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
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
We are big fans of fear, and in investing it is clearly better to be scared than sorry. — 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
Loss avoidance must be the cornerstone of your investment philosophy. — 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
All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come — Seth Klarman Copy Share Image
Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals. — Seth Klarman Copy Share Image
If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing… — 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
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
It is crucial in a sound investment process to search a mile wide than a mile deep with they find something -… — 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
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
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
Value investing is simple to understand but difficult to implement. Value investors are not supersophisticated analytical wizards who create and apply intricate… — Seth Klarman Copy Share Image
If an asset has cash flow or the likelihood of cash flow in the near term and is not purely dependment on… — Seth Klarman Copy Share Image
If you are predisposed to be patient, disciplined and psychologically appreciate the idea of buying bargains, then you're likely to be good… — Seth Klarman Copy Share Image
Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably… — Seth Klarman Copy Share Image
Frequent comparative ranking can only reinforce a short-term investment perspective. It is understandably difficult to maintain a long-term view when, faced with… — 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
Investors frequently benefit from making decisions with less than perfect knowledge and are well rewarded for bearing the risk of uncertainty. The… — Seth Klarman Copy Share Image
The risk of an investment is described by both the probability and the potential amount of loss. The risk of an investment-the… — 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
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
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
The cost of performing well in bad times can be relative underperformance in good times. — Seth Klarman Copy Share Image
Investment success cannot be captured in a mathematical equation or a computer program. — 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
I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline — 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
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
All investors must come to terms with the relentless continuity of the investment process. — Seth Klarman Copy Share Image
Generally, the greater the stigma or revulsion, the better the bargain. — 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
When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt. — 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
Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity. — 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
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
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
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
Ultimately, nothing should be more important to investors than the ability to sleep soundly at night. — Seth Klarman Copy Share
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
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
Value investing is at its core the marriage of a contrarian streak and a calculator. — Seth Klarman Copy Share
Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them. — Seth Klarman Copy Share
It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the… — Seth Klarman Copy Share
