The avoidance of loss is the surest way to ensure a profitable outcome. — 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
In contrast to the speculators preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss. — 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
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
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
Loss avoidance must be the cornerstone of your investment philosophy. — Seth Klarman Copy Share Image
By investing at a discount, Benjamin Graham knew that he was unlikely to experience losses. — 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
In a crisis, stocks of financial companies are great investments, because the tide is bound to turn. Massive losses on bad loans… — Seth Klarman Copy Share Image
The risk of an investment is described by both the probability and the potential amount of loss. The risk of an investment-the… — 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
