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When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive investment.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Rock
Discounts
Rocks
Frequently
Value
Stock
Share
Attractive
Values
Near
Selling
Liquidation
Investment
Appraisal
Bottom
Discount

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Complexity - limits competition.
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Be indifferent if you lose your short term clients, remember they are your own worst enemy
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Investing is the intersection of economics and psychology.
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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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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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Generally, the greater the stigma or revulsion, the better the bargain.
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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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When a government official says a problem has been contained, pay no attention.
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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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While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes the need to perform in-depth fundamental analysis, pursue long-term investment results, limit risk, and resist crowd psychology.
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Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and care, they may in fact be wrong.
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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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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.
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