Quote

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

Change background

T
T
T

Change font

TAGS & TOPICS

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

More quotes by Seth Klarman

Image
Never stop reading. History doesn't repeat, but it does rhyme.
Seth Klarman
Image
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.
Seth Klarman
Image
Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.
Seth Klarman
Image
Investment success cannot be captured in a mathematical equation or a computer program.
Seth Klarman
Image
Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity.
Seth Klarman
Image
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.
Seth Klarman
Image
The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.
Seth Klarman
Image
The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is probably much worth selling.
Seth Klarman
Image
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.
Seth Klarman
Image
Complexity - limits competition.
Seth Klarman
Image
Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient
Seth Klarman
Image
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.
Seth Klarman
Image
Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.
Seth Klarman
Image
Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
Seth Klarman
Image
Excess capacity in people, machines, or property will be quickly absorbed.
Seth Klarman
Image
Hold cash when opportunities are not presenting themselves.
Seth Klarman
Image
The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
Seth Klarman
Image
Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?
Seth Klarman
Image
There are no long-term lessons - ever.
Seth Klarman
Image
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.
Seth Klarman