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

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Excess capacity in people, machines, or property will be quickly absorbed.
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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.
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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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All an investor can do is follow a consistently disciplined and rigorous approach over time the returns will come
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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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Value investing is predicated on the efficient market hypothesis being wrong.
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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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Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
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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 While this perspective may seem over simplisticor even hopelessly outdated, we believe it provides a vital clarity about the true risks in investing.
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Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.
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It's awful to have a depression, but it's a great thing to have a depression mentality because it means that we are not speculating, we are not living beyond our means, we don't quit our job to take a big risk because we know we might not get another job. There is something stable about a country, a society built on those values.
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The cost of performing well in bad times can be relative underperformance in good times.
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Having great clients is the key to investment success.
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The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.
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The single greatest edge an investor can have is a long-term orientation.
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Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so often, or protect on the downside and don't be at the party so long when things are good.
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Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.
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Over the long run, the crowd is always wrong.
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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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