Quote

Investing is the intersection of economics and psychology.

Seth Klarman

Change background

T
T
T

Change font

TAGS & TOPICS

Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Investing
Economics
Intelligent
Intersection
Intersections
Psychology

More quotes by Seth Klarman

Image
Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.
Seth Klarman
Image
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
Image
Value investing by its very nature is contrarian.
Seth Klarman
Image
Almost every financial blow up is because of leverage.
Seth Klarman
Image
A value strategy is of little use to the impatient investor since it usually takes time to pay off.
Seth Klarman
Image
Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process.
Seth Klarman
Image
When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive investment.
Seth Klarman
Image
A commodity doesn't have the same characteristics as a security, characteristics that allow for analysis. Other than a recent sale or appreciation due to inflation, analyzing the current or future worth of a commodity is nearly impossible.
Seth Klarman
Image
Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.
Seth Klarman
Image
We don't deal in absolutes. We deal in probabilities.
Seth Klarman
Image
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
Image
Over the long run, the crowd is always wrong.
Seth Klarman
Image
Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
Seth Klarman
Image
The government can indefinitely control both short-term and long-term interest rates.
Seth Klarman
Image
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.
Seth Klarman
Image
Value investing is predicated on the efficient market hypothesis being wrong.
Seth Klarman
Image
Almost no one will accept responsibility for his or her role in precipitating a crisis: not leveraged speculators, not willfully blind leaders of financial institutions, and certainly not regulators, government officials, ratings agencies or politicians.
Seth Klarman
Image
Value investing is risk aversion.
Seth Klarman
Image
Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so often, or protect on the downside and don't be at the party so long when things are good.
Seth Klarman
Image
All an investor can do is follow a consistently disciplined and rigorous approach over time the returns will come
Seth Klarman