Seth Klarman

In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based…

— Seth Klarman

Bad things happen, but really bad things do not. Do buy the dips, especially the lowest quality securities when they come under…

— Seth Klarman

Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?

— 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 investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.

— Seth Klarman

Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and…

— Seth Klarman

While knowing how to value businesses is essential for investment success, the first and perhaps most important step in the investment process…

— Seth Klarman

Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more…

— Seth Klarman

Selling, in particular, can be a challenge; many investors are tempted to become more optimistic when a security is performing well. This…

— Seth Klarman

Wall Street can be a dangerous place for investors. You have no choice but to do business there, but you must always…

— Seth Klarman

Speculators are obsessed with predicting: guessing the direction of stock prices. Every morning on cable television, every afternoon on the stock market…

— Seth Klarman

My view is that an investor is better off knowing a lot about a few investments than knowing a little about each…

— Seth Klarman

When you buy bargains and they become better bargains, it is easy to start to question yourself, which can impair your judgement.…

— Seth Klarman

You need to balance arrogance and humilitywhen you buy anything, it's an arrogant act. You are saying the markets are gyrating and…

— Seth Klarman

The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially…

— Seth Klarman

In the financial markets, however, the connection between a marketable security and the underlying business is not as clear-cut. For investors in…

— Seth Klarman

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

It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to…

— Seth Klarman

When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to…

— Seth Klarman

We are not so brazen as to believe that we can perfectly calibrate valuation; determining risk and return for any investment remains…

— Seth Klarman

My experience is that short sellers do far better analysis than long buyers because they have to. The market is biased upward…

— Seth Klarman

At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst…

— Seth Klarman

One of the biggest challenges in investing is that the opportunity set available today is not the complete opportunity set that should…

— Seth Klarman

In a crisis, stocks of financial companies are great investments, because the tide is bound to turn. Massive losses on bad loans…

— Seth Klarman

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

We continue to adhere to a common-sense view of risk - how much we can lose and the probability of losing it.…

— Seth Klarman

At Baupost, we constantly ask: 'What should we work on today?' We keep calling and talking. We keep gathering information. You never…

— Seth Klarman

Warren Buffett likes to say that the first rule of investing is "Don't lose money," and the second rule is, "Never forget…

— Seth Klarman

Interestingly, we have beaten the market quite handsomely over this time frame, although beating the market has never been our objective. Rather,…

— Seth Klarman

There are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin…

— Seth Klarman

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

Literally draw a detailed map-like an organization chart-of interlocking ownership and affiliates, many of which were also publicly traded. So, identifying one…

— Seth Klarman

Right at the core, the mainstream has it backwards. Warren Buffett often quips that the first rule of investing is to not…

— Seth Klarman