Buying's easier, selling's hard - [it's] hard to know when to get out. — Seth Klarman Copy Share Image
Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we… — Seth Klarman Copy Share Image
In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based… — 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
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
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
Speculators are obsessed with predicting: guessing the direction of stock prices. Every morning on cable television, every afternoon on the stock market… — 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,… — Seth Klarman Copy Share Image
We work really hard never to get confused with what we know from what we think or hope or wish. — 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
It's awful to have a depression, but it's a great thing to have a depression mentality because it means that we are… — 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 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
You need to balance arrogance and humilitywhen you buy anything, it's an arrogant act. You are saying the markets are gyrating and… — 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
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