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The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
Seth Klarman
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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Humans
Investing
Market
Intelligent
Responsible
Behavior
Overreaction
Story
Directions
Stories
Cycles
Human
Stock
More quotes by Seth Klarman
In reality, no one knows what the market will do trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.
Seth Klarman
When people give away stocks based on forced selling or fear that is usually a great opportunity.
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, for example, no one shows up at a Treasury auction.
Seth Klarman
Investing today may well be harder than it has been at any time in our three decades of existence.
Seth Klarman
When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.
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My view is that an investor is better off knowing a lot about a few investments than knowing a little about each of a great many holdings. One's very best idea's are likely to generate higher returns for a given level of risk than one's hundredth or thousandth best idea.
Seth Klarman
If another person were to enter the building, it would once again be empty.
Seth Klarman
We don't deal in absolutes. We deal in probabilities.
Seth Klarman
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
Risk is not inherent in an investment it is always relative to the price paid. Uncertainty is not the same as risk. Indeed, when great uncertainty - such as in the fall of 2008 - drives securities prices to especially low levels, they often become less risky investments.
Seth Klarman
Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.
Seth Klarman
Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.
Seth Klarman
When a government official says a problem has been contained, pay no attention.
Seth Klarman
The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled out of the tub, all boats dropped as the water rushed down the drain.
Seth Klarman
Things that have never happened before are bound to occur with some regularity. You must always be prepared for the unexpected, including sudden, sharp downward swings in markets and the economy. Whatever adverse scenario you can contemplate, reality can be far worse.
Seth Klarman
If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing due to over-reaction.
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 aversion-may well be genetically determined.
Seth Klarman
It sounds kind of crazy, but in times of turmoil in the market, I've felt a sort of serenity in knowing that I've checked and re-checked my work, one plus one still equals two regardless of where a stock trades right after I buy it.
Seth Klarman
There is no amount of bad news that the markets cannot see past.
Seth Klarman
Almost every financial blow up is because of leverage.
Seth Klarman