Sometimes buying early on the way down looks like being wrong, but it isn't. — Seth Klarman Copy Share Image
Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient — Seth Klarman Copy Share Image
If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing… — 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
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
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
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
Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business… — 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
