Quote

I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline

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
Changing
Discipline
Value
Stimulating
Challenges
Financially
Values
Intellectually
Find
Rewarding
Ever
Challenging
Investing

More quotes by Seth Klarman

Image
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 While this perspective may seem over simplisticor even hopelessly outdated, we believe it provides a vital clarity about the true risks in investing.
Seth Klarman
Image
Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.
Seth Klarman
Image
We are big fans of fear, and in investing it is clearly better to be scared than sorry.
Seth Klarman
Image
Do not suffer interim losses, relish and appreciate them
Seth Klarman
Image
Generally, the greater the stigma or revulsion, the better the bargain.
Seth Klarman
Image
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
Image
Value investing is predicated on the efficient market hypothesis being wrong.
Seth Klarman
Image
Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
Seth Klarman
Image
There are no long-term lessons - ever.
Seth Klarman
Image
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.
Seth Klarman
Image
To achieve long-term success over many financial market and economic cycles, observing a few rules is not enough. Too many things change too quickly in the investment world for that approach to succeed. It is necessary instead to understand the rationale behind the rules in order to appreciate why they work when they do and don't when they don't.
Seth Klarman
Image
The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is probably much worth selling.
Seth Klarman
Image
We don't deal in absolutes. We deal in probabilities.
Seth Klarman
Image
When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.
Seth Klarman
Image
Things that have never happened before are bound to occur with some regularity. You must always be prepared for the unexpected, including sudden, sharp downward swings in markets and the economy. Whatever adverse scenario you can contemplate, reality can be far worse.
Seth Klarman
Image
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.
Seth Klarman
Image
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.
Seth Klarman
Image
Depressions aren't good but the depression mentality is good.
Seth Klarman
Image
When people give away stocks based on forced selling or fear that is usually a great opportunity.
Seth Klarman
Image
As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria and if you don't find them, patiently wait. Deciding not to panic is still a decision.
Seth Klarman