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Be indifferent if you lose your short term clients, remember they are your own worst enemy

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Indifferent
Short
Lose
Loses
Worst
Enemy
Term
Remember
Clients

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Investment success cannot be captured in a mathematical equation or a computer program.
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Investing is the intersection of economics and psychology.
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There are no long-term lessons - ever.
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Complexity - limits competition.
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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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The cost of performing well in bad times can be relative underperformance in good times.
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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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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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Hold cash when opportunities are not presenting themselves.
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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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The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.
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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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All an investor can do is follow a consistently disciplined and rigorous approach over time the returns will come
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Over the long run, the crowd is always wrong.
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Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science.
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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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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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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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A tipping point is invisible, as we just saw in Greece. In most situations, everything appears fine until it's not fine, until, for example, no one shows up at a Treasury auction.
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Be focused on process and not outcome
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