The single greatest edge an investor can have is a long-term orientation. — Seth Klarman Copy Share Image
The government can indefinitely control both short-term and long-term interest rates. — 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
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
My experience is that short sellers do far better analysis than long buyers because they have to. The market is biased upward… — Seth Klarman Copy Share Image
When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to… — 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
Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able… — Seth Klarman Copy Share Image
The prevailing view has been that the market will earn a high rate of return if the holding period is long enough,… — 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
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
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
Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests… — 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
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
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
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
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
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
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
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
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
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
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
Ultimately, nothing should be more important to investors than the ability to sleep soundly at night. — Seth Klarman Copy Share
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
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
Value investing is at its core the marriage of a contrarian streak and a calculator. — Seth Klarman Copy Share
Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them. — Seth Klarman Copy Share
It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the… — Seth Klarman Copy Share
