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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
Though
Guarantees
Adhering
Less
Superior
Penalized
Even
Superiors
Professionally
Performance
Risky
Strategy
Virtually
Performances
Practices
Usually
Investors
Practice
Conventional

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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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The cost of performing well in bad times can be relative underperformance in good times.
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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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Value investing by its very nature is contrarian.
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Having great clients is the key to investment success.
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It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information.
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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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Investing is the intersection of economics and psychology.
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All an investor can do is follow a consistently disciplined and rigorous approach over time the returns will come
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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.
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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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There are no long-term lessons - ever.
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Be indifferent if you lose your short term clients, remember they are your own worst enemy
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Depressions aren't good but the depression mentality is good.
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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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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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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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My view is that an investor is better off knowing a lot about a few investments than knowing a little about each of a great many holdings. One's very best idea's are likely to generate higher returns for a given level of risk than one's hundredth or thousandth best idea.
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Interestingly, we have beaten the market quite handsomely over this time frame, although beating the market has never been our objective. Rather, we have consistently tried not to lose money and, in doing so, have not only protected on the downside but also outperformed on the upside.
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