Seth Klarman

Unlike return, however, risk is no more quantifiable at the end of an investment that it was at its beginning. Risk simply…

— Seth Klarman

Because investors are not usually penalized for adhering to conventional practices, doing so is the less professionally risky strategy, even though it…

— Seth Klarman

Value investing is risk aversion.

— Seth Klarman

Be focused on process and not outcome

— Seth Klarman

There is an old saying, "How did you go bankrupt?" And the answer is, "Gradually, and then suddenly." The impending fiscal crisis…

— 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

Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

— Seth Klarman

The best protection against risk is knowing what you are doing.

— Seth Klarman

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

It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment,…

— Seth Klarman

Value investing is at its core the marriage of a contrarian streak and a calculator.

— Seth Klarman

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

— Seth Klarman

Do not suffer interim losses, relish and appreciate them

— Seth Klarman

Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.

— Seth Klarman

It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction…

— Seth Klarman

Having great clients is the key to investment success.

— Seth Klarman

Complexity - limits competition.

— Seth Klarman

A tipping point is invisible, as we just saw in Greece. In most situations, everything appears fine until it's not fine, until,…

— Seth Klarman

The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is…

— 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

Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.

— Seth Klarman

I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline

— Seth Klarman

Avoid organizing investment team into silos.

— Seth Klarman

Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.

— 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