Sometimes buying early on the way down looks like being wrong, but it isn't. — Seth Klarman Copy Share Image
The avoidance of loss is the surest way to ensure a profitable outcome. — 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… — 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
Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests… — 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… — Seth Klarman Copy Share Image
You must buy on the way down. There is far more volume on the way down than on the way back up,… — 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
Short-term performance envy causes many of the shortcomings that lock most investors into a perpetual cycle of underachievement. Watch your competitors not… — 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
Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands. By having confidence in… — 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
