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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
Must
Investors
Grain
Salt
Optimism
Broker
Street
Analyst
Streets
Brokers
Wall
Analysts
Take
Expresses

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In reality, no one knows what the market will do trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.
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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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To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still some higher price. The goal is to buy the first, avoid the second, and sell the third.
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Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
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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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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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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.
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Complexity - limits competition.
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The government can indefinitely control both short-term and long-term interest rates.
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Limit risk with: Deep analysis Bargain purchase Sensitivity analysis.
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If another person were to enter the building, it would once again be empty.
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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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When people give away stocks based on forced selling or fear that is usually a great opportunity.
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Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and care, they may in fact be wrong.
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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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Generally, the greater the stigma or revulsion, the better the bargain.
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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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The cost of performing well in bad times can be relative underperformance in good times.
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We don't deal in absolutes. We deal in probabilities.
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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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