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Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Investors
Ultimately
Sleep
Ability
Night
Nothing
Important
Soundly

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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.
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Having great clients is the key to investment success.
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Never stop reading. History doesn't repeat, but it does rhyme.
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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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When a government official says a problem has been contained, pay no attention.
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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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Over the long run, the crowd is always wrong.
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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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Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.
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As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria and if you don't find them, patiently wait. Deciding not to panic is still a decision.
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Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.
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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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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.
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In reality, no one knows what the market will do trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.
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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.
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Value investing is risk aversion.
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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.
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The government can indefinitely control both short-term and long-term interest rates.
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Hold cash when opportunities are not presenting themselves.
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Investment success cannot be captured in a mathematical equation or a computer program.
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