Excess capacity in people, machines, or property will be quickly absorbed. — Seth Klarman Copy Share Image
When people give away stocks based on forced selling or fear that is usually a great opportunity. — Seth Klarman Copy Share Image
The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent, — 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
It turns out that value investing is something that is in your blood. There are people who just don't have the patience… — Seth Klarman Copy Share Image
The average person can’t really trust anybody. They can’t trust a broker, because the broker is interested in churning commissions. They can’t… — 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
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
Successful investors like stocks better when they’re going down. When you go to a department store or a supermarket, you like to… — 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
