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Almost every financial blow up is because of leverage.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Every
Leverage
Blow
Financial
Almost

More quotes by Seth Klarman

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I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And when I find a great business I'm happy to buy it and hold it. Most businesses don't look so great to me.
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The single greatest edge an investor can have is a long-term orientation.
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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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Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity.
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When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to huge net cash in 2008, when the right thing to do in terms of value would have been to do the opposite.
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Over the long run, the crowd is always wrong.
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Excess capacity in people, machines, or property will be quickly absorbed.
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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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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.
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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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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.
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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.
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Investing today may well be harder than it has been at any time in our three decades of existence.
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Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
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Having great clients is the key to investment success.
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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
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Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
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Do not suffer interim losses, relish and appreciate them
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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.
Seth Klarman
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The cost of performing well in bad times can be relative underperformance in good times.
Seth Klarman