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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.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Practice
Conventional
Though
Guarantees
Adhering
Less
Superior
Penalized
Even
Superiors
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Performance
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Performances
Practices
Usually
Investors

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If another person were to enter the building, it would once again be empty.
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As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned.
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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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Hold cash when opportunities are not presenting themselves.
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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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The cost of performing well in bad times can be relative underperformance in good times.
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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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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 While this perspective may seem over simplisticor even hopelessly outdated, we believe it provides a vital clarity about the true risks in investing.
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We don't deal in absolutes. We deal in probabilities.
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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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When you buy bargains and they become better bargains, it is easy to start to question yourself, which can impair your judgement. Real or imagined concerns about client redemptions, employee defections can greatly influence behavior away from rational.
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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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There is no amount of bad news that the markets cannot see past.
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Value investing by its very nature is contrarian.
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Investment success cannot be captured in a mathematical equation or a computer program.
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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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One of the biggest challenges in investing is that the opportunity set available today is not the complete opportunity set that should be considered. Limiting your opportunity set to the one immediately at hand would be like limiting your spouse to the students you met in high school
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Depressions aren't good but the depression mentality is good.
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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 risk aversion.
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