---
title: "Best Investing Sayings 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/2bb/seth-klarman-1979_be-patient_value-investors-have-to-be-patient-and-d_1551487.jpg"
---

> [Value investors have to be patient and disciplined, but what I really think is you need not to be greedy. If you're…](https://sms4smile.com/quotes/seth-klarman/value-investors-have-to-be-patient-and-disciplined-but-what-i-really/)

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

[Image](https://sms4smile.com/quotes/i/2bb/seth-klarman-1979_be-patient_value-investors-have-to-be-patient-and-d_1551487.jpg)

> [As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is…](https://sms4smile.com/quotes/seth-klarman/as-buffett-has-often-observed-value-investing-is-not-a-concept-that/)

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

[Image](https://sms4smile.com/quotes/i/1b4/seth-klarman-1979_adopted_as-buffett-has-often-observed-value-inve_752701.png)

> [In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based…](https://sms4smile.com/quotes/seth-klarman/in-reality-no-one-knows-what-the-market-will-do-trying-to-predict-it/)

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

[Image](https://sms4smile.com/quotes/i/984/seth-klarman-1979_customer_in-reality-no-one-knows-what-the-market_1895636.png)

> [We continue to adhere to a common-sense view of risk - how much we can lose and the probability of losing it.…](https://sms4smile.com/quotes/seth-klarman/we-continue-to-adhere-to-a-common-sense-view-of-risk-how-much-we-can/)

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

[Image](https://sms4smile.com/quotes/i/9b3/seth-klarman-1979_believe_we-continue-to-adhere-to-a-common-sense_592811.png)

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

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

[Image](https://sms4smile.com/quotes/i/5b0/seth-klarman-1979_conventional_because-investors-are-not-usually-penali_20945.png)

> [Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.](https://sms4smile.com/quotes/seth-klarman/value-investors-should-completely-exit-a-security-by-the-time-it/)

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

[Image](https://sms4smile.com/quotes/i/6c3/seth-klarman-1979_customer_value-investors-should-completely-exit-a_1728663.png)

> [At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst…](https://sms4smile.com/quotes/seth-klarman/at-equal-returns-public-investments-are-generally-superior-to-private/)

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

[Image](https://sms4smile.com/quotes/i/0b0/seth-klarman-1979_attractive_at-equal-returns-public-investments-are_2028592.jpg)

> [Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the…](https://sms4smile.com/quotes/seth-klarman/do-not-trust-financial-market-risk-models-despite-the-predilection-of/)

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

[Image](https://sms4smile.com/quotes/i/8da/seth-klarman-1979_analysts_do-not-trust-financial-market-risk-model_2324684.png)

> [Rather, risk is a perception in each investor's mind that results from analysis of the probability and amount of potential loss from…](https://sms4smile.com/quotes/seth-klarman/rather-risk-is-a-perception-in-each-investor-s-mind-that-results-from/)

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

[Image](https://sms4smile.com/quotes/i/e79/seth-klarman-1979_amount_rather-risk-is-a-perception-in-each-inve_1258715.jpg)

> [Interestingly, we have beaten the market quite handsomely over this time frame, although beating the market has never been our objective. Rather,…](https://sms4smile.com/quotes/seth-klarman/interestingly-we-have-beaten-the-market-quite-handsomely-over-this/)

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

[Image](https://sms4smile.com/quotes/i/1c7/seth-klarman-1979_beaten_interestingly-we-have-beaten-the-market_489418.png)

> [There are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin…](https://sms4smile.com/quotes/seth-klarman/there-are-only-a-few-things-investors-can-do-to-counteract-risk/)

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

[Image](https://sms4smile.com/quotes/i/c5b/seth-klarman-1979_appropriate_there-are-only-a-few-things-investors-ca_2860196.png)

> [Short-term performance envy causes many of the shortcomings that lock most investors into a perpetual cycle of underachievement. Watch your competitors not…](https://sms4smile.com/quotes/seth-klarman/short-term-performance-envy-causes-many-of-the-shortcomings-that-lock/)

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

[Image](https://sms4smile.com/quotes/i/36b/seth-klarman-1979_able_short-term-performance-envy-causes-many_3085796.png)

> [Literally draw a detailed map-like an organization chart-of interlocking ownership and affiliates, many of which were also publicly traded. So, identifying one…](https://sms4smile.com/quotes/seth-klarman/literally-draw-a-detailed-map-like-an-organization-chart-of/)

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

[Image](https://sms4smile.com/quotes/i/4bf/seth-klarman-1979_customer_literally-draw-a-detailed-map-like-an-or_1928526.png)

> [Right at the core, the mainstream has it backwards. Warren Buffett often quips that the first rule of investing is to not…](https://sms4smile.com/quotes/seth-klarman/right-at-the-core-the-mainstream-has-it-backwards-warren-buffett/)

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

[Image](https://sms4smile.com/quotes/i/22e/seth-klarman-1979_approach_right-at-the-core-the-mainstream-has-it_1333386.jpg)

> [Warren Buffett likes to say that the first rule of investing is "Don't lose money," and the second rule is, "Never forget…](https://sms4smile.com/quotes/seth-klarman/warren-buffett-likes-to-say-that-the-first-rule-of-investing-is-don-t/)

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

[Image](https://sms4smile.com/quotes/i/961/seth-klarman-1979_avoiding_warren-buffett-likes-to-say-that-the-fir_2579925.jpg)

> [One of the biggest challenges in investing is that the opportunity set available today is not the complete opportunity set that should…](https://sms4smile.com/quotes/seth-klarman/one-of-the-biggest-challenges-in-investing-is-that-the-opportunity/)

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

[Image](https://sms4smile.com/quotes/i/19d/seth-klarman-1979_available_one-of-the-biggest-challenges-in-investi_2816806.png)

> [Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so…](https://sms4smile.com/quotes/seth-klarman/investors-need-to-pick-their-poison-either-make-more-money-when-times/)

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

[Image](https://sms4smile.com/quotes/i/ca1/seth-klarman-1979_customer_investors-need-to-pick-their-poison-eith_2731215.jpg)

> [Markets need not be in sync with one another. Simultaneously, the bond market can be priced for sustained tough times, the equity…](https://sms4smile.com/quotes/seth-klarman/markets-need-not-be-in-sync-with-one-another-simultaneously-the-bond/)

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

[Image](https://sms4smile.com/quotes/i/74a/seth-klarman-1979_bond-market_markets-need-not-be-in-sync-with-one-ano_1161193.png)

> [While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk…](https://sms4smile.com/quotes/seth-klarman/while-it-might-seem-that-anyone-can-be-a-value-investor-the-essential/)

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

[Image](https://sms4smile.com/quotes/i/698/seth-klarman-1979_aversion_while-it-might-seem-that-anyone-can-be-a_2367510.jpg)

> [When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive…](https://sms4smile.com/quotes/seth-klarman/when-a-stock-is-selling-at-a-discount-to-liquidation-value-per-share/)

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

[Image](https://sms4smile.com/quotes/i/d3e/seth-klarman-1979_appraisal_when-a-stock-is-selling-at-a-discount-to_1470220.png)

> [As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You…](https://sms4smile.com/quotes/seth-klarman/as-graham-dodd-and-buffett-have-all-said-you-should-always-remember/)

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

[Image](https://sms4smile.com/quotes/i/0df/seth-klarman-1979_buffett_as-graham-dodd-and-buffett-have-all-said_1549804.png)

> [When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because few investors are…](https://sms4smile.com/quotes/seth-klarman/when-all-feels-calm-and-prices-surge-the-markets-may-feel-safe-but-in/)

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

[Image](https://sms4smile.com/quotes/i/a0b/seth-klarman-1979_calm_when-all-feels-calm-and-prices-surge-the_2925310.png)

> [In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict…](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/)

[Image](https://sms4smile.com/quotes/i/4be/seth-klarman-1979_all-time_in-a-rising-market-everyone-makes-money_158908.png)

> [Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.](https://sms4smile.com/quotes/seth-klarman/individual-and-institutional-investors-alike-frequently-demonstrate/)

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

[Image](https://sms4smile.com/quotes/i/fe5/seth-klarman-1979_business_individual-and-institutional-investors-a_381622.png)

> [If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing…](https://sms4smile.com/quotes/seth-klarman/if-only-one-word-is-to-be-used-to-describe-what-baupost-does-that/)

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

[Image](https://sms4smile.com/quotes/i/0ca/seth-klarman-1979_customer_if-only-one-word-is-to-be-used-to-descri_1216787.png)

> [To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still…](https://sms4smile.com/quotes/seth-klarman/to-a-value-investor-investments-come-in-three-varieties-undervalued/)

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

[Image](https://sms4smile.com/quotes/i/17c/seth-klarman-1979_customer_to-a-value-investor-investments-come-in_2884996.png)

> [I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And…](https://sms4smile.com/quotes/seth-klarman/i-think-buffett-is-a-better-investor-than-me-because-he-has-a-better/)

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

[Image](https://sms4smile.com/quotes/i/eec/seth-klarman-1979_buffett_i-think-buffett-is-a-better-investor-tha_2672405.png)

> [Targeting investment returns leads investors to focus on potential upside rather on downside risk ... rather than targeting a desired rate of…](https://sms4smile.com/quotes/seth-klarman/targeting-investment-returns-leads-investors-to-focus-on-potential/)

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

[Image](https://sms4smile.com/quotes/i/7f2/seth-klarman-1979_customer_targeting-investment-returns-leads-inves_2809619.png)

> [It is crucial in a sound investment process to search a mile wide than a mile deep with they find something -…](https://sms4smile.com/quotes/seth-klarman/it-is-crucial-in-a-sound-investment-process-to-search-a-mile-wide/)

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

[Image](https://sms4smile.com/quotes/i/15a/seth-klarman-1979_crucial_it-is-crucial-in-a-sound-investment-proc_1753219.png)

> [At Baupost, we constantly ask: 'What should we work on today?' We keep calling and talking. We keep gathering information. You never…](https://sms4smile.com/quotes/seth-klarman/at-baupost-we-constantly-ask-what-should-we-work-on-today-we-keep/)

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

[Image](https://sms4smile.com/quotes/i/9fb/seth-klarman-1979_asks_at-baupost-we-constantly-ask-what-should_2148631.png)

> [As value investors, our business is to buy bargains that financial market theory says do not exist. We've delivered great returns to…](https://sms4smile.com/quotes/seth-klarman/as-value-investors-our-business-is-to-buy-bargains-that-financial/)

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

[Image](https://sms4smile.com/quotes/i/15b/seth-klarman-1979_avoiding_as-value-investors-our-business-is-to-bu_1802946.png)

> [In a crisis, stocks of financial companies are great investments, because the tide is bound to turn. Massive losses on bad loans…](https://sms4smile.com/quotes/seth-klarman/in-a-crisis-stocks-of-financial-companies-are-great-investments/)

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

[Image](https://sms4smile.com/quotes/i/52e/seth-klarman-1979_bounds_in-a-crisis-stocks-of-financial-companie_3141043.png)

> [In the financial markets, however, the connection between a marketable security and the underlying business is not as clear-cut. For investors in…](https://sms4smile.com/quotes/seth-klarman/in-the-financial-markets-however-the-connection-between-a-marketable/)

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

[Image](https://sms4smile.com/quotes/i/cc4/seth-klarman-1979_beta_in-the-financial-markets-however-the-con_748397.jpg)

> [Investors should pay attention not only to whether but also to why current holdings are undervalued. It is critical to know why…](https://sms4smile.com/quotes/seth-klarman/investors-should-pay-attention-not-only-to-whether-but-also-to-why/)

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

[Image](https://sms4smile.com/quotes/i/de6/seth-klarman-1979_attention_investors-should-pay-attention-not-only_601683.jpg)

> [While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes…](https://sms4smile.com/quotes/seth-klarman/while-some-might-mistakenly-consider-value-investing-a-mechanical/)

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

[Image](https://sms4smile.com/quotes/i/85a/seth-klarman-1979_analysis_while-some-might-mistakenly-consider-val_732916.png)

> [To value investors the concept of indexing is at best silly and at worst quite hazardous. Warren Buffett has observed that "in…](https://sms4smile.com/quotes/seth-klarman/to-value-investors-the-concept-of-indexing-is-at-best-silly-and-at/)

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

[Image](https://sms4smile.com/quotes/i/185/seth-klarman-1979_advantage_to-value-investors-the-concept-of-indexi_1711414.jpg)

> [Risk is not inherent in an investment; it is always relative to the price paid. Uncertainty is not the same as risk.…](https://sms4smile.com/quotes/seth-klarman/risk-is-not-inherent-in-an-investment-it-is-always-relative-to-the/)

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

[Image](https://sms4smile.com/quotes/i/ae4/seth-klarman-1979_customer_risk-is-not-inherent-in-an-investment-it_444105.png)

> [Things that have never happened before are bound to occur with some regularity. You must always be prepared for the unexpected, including…](https://sms4smile.com/quotes/seth-klarman/things-that-have-never-happened-before-are-bound-to-occur-with-some/)

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

[Image](https://sms4smile.com/quotes/i/e0d/seth-klarman-1979_adverse_things-that-have-never-happened-before-a_1911025.jpg)

> [Value in relation to price, not price alone, must determine your investment decisions. If you look to Mr Market as a creator…](https://sms4smile.com/quotes/seth-klarman/value-in-relation-to-price-not-price-alone-must-determine-your/)

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

[Image](https://sms4smile.com/quotes/i/a13/seth-klarman-1979_creator_value-in-relation-to-price-not-price-alo_2652881.png)

> [Nowhere does it say that investors should strive to make every last dollar of potential profit; consideration of risk must never take…](https://sms4smile.com/quotes/seth-klarman/nowhere-does-it-say-that-investors-should-strive-to-make-every-last/)

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

[Image](https://sms4smile.com/quotes/i/e13/seth-klarman-1979_backseat_nowhere-does-it-say-that-investors-shoul_1351831.jpg)

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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": "At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst distress, public markets are more likely than private ones to offer attractive opportunities to average down.",
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                        "text": "Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science.",
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                        "text": "Rather, risk is a perception in each investor's mind that results from analysis of the probability and amount of potential loss from an investment. If an exploratory oil well proves to be a dry hole, it is called risky. If a bond defaults or a stock plunges in price, they are called risky. But if the well is a gusher, the bond matures on schedule, and the stock rallies strongly, can we say they weren't risky when the investment after it is concluded than was known when it was made.",
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                        "text": "Interestingly, we have beaten the market quite handsomely over this time frame, although beating the market has never been our objective. Rather, we have consistently tried not to lose money and, in doing so, have not only protected on the downside but also outperformed on the upside.",
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                        "text": "Short-term performance envy causes many of the shortcomings that lock most investors into a perpetual cycle of underachievement. Watch your competitors not out of jealousy but out of respect and focus your efforts not on replicating others' portfolios but on looking for opportunities where they are not. The only way for investors to significantly outperform is to periodically stand far apart from the crowd, something few are willing, or able, to do.",
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                        "text": "Literally draw a detailed map-like an organization chart-of interlocking ownership and affiliates, many of which were also publicly traded. So, identifying one stock led him to a dozen other potential investments. To tirelessly pull threads is the lesson that I learned from Mike Price.",
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                        "text": "Right at the core, the mainstream has it backwards. Warren Buffett often quips that the first rule of investing is to not lose money, and the second rule is to not forget the first rule. Yet few investors approach the world with such a strict standard of risk avoidance.",
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                        "text": "Warren Buffett likes to say that the first rule of investing is \"Don't lose money,\" and the second rule is, \"Never forget the first rule.\" I too believe that avoiding loss should be the primary goal of every investor. This does not mean that investors should never incur the risk of any loss at all. Rather \"don't lose money\" means that over several years an investment portfolio should not be exposed to appreciable loss of principal.",
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                        "text": "One of the biggest challenges in investing is that the opportunity set available today is not the complete opportunity set that should be considered. Limiting your opportunity set to the one immediately at hand would be like limiting your spouse to the students you met in high school",
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                        "text": "Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so often, or protect on the downside and don't be at the party so long when things are good.",
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                        "text": "Markets need not be in sync with one another. Simultaneously, the bond market can be priced for sustained tough times, the equity market for a strong recovery, and gold for high inflation. Such an apparent disconnect is indefinitely sustainable.",
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                        "text": "While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk aversion-may well be genetically determined.",
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                        "text": "When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive investment.",
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                        "text": "As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria and if you don't find them, patiently wait. Deciding not to panic is still a decision.",
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                        "text": "When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because few investors are focusing on risk.",
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                        "text": "In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the market will do, one must follow a value philosophy at all times.",
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                        "@type": "Quotation",
                        "text": "Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.",
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                        "@type": "Quotation",
                        "text": "If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing due to over-reaction.",
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                        "text": "To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still some higher price. The goal is to buy the first, avoid the second, and sell the third.",
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                        "text": "I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And when I find a great business I'm happy to buy it and hold it. Most businesses don't look so great to me.",
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                        "text": "Targeting investment returns leads investors to focus on potential upside rather on downside risk ... rather than targeting a desired rate of return, even an eminently reasonable one, investors should target risk.",
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                        "text": "It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information.",
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                        "text": "At Baupost, we constantly ask: 'What should we work on today?' We keep calling and talking. We keep gathering information. You never have perfect information. So you work, work and work. Sometimes we thumb through ValuLine. How you fill your inbox is very important.",
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                        "text": "As value investors, our business is to buy bargains that financial market theory says do not exist. We've delivered great returns to our clients for a quarter century-a dollar invested at inception in our largest fund is now worth over 94 dollars, a 20% net compound return. We have achieved this not by incurring high risk as financial theory would suggest, but by deliberately avoiding or hedging the risks that we identified.",
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                        "text": "In a crisis, stocks of financial companies are great investments, because the tide is bound to turn. Massive losses on bad loans and soured investments are irrelevant to value; improving trends and future prospects are what matter, regardless of whether profits will have to be used to cover loan losses and equity shortfalls for years to come.",
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                        "text": "In the financial markets, however, the connection between a marketable security and the underlying business is not as clear-cut. For investors in a marketable security the gain or loss associated with the various outcomes is not totally inherent in the underlying business; it also depends on the price paid, which is established by the marketplace. The view that risk is dependent on both the nature of investments and on their market price is very different from that described by beta.",
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                        "text": "Investors should pay attention not only to whether but also to why current holdings are undervalued. It is critical to know why you have made an investment and to sell when the reason for owning it no longer applies. Look for investments with catalysts that may assist directly in the realization of underlying value. Give reference to companies having good managements with a personal financial stake in the business. Finally, diversify your holdings and hedge when it is financially attractive to do so.",
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                        "text": "To value investors the concept of indexing is at best silly and at worst quite hazardous. Warren Buffett has observed that \"in any sort of a contest - financial, mental or physical - it's an enormous advantage to have opponents who have been taught that it's useless to even try.\" I believe that over time value investors will outperform the market and that choosing to match it is both lazy and shortsighted.",
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                        "text": "Risk is not inherent in an investment; it is always relative to the price paid. Uncertainty is not the same as risk. Indeed, when great uncertainty - such as in the fall of 2008 - drives securities prices to especially low levels, they often become less risky investments.",
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                        "text": "Things that have never happened before are bound to occur with some regularity. You must always be prepared for the unexpected, including sudden, sharp downward swings in markets and the economy. Whatever adverse scenario you can contemplate, reality can be far worse.",
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                        "text": "Value in relation to price, not price alone, must determine your investment decisions. If you look to Mr Market as a creator of investment opportunities (where price departs from underlying value), you have the makings of a value investor. If you insist on looking to Mr Market for investment guidance however, you are probably best advised to hire someone else to manage your money.",
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                        "text": "Nowhere does it say that investors should strive to make every last dollar of potential profit; consideration of risk must never take a backseat to return. Conservative positioning entering a crisis is crucial: it enables one to maintain long-term oriented, clear thinking, and to focus on new opportunities while others are distracted or even forced to sell. Portfolio hedges must be in place before a crisis hits. One cannot reliably or affordably increase or replace hedges that are rolling off during a financial crisis.",
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