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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.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Always
Decision
Swing
Waiting
Pitch
Opportunity
Swings
Stills
Panic
Dodd
Remember
Investing
Graham
Still
Opportunities
Patiently
Find
Fit
Deciding
Every
Wait
Criteria

More quotes by Seth Klarman

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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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Investing today may well be harder than it has been at any time in our three decades of existence.
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It's awful to have a depression, but it's a great thing to have a depression mentality because it means that we are not speculating, we are not living beyond our means, we don't quit our job to take a big risk because we know we might not get another job. There is something stable about a country, a society built on those values.
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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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Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests itself in several ways - fully invested posture at all times, the use of leverage, and a market centric orientation that makes it difficult to stand apart from the crowd and take a long term perspective.
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Value investing by its very nature is contrarian.
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When a government official says a problem has been contained, pay no attention.
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The single greatest edge an investor can have is a long-term orientation.
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Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against the risks incurred. Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
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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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The government can indefinitely control both short-term and long-term interest rates.
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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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When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.
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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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