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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
Overwhelming
Tend
Majority
Comfortable
Successful
People
Consensus
Bent
Investors

More quotes by Seth Klarman

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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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Be focused on process and not outcome
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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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There are no long-term lessons - ever.
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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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When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.
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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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When a government official says a problem has been contained, pay no attention.
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Investing is the intersection of economics and psychology.
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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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There is no amount of bad news that the markets cannot see past.
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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 clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.
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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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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.
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It turns out that value investing is something that is in your blood. There are people who just don't have the patience and discipline to do it, and there are people who do. So it leads me to think it's genetic.
Seth Klarman
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I know of no long-time practitioner who regrets adhering to a value philosophy few investors who embrace the fundamental principles ever abandon this investment approach for another
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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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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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The government can indefinitely control both short-term and long-term interest rates.
Seth Klarman