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Seth Klarman Quotes

At the worst possible moment, when your fund is down because cheap things have gotten cheaper, you need to have capital, to have clients who will actually love the phone call and-most of the time, if not all the time-add, rather than subtract, capital Picture Quote #1

In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it Picture Quote #1

The real secret to investing is that there is no secret to investing Picture Quote #1

Value investing is predicated on the efficient market hypothesis being wrong Picture Quote #1

The avoidance of loss is the surest way to ensure a profitable outcome Picture Quote #1

If another person were to enter the building, it would once again be empty Picture Quote #1

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Having great clients is the key to investment success Picture Quote #1

The cost of performing well in bad times can be relative underperformance in good times Picture Quote #1

Investment success cannot be captured in a mathematical equation or a computer program Picture Quote #1

Almost every financial blow up is because of leverage Picture Quote #1

Value investing is at its core the marriage of a contrarian streak and a calculator Picture Quote #1

Generally, the greater the stigma or revulsion, the better the bargain Picture Quote #1

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Value investing is risk aversion Picture Quote #1

Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good Picture Quote #1

The average person can’t really trust anybody. They can’t trust a broker, because the broker is interested in churning commissions. They can’t trust a mutual fund, because the mutual fund is interested in gathering a lot of assets and keeping them. And now it’s even worse because even the most sophisticated people have no idea what’s going on Picture Quote #1

Sometimes buying early on the way down looks like being wrong, but it isn’t Picture Quote #1

Investing today may well be harder than it has been at any time in our three decades of existence Picture Quote #1

The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent Picture Quote #1

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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 sale, but it doesn’t work that way in the stock market. In the stock market, people panic when stocks are going down, so they like them less when they should like them more. When prices go down, you shouldn’t panic, but it’s hard to control your emotions when you’re overextended, when you see your net worth drop in half and you worry that you won’t have enough money to pay for your kids’ college Picture Quote #1

Targeting investment returns leads investors to focus on potential upside rather on downside risk... rather than targeting a desired rate of return, even an eminently reasonable one, investors should target risk Picture Quote #1

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 volatility in a complex, unpredictable and rapidly changing world Picture Quote #1

The trick of successful investors is to sell when they want to, not when they have to Picture Quote #1

Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose Picture Quote #1

Value investing is simple to understand but difficult to implement. Value investors are not supersophisticated analytical wizards who create and apply intricate computer models to find attractive opportunities or assess underlying value. The hard part is discipline, patience, and judgment. Investors need discipline to avoid the many unattractive pitches that are thrown, patience to wait for the right pitch, and judgment to know when it is time to swing Picture Quote #1

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Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands. By having confidence in their own analysis and judgement, they respond to market forces not with blind emotion but with calculated reason. Successful investors, for example, demonstrate caution in frothy markets and steadfast conviction in panicky ones. Indeed, the very way an investor views the market and it’s price fluctuations is a key factor in his or her ultimate investment success or failure Picture Quote #1

All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come Picture Quote #1

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, nothing should be more important to investors than the ability to sleep soundly at night Picture Quote #1

We work really hard never to get confused with what we know from what we think or hope or wish Picture Quote #1

Interestingly, we have beaten the market quite handsomely over this time frame, although beating the market has never been our objective. Rather, we have consistently tried not to lose money and, in doing so, have not only protected on the downside but also outperformed on the upside Picture Quote #1

It turns out that value investing is something that is in your blood. There are people who just don’t have the patience and discipline to do it, and there are people who do. So it leads me to think it’s genetic Picture Quote #1

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Text Quotes

At the worst possible moment, when your fund is down because cheap things have gotten cheaper, you need to have capital, to have clients who will actually love the phone call and-most of the time, if not all the time-add, rather than subtract, capital. (Seth Klarman Quotes) In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it. (Seth Klarman Quotes) The real secret to investing is that there is no secret to investing (Seth Klarman Quotes) Value investing is predicated on the efficient market hypothesis being wrong (Seth Klarman Quotes) The avoidance of loss is the surest way to ensure a profitable outcome (Seth Klarman Quotes) If another person were to enter the building, it would once again be empty (Seth Klarman Quotes) Having great clients is the key to investment success (Seth Klarman Quotes) The cost of performing well in bad times can be relative underperformance in good times (Seth Klarman Quotes) Investment success cannot be captured in a mathematical equation or a computer program (Seth Klarman Quotes) Almost every financial blow up is because of leverage (Seth Klarman Quotes) Value investing is at its core the marriage of a contrarian streak and a calculator (Seth Klarman Quotes) Generally, the greater the stigma or revulsion, the better the bargain (Seth Klarman Quotes) Value investing is risk aversion (Seth Klarman Quotes) Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good (Seth Klarman Quotes) The average person can’t really trust anybody. They can’t trust a broker, because the broker is interested in churning commissions. They can’t trust a mutual fund, because the mutual fund is interested in gathering a lot of assets and keeping them. And now it’s even worse because even the most sophisticated people have no idea what’s going on (Seth Klarman Quotes) Sometimes buying early on the way down looks like being wrong, but it isn’t (Seth Klarman Quotes) Investing today may well be harder than it has been at any time in our three decades of existence (Seth Klarman Quotes) The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent (Seth Klarman Quotes) 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 sale, but it doesn’t work that way in the stock market. In the stock market, people panic when stocks are going down, so they like them less when they should like them more. When prices go down, you shouldn’t panic, but it’s hard to control your emotions when you’re overextended, when you see your net worth drop in half and you worry that you won’t have enough money to pay for your kids’ college (Seth Klarman Quotes) Targeting investment returns leads investors to focus on potential upside rather on downside risk... rather than targeting a desired rate of return, even an eminently reasonable one, investors should target risk (Seth Klarman Quotes) 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 volatility in a complex, unpredictable and rapidly changing world (Seth Klarman Quotes) The trick of successful investors is to sell when they want to, not when they have to (Seth Klarman Quotes) Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose (Seth Klarman Quotes) Value investing is simple to understand but difficult to implement. Value investors are not supersophisticated analytical wizards who create and apply intricate computer models to find attractive opportunities or assess underlying value. The hard part is discipline, patience, and judgment. Investors need discipline to avoid the many unattractive pitches that are thrown, patience to wait for the right pitch, and judgment to know when it is time to swing (Seth Klarman Quotes) Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands. By having confidence in their own analysis and judgement, they respond to market forces not with blind emotion but with calculated reason. Successful investors, for example, demonstrate caution in frothy markets and steadfast conviction in panicky ones. Indeed, the very way an investor views the market and it’s price fluctuations is a key factor in his or her ultimate investment success or failure (Seth Klarman Quotes) All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come (Seth Klarman Quotes) 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, nothing should be more important to investors than the ability to sleep soundly at night (Seth Klarman Quotes) We work really hard never to get confused with what we know from what we think or hope or wish (Seth Klarman Quotes) Interestingly, we have beaten the market quite handsomely over this time frame, although beating the market has never been our objective. Rather, we have consistently tried not to lose money and, in doing so, have not only protected on the downside but also outperformed on the upside (Seth Klarman Quotes) It turns out that value investing is something that is in your blood. There are people who just don’t have the patience and discipline to do it, and there are people who do. So it leads me to think it’s genetic (Seth Klarman Quotes)

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