Loss avoidance must be the cornerstone of your investment philosophy. — Seth Klarman Copy Share Image
Investment success cannot be captured in a mathematical equation or a computer program. — 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
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
Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals. — Seth Klarman Copy Share Image
When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive… — Seth Klarman Copy Share Image
Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm. — 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
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
To achieve long-term success over many financial market and economic cycles, observing a few rules is not enough. Too many things change… — Seth Klarman Copy Share Image
Risk is not inherent in an investment; it is always relative to the price paid. Uncertainty is not the same as risk.… — Seth Klarman Copy Share Image
While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes… — 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
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
While knowing how to value businesses is essential for investment success, the first and perhaps most important step in the investment process… — Seth Klarman Copy Share Image
My view is that an investor is better off knowing a lot about a few investments than knowing a little about each… — 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
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
Occasionally we are asked whether it would make sense to modify our investment strategy to perform better in today's financial climate. Our… — Seth Klarman Copy Share Image
One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the… — Seth Klarman Copy Share Image
Investors should pay attention not only to whether but also to why current holdings are undervalued. It is critical to know why… — Seth Klarman Copy Share Image
In the financial markets, however, the connection between a marketable security and the underlying business is not as clear-cut. For investors in… — 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
Below, we itemize some of the quite different lessons investors seem to have learned as of late 2009 - false lessons, we… — Seth Klarman Copy Share Image
I know of no long-time practitioner who regrets adhering to a value philosophy; few investors who embrace the fundamental principles ever abandon… — Seth Klarman Copy Share Image
Rather, risk is a perception in each investor's mind that results from analysis of the probability and amount of potential loss from… — Seth Klarman Copy Share Image
Wall Street can be a dangerous place for investors. You have no choice but to do business there, but you must always… — 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… — Seth Klarman Copy Share Image
All investors must come to terms with the relentless continuity of the investment process. — 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
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
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
It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to… — 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
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
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
In a crisis, stocks of financial companies are great investments, because the tide is bound to turn. Massive losses on bad loans… — 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
