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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 sense.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Sense
Fractional
Makes
Stocks
Remember
Businesses
Time
Interests
Aren
Paper
Pieces
Interest

More quotes by Seth Klarman

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When people give away stocks based on forced selling or fear that is usually a great opportunity.
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Be focused on process and not outcome
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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.
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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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Complexity - limits competition.
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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.
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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 perform in-depth fundamental analysis, pursue long-term investment results, limit risk, and resist crowd psychology.
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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.
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Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.
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Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?
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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.
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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.
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Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
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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.
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As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned.
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If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.
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Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.
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We continue to adhere to a common-sense view of risk - how much we can lose and the probability of losing it. While this perspective may seem over simplisticor even hopelessly outdated, we believe it provides a vital clarity about the true risks in investing.
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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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Do not suffer interim losses, relish and appreciate them
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