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When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Street
Analyst
Streets
Brokers
Wall
Analysts
Take
Expresses
Must
Investors
Grain
Salt
Optimism
Broker

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While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk aversion-may well be genetically determined.
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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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The government can indefinitely control both short-term and long-term interest rates.
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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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In contrast to the speculators preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss.
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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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Value investing by its very nature is contrarian.
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While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes the need to perform in-depth fundamental analysis, pursue long-term investment results, limit risk, and resist crowd psychology.
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Hold cash when opportunities are not presenting themselves.
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Do not suffer interim losses, relish and appreciate them
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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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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.
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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 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.
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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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Having great clients is the key to investment success.
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Depressions aren't good but the depression mentality is good.
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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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Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
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When all feels calm and prices surge, the markets may feel safe but, in fact, they are dangerous because few investors are focusing on risk.
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