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Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Fear
Potential
Viewed
Money
Aspect
Tangible
Stills
Gold
Exposure
Still
Unique
Speculation
Would
Paper
Commodity
Value
Nevertheless
Age
Store
Values
Stores
Debasing

More quotes by Seth Klarman

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Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.
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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.
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If another person were to enter the building, it would once again be empty.
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At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst distress, public markets are more likely than private ones to offer attractive opportunities to average down.
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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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Investing today may well be harder than it has been at any time in our three decades of existence.
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There are no long-term lessons - ever.
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Almost every financial blow up is because of leverage.
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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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A value strategy is of little use to the impatient investor since it usually takes time to pay off.
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Value investing is risk aversion.
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Be indifferent if you lose your short term clients, remember they are your own worst enemy
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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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Never stop reading. History doesn't repeat, but it does rhyme.
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If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.
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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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Hold cash when opportunities are not presenting themselves.
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Complexity - limits competition.
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