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People should be highly sceptical of anyone's including their own, ability to predict the future, and instead pursue strategies that can survive whatever may occur.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Whatever
Highly
Future
Survive
May
Pursue
People
Strategy
Including
Sceptical
Instead
Strategies
Anyone
Predict
Ability
Occur

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Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.
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Risk is not inherent in an investment it is always relative to the price paid. Uncertainty is not the same as risk. Indeed, when great uncertainty - such as in the fall of 2008 - drives securities prices to especially low levels, they often become less risky investments.
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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.
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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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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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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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When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.
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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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Generally, the greater the stigma or revulsion, the better the bargain.
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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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Investing today may well be harder than it has been at any time in our three decades of existence.
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Investment success cannot be captured in a mathematical equation or a computer program.
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Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
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Limit risk with: Deep analysis Bargain purchase Sensitivity analysis.
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Value investing by its very nature is contrarian.
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Never stop reading. History doesn't repeat, but it does rhyme.
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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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Almost every financial blow up is because of leverage.
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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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Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient
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