Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's? — Seth Klarman Copy Share Image
Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and… — Seth Klarman Copy Share Image
People should be highly sceptical of anyone's including their own, ability to predict the future, and instead pursue strategies that can survive… — Seth Klarman Copy Share Image
Analysts recommendations may not produce good results. In part this is due to the pressure placed on these analysts to recommend frequently… — Seth Klarman Copy Share Image
When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because few investors are… — Seth Klarman Copy Share Image
While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk… — Seth Klarman Copy Share Image
Investing today may well be harder than it has been at any time in our three decades of existence, — Seth Klarman Copy Share Image
We continue to adhere to a common-sense view of risk - how much we can lose and the probability of losing it.… — Seth Klarman Copy Share Image
Investors frequently benefit from making decisions with less than perfect knowledge and are well rewarded for bearing the risk of uncertainty. The… — Seth Klarman Copy Share Image
One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the… — 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
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
Beware leverage in all its forms. Borrowers - individual, corporate, or government - should always match fund their liabilities against the duration… — Seth Klarman Copy Share Image
When excesses such as lax lending standards become widespread and persist for some time, people are lulled into a false sense of… — 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
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
