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

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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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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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One of the biggest challenges in investing is that the opportunity set available today is not the complete opportunity set that should be considered. Limiting your opportunity set to the one immediately at hand would be like limiting your spouse to the students you met in high school
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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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There are no long-term lessons - ever.
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Value investing is predicated on the efficient market hypothesis being wrong.
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When a government official says a problem has been contained, pay no attention.
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Having great clients is the key to investment success.
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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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Hold cash when opportunities are not presenting themselves.
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While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes the need to perform in-depth fundamental analysis, pursue long-term investment results, limit risk, and resist crowd psychology.
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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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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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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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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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My view is that an investor is better off knowing a lot about a few investments than knowing a little about each of a great many holdings. One's very best idea's are likely to generate higher returns for a given level of risk than one's hundredth or thousandth best idea.
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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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Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process.
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Limit risk with: Deep analysis Bargain purchase Sensitivity analysis.
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The cost of performing well in bad times can be relative underperformance in good times.
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