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
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
Nowhere does it say that investors should strive to make every last dollar of potential profit; consideration of risk must never take… — 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
Short-term performance envy causes many of the shortcomings that lock most investors into a perpetual cycle of underachievement. Watch your competitors not… — 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
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
While no one wishes to incur losses, you couldn't prove it from an examination of the behavior of most investors and speculators.… — 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
The government - the ultimate short-term-oriented player - cannot withstand much pain in the economy or the financial markets. Bailouts and rescues… — Seth Klarman Copy Share Image
Successful investors like stocks better when they’re going down. When you go to a department store or a supermarket, you like to… — 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
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
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
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
Value investors will not invest in businesses that they cannot readily understand or ones they find excessively risky. Hence few value investors… — 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
