Seth Klarman

We don't deal in absolutes. We deal in probabilities.

— Seth Klarman

Do not suffer interim losses, relish and appreciate them

— Seth Klarman

Courage is a function of process.

— Seth Klarman

Always look for forced urgent selling.

— Seth Klarman

We worry top-down, but we invest bottom-up

— Seth Klarman

Complexity - limits competition.

— Seth Klarman

I don't have a Bloomberg on my desk. I don't care.

— Seth Klarman

Almost every financial blow up is because of leverage,

— Seth Klarman

I think markets will never be efficient because of human nature.

— Seth Klarman

Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.

— Seth Klarman

The avoidance of loss is the surest way to ensure a profitable outcome.

— Seth Klarman

Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.

— Seth Klarman

Sometimes buying early on the way down looks like being wrong, but it isn't.

— Seth Klarman

Most institutional investors feel compelled to swing at almost every pitch and forgo batting selectivity for frequency.

— Seth Klarman

One must understand the importance of an endless drive to get information and seek value.

— Seth Klarman

The trick of successful investors is to sell when they want to, not when they have to.

— Seth Klarman

When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because few investors are…

— Seth Klarman

In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict…

— Seth Klarman

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

Analysts recommendations may not produce good results. In part this is due to the pressure placed on these analysts to recommend frequently…

— Seth Klarman

Markets need not be in sync with one another. Simultaneously, the bond market can be priced for sustained tough times, the equity…

— Seth Klarman

The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled…

— Seth Klarman

A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad…

— Seth Klarman

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

Value investing is simple to understand but difficult to implement. Value investors are not supersophisticated analytical wizards who create and apply intricate…

— Seth Klarman

Almost no one will accept responsibility for his or her role in precipitating a crisis: not leveraged speculators, not willfully blind leaders…

— Seth Klarman

As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You…

— Seth Klarman

To achieve long-term success over many financial market and economic cycles, observing a few rules is not enough. Too many things change…

— Seth Klarman

While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes…

— Seth Klarman

To value investors the concept of indexing is at best silly and at worst quite hazardous. Warren Buffett has observed that "in…

— Seth Klarman

Risk is not inherent in an investment; it is always relative to the price paid. Uncertainty is not the same as risk.…

— Seth Klarman

Many LBOs are man-made disasters. When the price paid is excessive, the equity portion of an LBO is really an out-of-the-money call…

— Seth Klarman

Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands. By having confidence in…

— Seth Klarman

Nowhere does it say that investors should strive to make every last dollar of potential profit; consideration of risk must never take…

— Seth Klarman

Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business…

— Seth Klarman

Occasionally we are asked whether it would make sense to modify our investment strategy to perform better in today's financial climate. Our…

— Seth Klarman

Here’s how to know if you have the makeup to be an investor. How would you handle the following situation? Let’s say…

— Seth Klarman

The government can always rescue the markets or interfere with contract law whenever it deems convenient with little or no apparent cost.…

— Seth Klarman

Warren Buffett is right when he says you should invest as if the market is going to be closed for the next…

— Seth Klarman

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