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Generally, the greater the stigma or revulsion, the better the bargain.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Better
Revulsion
Bargain
Stigma
Bargains
Investing
Generally
Intelligent
Greater

More quotes by Seth Klarman

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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.
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Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.
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Investing is the intersection of economics and psychology.
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At Baupost, we constantly ask: 'What should we work on today?' We keep calling and talking. We keep gathering information. You never have perfect information. So you work, work and work. Sometimes we thumb through ValuLine. How you fill your inbox is very important.
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To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still some higher price. The goal is to buy the first, avoid the second, and sell the third.
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A value strategy is of little use to the impatient investor since it usually takes time to pay off.
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The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.
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It's awful to have a depression, but it's a great thing to have a depression mentality because it means that we are not speculating, we are not living beyond our means, we don't quit our job to take a big risk because we know we might not get another job. There is something stable about a country, a society built on those values.
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Be focused on process and not outcome
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People should be highly sceptical of anyone's including their own, ability to predict the future, and instead pursue strategies that can survive whatever may occur.
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We are big fans of fear, and in investing it is clearly better to be scared than sorry.
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Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
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The government can indefinitely control both short-term and long-term interest rates.
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Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.
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In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the market will do, one must follow a value philosophy at all times.
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Having great clients is the key to investment success.
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Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we buy the bargain.
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It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information.
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There are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin of safety. It is a precisely because we do not and cannot know all the risks of an investment that we strive to invest at a discount. The bargain element helps to provide a cushion for when things go wrong.
Seth Klarman
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In contrast to the speculators preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss.
Seth Klarman