Seth Klarman Quotes

50 quotes in 906 categories

• Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against the risks incurred. Ultimately,…
• Sometimes buying early on the way down looks like being wrong, but it isn't.
• While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk aversion-may well be…
• The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
• Generally, the greater the stigma or revulsion, the better the bargain.
• Investing is the intersection of economics and psychology.
• Value investing is at its core the marriage of a contrarian streak and a calculator.
• While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes the need to…
• Investing today may well be harder than it has been at any time in our three decades of existence,
• If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses -- it all makes…
• Almost every financial blow up is because of leverage,
• The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent,
• Successful investors like stocks better when they’re going down. When you go to a department store or a supermarket, you like to buy merchandise on…
• Here’s how to know if you have the makeup to be an investor. How would you handle the following situation? Let’s say you own a…
• Targeting investment returns leads investors to focus on potential upside rather on downside risk ... rather than targeting a desired rate of return, even an…
• A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme…
• Having great clients is the key to investment success.
• The single greatest edge an investor can have is a long-term orientation.
• We suppose that could be considered a hedged position for the awards committee, one that would never occur in the hard sciences such as physics…
• I know of no long-time practitioner who regrets adhering to a value philosophy; few investors who embrace the fundamental principles ever abandon this investment approach…

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