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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
Values
Contrast
Speculators
Gain
Aversion
Avoid
Preoccupation
Strive
Rapid
Gains
Rapids
Loss
Demonstrate
Value
Striving
Risk
Investors

More quotes by Seth Klarman

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The cost of performing well in bad times can be relative underperformance in good times.
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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.
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Generally, the greater the stigma or revulsion, the better the bargain.
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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.
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Value investing is risk aversion.
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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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When a government official says a problem has been contained, pay no attention.
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Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.
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Never stop reading. History doesn't repeat, but it does rhyme.
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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.
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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 don't deal in absolutes. We deal in probabilities.
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Almost no one will accept responsibility for his or her role in precipitating a crisis: not leveraged speculators, not willfully blind leaders of financial institutions, and certainly not regulators, government officials, ratings agencies or politicians.
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As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria and if you don't find them, patiently wait. Deciding not to panic is still a decision.
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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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Having great clients is the key to investment success.
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Limit risk with: Deep analysis Bargain purchase Sensitivity analysis.
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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.
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Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?
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Analysts recommendations may not produce good results. In part this is due to the pressure placed on these analysts to recommend frequently rather than wisely.
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