Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling. — Seth Klarman Copy Share Image
One must understand the importance of an endless drive to get information and seek value. — 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
I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline — Seth Klarman Copy Share Image
There's no such thing as a value company. Price is all that matters. At some price, an asset is a buy, at… — Seth Klarman Copy Share Image
When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive… — 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… — Seth Klarman Copy Share Image
As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is… — Seth Klarman Copy Share Image
Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators. — 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
Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more… — Seth Klarman Copy Share Image
Value investors have to be patient and disciplined, but what I really think is you need not to be greedy. If you're… — Seth Klarman Copy Share Image
Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity… — Seth Klarman Copy Share Image
Always remembering that we might be wrong, we must contemplate alternatives, concoct hedges, and search vigilantly for validation of our assessments. We… — Seth Klarman Copy Share Image
If an asset has cash flow or the likelihood of cash flow in the near term and is not purely dependment on… — Seth Klarman Copy Share Image
If you are predisposed to be patient, disciplined and psychologically appreciate the idea of buying bargains, then you're likely to be good… — Seth Klarman Copy Share Image
Value investing is simple to understand but difficult to implement. Value investors are not supersophisticated analytical wizards who create and apply intricate… — 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
To value investors the concept of indexing is at best silly and at worst quite hazardous. Warren Buffett has observed that "in… — Seth Klarman Copy Share Image
As value investors, our business is to buy bargains that financial market theory says do not exist. We've delivered great returns to… — Seth Klarman Copy Share Image
Warren Buffett is right when he says you should invest as if the market is going to be closed for the next… — 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
It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment,… — 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… — 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
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
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
The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially… — 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
Value investing is predicated on the efficient market hypothesis being wrong. — Seth Klarman Copy Share Image
A value strategy is of little use to the impatient investor since it usually takes time to pay off. — 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
To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still… — Seth Klarman Copy Share Image
A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad… — 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
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
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
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
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
