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
To value investors the concept of indexing is at best silly and at worst quite hazardous. Warren Buffett has observed that "in… — 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
Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators. — Seth Klarman Copy Share Image
The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by standing against the prevailing winds -… — Seth Klarman Copy Share Image
As value investors, our business is to buy bargains that financial market theory says do not exist. We've delivered great returns to… — 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
The trick of successful investors is to sell when they want to, not when they have to. — Seth Klarman Copy Share Image
Most institutional investors feel compelled to swing at almost every pitch and forgo batting selectivity for frequency. — Seth Klarman Copy Share Image
In a world in which most investors appear interested in figuring out how to make money every second and chase the idea… — Seth Klarman Copy Share Image
While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk… — Seth Klarman Copy Share Image
The government can always rescue the markets or interfere with contract law whenever it deems convenient with little or no apparent cost.… — Seth Klarman Copy Share Image
Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against the… — 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
When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt. — 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
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
All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come — 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
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
