Because investors are not usually penalized for adhering to conventional practices, doing so is the less professionally risky strategy, even though it virtually guarantees…](https://sms4smile.com/quotes/seth-klarman/because-investors-are-not-usually-penalized-for-adhering-to/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Value investing is risk aversion.](https://sms4smile.com/quotes/seth-klarman/value-investing-is-risk-aversion/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Be focused on process and not outcome](https://sms4smile.com/quotes/seth-klarman/be-focused-on-process-and-not-outcome/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [There is an old saying, "How did you go bankrupt?" And the answer is, "Gradually, and then suddenly." The impending fiscal crisis in the…](https://sms4smile.com/quotes/seth-klarman/there-is-an-old-saying-how-did-you-go-bankrupt-and-the-answer-is/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the…](https://sms4smile.com/quotes/seth-klarman/in-a-rising-market-everyone-makes-money-and-a-value-philosophy-is/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.](https://sms4smile.com/quotes/seth-klarman/ultimately-nothing-should-be-more-important-to-investors-than-the/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [The best protection against risk is knowing what you are doing.](https://sms4smile.com/quotes/seth-klarman/the-best-protection-against-risk-is-knowing-what-you-are-doing/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [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…](https://sms4smile.com/quotes/seth-klarman/warren-buffett-once-wrote-that-value-investing-is-like-an-inoculation/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment, refinement, patience,…](https://sms4smile.com/quotes/seth-klarman/it-is-important-to-remember-that-value-investing-is-not-a-perfect/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Value investing is at its core the marriage of a contrarian streak and a calculator.](https://sms4smile.com/quotes/seth-klarman/value-investing-is-at-its-core-the-marriage-of-a-contrarian-streak/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [The avoidance of loss is the surest way to ensure a profitable outcome.](https://sms4smile.com/quotes/seth-klarman/the-avoidance-of-loss-is-the-surest-way-to-ensure-a-profitable-outcome/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Do not suffer interim losses, relish and appreciate them](https://sms4smile.com/quotes/seth-klarman/do-not-suffer-interim-losses-relish-and-appreciate-them/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.](https://sms4smile.com/quotes/seth-klarman/ratings-agencies-are-highly-conflicted-unimaginative-dupes-they-are/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the…](https://sms4smile.com/quotes/seth-klarman/it-is-crucial-to-have-a-strategy-in-place-before-problems-hit/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

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                        "text": "The prevailing view has been that the market will earn a high rate of return if the holding period is long enough, but entry point is what really matters.",
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                        "text": "Benjamin Graham wrote, \"Those with enterprise haven't the money, and those with money haven't the enterprise, to buy stocks when they are cheap.\"",
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                        "text": "It sounds kind of crazy, but in times of turmoil in the market, I've felt a sort of serenity in knowing that I've checked and re-checked my work, one plus one still equals two regardless of where a stock trades right after I buy it.",
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                        "text": "It turns out that value investing is something that is in your blood. There are people who just don't have the patience and discipline to do it, and there are people who do. So it leads me to think it's genetic.",
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                        "text": "I know of no long-time practitioner who regrets adhering to a value philosophy; few investors who embrace the fundamental principles ever abandon this investment approach for another",
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                        "text": "Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against the risks incurred. Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.",
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                        "text": "If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses -- it all makes sense.",
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                        "text": "Wall Street can be a dangerous place for investors. You have no choice but to do business there, but you must always be on your guard. The standard behavior of Wall Streeters is to pursue maximization of self-interest; the orientation is usually short term. This must be acknowledged, accepted, and dealt with. If you transact business with Wall Street with these caveats in mind, you can prosper. If you depend on Wall Street to help you, investment success may remain elusive.",
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                        "text": "My view is that an investor is better off knowing a lot about a few investments than knowing a little about each of a great many holdings. One's very best idea's are likely to generate higher returns for a given level of risk than one's hundredth or thousandth best idea.",
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                        "text": "Speculators are obsessed with predicting: guessing the direction of stock prices. Every morning on cable television, every afternoon on the stock market report, every weekend in Barron's, every week in dozens of market newsletters, and whenever business people get together. In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a purely speculative undertaking.",
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                        "text": "The government - the ultimate short-term-oriented player - cannot withstand much pain in the economy or the financial markets. Bailouts and rescues are likely to occur, though not with sufficient predictability for investors to comfortably take advantage. The government will take enormous risks in such interventions, especially if the expenses can be conveniently deferred to the future. Some of the price-tag is in the form of back- stops and guarantees, whose cost is almost impossible to determine.",
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                        "text": "The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially dangerous during periods of market exuberance. The concept of \"private market value\" as an anchor to the proper valuation of a business can also be greatly skewed during ebullient times and should always be considered with a healthy degree of skepticism.",
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                        "text": "You need to balance arrogance and humilitywhen you buy anything, it's an arrogant act. You are saying the markets are gyrating and somebody wants to sell this to me and I know more than everybody else so I am going to stand here and buy it. I am going to pay an 1/8th more than the next guy wants to pay and buy it. That's arrogant. And you need the humility to say 'but I might be wrong.' And you have to do that on everything",
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                        "text": "Unlike return, however, risk is no more quantifiable at the end of an investment that it was at its beginning. Risk simply cannot be described by a single number. Intuitively we understand that risk varies from investment to investment: a government bond is not as risky as the stock of a high-technology company. But investments do not provide information about their risks the way food packages provide nutritional data.",
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                        "text": "It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the stock market or economy. Value investing, the strategy of buying stocks at an appreciable discount from the value of the underlying businesses, is one strategy that provides a road map to successfully navigate not only through good times but also through turmoil.",
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                        "text": "Successful investors like stocks better when they’re going down. When you go to a department store or a supermarket, you like to buy merchandise on sale, but it doesn’t work that way in the stock market. In the stock market, people panic when stocks are going down, so they like them less when they should like them more. When prices go down, you shouldn’t panic, but it’s hard to control your emotions when you’re overextended, when you see your net worth drop in half and you worry that you won’t have enough money to pay for your kids’ college.",
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                        "text": "It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment, refinement, patience, and reflection. It requires endless curiosity, the relentless pursuit of additional information, the raising of questions, and the search for answers. It necessitates dealing with imperfect information - knowing you will never know everything and that that must not prevent you from acting. It requires a precarious balance between conviction, steadfastness in the face of adversity, and doubt - keeping in mind the possibility that you could be wrong.",
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                        "text": "One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the market. Fortunately for our clients, we don't tend to operate based on the view. Our investment strategy is to invest bottom up, one stock at a time, based on price compared to value. And while we may have a macro view that things aren't very good right now - which in fact we feel very strongly  we will put money to work regardless of that macro view if we find bargains. So tomorrow, if we found half a dozen bargains, we would invest all our cash.",
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                        "text": "Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business isn't that hard. The psychology - how much do you buy, do you buy it at this price, do you wait for a lower price, what do you do when it looks like the world might end - those things are harder. Knowing whether you stand there, buy more, or whether something has legitimately gone wrong and you need to sell, those are harder things. That you learn with experience, by having the right psychological makeup.",
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                        "text": "Occasionally we are asked whether it would make sense to modify our investment strategy to perform better in today's financial climate. Our answer, as you might guess, is: No! It would be easyfor us to capitulate to the runaway bull market in growth and technology stocks. And foolhardy. And irresponsible. And unconscionable. It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to stand apart from it. Yet distancing yourself from the crowd is an essential component of long-term investment success.",
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                        "text": "The government can always rescue the markets or interfere with contract law whenever it deems convenient with little or no apparent cost. (Investors believe this now and, worse still, the government believes it as well. We are probably doomed to a lasting legacy of government tampering with financial markets and the economy, which is likely to create the mother of all moral hazards. The government is blissfully unaware of the wisdom of Friedrich Hayek: \"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.\")",
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                        "text": "Warren Buffett is right when he says you should invest as if the market is going to be closed for the next five years. The fundamental principles of value investing, if they make sense to you, can allow you to survive and prosper when everyone else is rudderless. We have a proven map with which to navigate. It sounds kind of crazy, but in times of turmoil in the market. I’ve felt a sort of serenity in knowing that if I’ve checked and rechecked my work, one plus one still equals two regardless of where a stock trades right after I buy it.",
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                        "text": "We worry top-down, but we invest bottom-up",
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