Quote

A value strategy is of little use to the impatient investor since it usually takes time to pay off.

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
Values
Impatient
Use
Investors
Littles
Strategy
Little
Usually
Time
Value
Pay
Takes
Since
Investor

More quotes by Seth Klarman

Image
We are big fans of fear, and in investing it is clearly better to be scared than sorry.
Seth Klarman
Image
Be indifferent if you lose your short term clients, remember they are your own worst enemy
Seth Klarman
Image
As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned.
Seth Klarman
Image
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.
Seth Klarman
Image
To achieve long-term success over many financial market and economic cycles, observing a few rules is not enough. Too many things change too quickly in the investment world for that approach to succeed. It is necessary instead to understand the rationale behind the rules in order to appreciate why they work when they do and don't when they don't.
Seth Klarman
Image
Almost every financial blow up is because of leverage.
Seth Klarman
Image
Value investing is risk aversion.
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
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
When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to huge net cash in 2008, when the right thing to do in terms of value would have been to do the opposite.
Seth Klarman
Image
Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we buy the bargain.
Seth Klarman
Image
Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?
Seth Klarman
Image
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
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
There is no amount of bad news that the markets cannot see past.
Seth Klarman
Image
Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.
Seth Klarman
Image
Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
Seth Klarman
Image
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.
Seth Klarman
Image
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.
Seth Klarman
Image
I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline
Seth Klarman