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Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process.
Seth Klarman
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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Discipline
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Discount
Value
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More quotes by Seth Klarman
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
Investment success cannot be captured in a mathematical equation or a computer program.
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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.
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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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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
We continue to adhere to a common-sense view of risk - how much we can lose and the probability of losing it. While this perspective may seem over simplisticor even hopelessly outdated, we believe it provides a vital clarity about the true risks in investing.
Seth Klarman
Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity.
Seth Klarman
Never stop reading. History doesn't repeat, but it does rhyme.
Seth Klarman
Be focused on process and not outcome
Seth Klarman
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
Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient
Seth Klarman
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
We don't deal in absolutes. We deal in probabilities.
Seth Klarman
Investing today may well be harder than it has been at any time in our three decades of existence.
Seth Klarman
Hold cash when opportunities are not presenting themselves.
Seth Klarman
When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.
Seth Klarman
Benjamin Graham wrote, Those with enterprise haven't the money, and those with money haven't the enterprise, to buy stocks when they are cheap.
Seth Klarman
The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
Seth Klarman
Depressions aren't good but the depression mentality is good.
Seth Klarman
I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline
Seth Klarman