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The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
People
Consensus
Bent
Investors
Overwhelming
Tend
Majority
Comfortable
Successful

More quotes by Seth Klarman

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Value investing by its very nature is contrarian.
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Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
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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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Never stop reading. History doesn't repeat, but it does rhyme.
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When a government official says a problem has been contained, pay no attention.
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Because investors are not usually penalized for adhering to conventional practices, doing so is the less professionally risky strategy, even though it virtually guarantees against superior performance.
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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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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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In contrast to the speculators preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss.
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When all feels calm and prices surge, the markets may feel safe but, in fact, they are dangerous because few investors are focusing on risk.
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Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests itself in several ways - fully invested posture at all times, the use of leverage, and a market centric orientation that makes it difficult to stand apart from the crowd and take a long term perspective.
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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.
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Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and care, they may in fact be wrong.
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All an investor can do is follow a consistently disciplined and rigorous approach over time the returns will come
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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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The government can indefinitely control both short-term and long-term interest rates.
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The cost of performing well in bad times can be relative underperformance in good times.
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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.
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If another person were to enter the building, it would once again be empty.
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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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