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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
Including
Sceptical
Instead
Strategies
Anyone
Predict
Ability
Occur
Whatever
Highly
Future
Survive
May
Pursue
People
Strategy

More quotes by Seth Klarman

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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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Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient
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When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive investment.
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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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There are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin of safety. It is a precisely because we do not and cannot know all the risks of an investment that we strive to invest at a discount. The bargain element helps to provide a cushion for when things go wrong.
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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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When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to huge net cash in 2008, when the right thing to do in terms of value would have been to do the opposite.
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The government can indefinitely control both short-term and long-term interest rates.
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Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
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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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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.
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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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If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses -- it all makes sense.
Seth Klarman
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When you buy bargains and they become better bargains, it is easy to start to question yourself, which can impair your judgement. Real or imagined concerns about client redemptions, employee defections can greatly influence behavior away from rational.
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It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information.
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Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.
Seth Klarman
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If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.
Seth Klarman
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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
Seth Klarman
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Never stop reading. History doesn't repeat, but it does rhyme.
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We don't deal in absolutes. We deal in probabilities.
Seth Klarman