Quote

Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.

Seth Klarman

Change background

T
T
T

Change font

TAGS & TOPICS

Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Seem
Values
Adopt
Seems
Gambling
Like
Starts
Investment
Strategy
Behavior
Value

More quotes by Seth Klarman

Image
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
Image
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.
Seth Klarman
Image
Investment success cannot be captured in a mathematical equation or a computer program.
Seth Klarman
Image
Value investing is predicated on the efficient market hypothesis being wrong.
Seth Klarman
Image
Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests itself in several ways - fully invested posture at all times, the use of leverage, and a market centric orientation that makes it difficult to stand apart from the crowd and take a long term perspective.
Seth Klarman
Image
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
Image
Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.
Seth Klarman
Image
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.
Seth Klarman
Image
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.
Seth Klarman
Image
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.
Seth Klarman
Image
We are big fans of fear, and in investing it is clearly better to be scared than sorry.
Seth Klarman
Image
The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
Seth Klarman
Image
When people give away stocks based on forced selling or fear that is usually a great opportunity.
Seth Klarman
Image
I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And when I find a great business I'm happy to buy it and hold it. Most businesses don't look so great to me.
Seth Klarman
Image
Analysts recommendations may not produce good results. In part this is due to the pressure placed on these analysts to recommend frequently rather than wisely.
Seth Klarman
Image
Depressions aren't good but the depression mentality is good.
Seth Klarman
Image
People should be highly sceptical of anyone's including their own, ability to predict the future, and instead pursue strategies that can survive whatever may occur.
Seth Klarman
Image
All an investor can do is follow a consistently disciplined and rigorous approach over time the returns will come
Seth Klarman
Image
Over the long run, the crowd is always wrong.
Seth Klarman
Image
When a government official says a problem has been contained, pay no attention.
Seth Klarman