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In contrast to the speculators preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Gains
Rapids
Loss
Demonstrate
Striving
Value
Investors
Risk
Contrast
Speculators
Values
Gain
Aversion
Avoid
Preoccupation
Strive
Rapid

More quotes by Seth Klarman

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Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient
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Excess capacity in people, machines, or property will be quickly absorbed.
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The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is probably much worth selling.
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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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Things that have never happened before are bound to occur with some regularity. You must always be prepared for the unexpected, including sudden, sharp downward swings in markets and the economy. Whatever adverse scenario you can contemplate, reality can be far worse.
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One of the biggest challenges in investing is that the opportunity set available today is not the complete opportunity set that should be considered. Limiting your opportunity set to the one immediately at hand would be like limiting your spouse to the students you met in high school
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Having great clients is the key to investment success.
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It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information.
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Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science.
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There are no long-term lessons - ever.
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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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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.
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We are big fans of fear, and in investing it is clearly better to be scared than sorry.
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The single greatest edge an investor can have is a long-term orientation.
Seth Klarman
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Value investing by its very nature is contrarian.
Seth Klarman
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Complexity - limits competition.
Seth Klarman
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In a crisis, stocks of financial companies are great investments, because the tide is bound to turn. Massive losses on bad loans and soured investments are irrelevant to value improving trends and future prospects are what matter, regardless of whether profits will have to be used to cover loan losses and equity shortfalls for years to come.
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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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Hold cash when opportunities are not presenting themselves.
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Generally, the greater the stigma or revulsion, the better the bargain.
Seth Klarman