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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.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Part
Recommend
May
Placed
Good
Frequently
Dues
Pressure
Produce
Recommendations
Results
Analysts
Rather
Wisely

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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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When a government official says a problem has been contained, pay no attention.
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Depressions aren't good but the depression mentality is good.
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Hold cash when opportunities are not presenting themselves.
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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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If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing due to over-reaction.
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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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Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.
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Generally, the greater the stigma or revulsion, the better the bargain.
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Be focused on process and not outcome
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Investing is the intersection of economics and psychology.
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I know of no long-time practitioner who regrets adhering to a value philosophy few investors who embrace the fundamental principles ever abandon this investment approach for another
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Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity.
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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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We are big fans of fear, and in investing it is clearly better to be scared than sorry.
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In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the market will do, one must follow a value philosophy at all times.
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Value investing is predicated on the efficient market hypothesis being wrong.
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When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.
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Never stop reading. History doesn't repeat, but it does rhyme.
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Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so often, or protect on the downside and don't be at the party so long when things are good.
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