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

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Pay
Takes
Since
Investor
Values
Impatient
Use
Investors
Littles
Strategy
Little
Usually
Time
Value

More quotes by Seth Klarman

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Investing is the intersection of economics and psychology.
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It's awful to have a depression, but it's a great thing to have a depression mentality because it means that we are not speculating, we are not living beyond our means, we don't quit our job to take a big risk because we know we might not get another job. There is something stable about a country, a society built on those values.
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Be focused on process and not outcome
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When a government official says a problem has been contained, pay no attention.
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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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Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity.
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Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.
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Investing today may well be harder than it has been at any time in our three decades of existence.
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Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.
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Value investing is predicated on the efficient market hypothesis being wrong.
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There are no long-term lessons - ever.
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When you buy bargains and they become better bargains, it is easy to start to question yourself, which can impair your judgement. Real or imagined concerns about client redemptions, employee defections can greatly influence behavior away from rational.
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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.
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Value investing by its very nature is contrarian.
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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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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.
Seth Klarman
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A tipping point is invisible, as we just saw in Greece. In most situations, everything appears fine until it's not fine, until, for example, no one shows up at a Treasury auction.
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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.
Seth Klarman
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Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
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Having great clients is the key to investment success.
Seth Klarman