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All an investor can do is follow a consistently disciplined and rigorous approach over time the returns will come

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Consistently
Follow
Approach
Return
Rigorous
Come
Investor
Time
Disciplined
Returns
Investors

More quotes by Seth Klarman

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Investing is the intersection of economics and psychology.
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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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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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Value investing is predicated on the efficient market hypothesis being wrong.
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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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Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
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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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Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science.
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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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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.
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When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive investment.
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Risk is not inherent in an investment it is always relative to the price paid. Uncertainty is not the same as risk. Indeed, when great uncertainty - such as in the fall of 2008 - drives securities prices to especially low levels, they often become less risky investments.
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Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
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Benjamin Graham wrote, Those with enterprise haven't the money, and those with money haven't the enterprise, to buy stocks when they are cheap.
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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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Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.
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Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process.
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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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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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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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