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It sounds kind of crazy, but in times of turmoil in the market, I've felt a sort of serenity in knowing that I've checked and re-checked my work, one plus one still equals two regardless of where a stock trades right after I buy it.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Felt
Sounds
Trades
Two
Market
Checked
Stills
Trade
Turmoil
Still
Crazy
Equals
Right
Sort
Serenity
Work
Knowing
Stock
Kind
Sound
Regardless
Times
Plus

More quotes by Seth Klarman

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Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity.
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The cost of performing well in bad times can be relative underperformance in good times.
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Generally, the greater the stigma or revulsion, the better the bargain.
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Do not suffer interim losses, relish and appreciate them
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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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There is no amount of bad news that the markets cannot see past.
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Depressions aren't good but the depression mentality is good.
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Almost no one will accept responsibility for his or her role in precipitating a crisis: not leveraged speculators, not willfully blind leaders of financial institutions, and certainly not regulators, government officials, ratings agencies or politicians.
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Almost every financial blow up is because of leverage.
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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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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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It turns out that value investing is something that is in your blood. There are people who just don't have the patience and discipline to do it, and there are people who do. So it leads me to think it's genetic.
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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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Value investing is predicated on the efficient market hypothesis being wrong.
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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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Excess capacity in people, machines, or property will be quickly absorbed.
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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 stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
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