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In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the market will do, one must follow a value philosophy at all times.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Makes
Rising
Money
Market
Certain
Follow
Must
Value
Way
Philosophy
Values
Times
Predict
Everyone
Unnecessary

More quotes by Seth Klarman

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Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.
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Over the long run, the crowd is always wrong.
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Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
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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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Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.
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As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned.
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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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The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
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There are no long-term lessons - ever.
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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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The cost of performing well in bad times can be relative underperformance in good times.
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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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Hold cash when opportunities are not presenting themselves.
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To achieve long-term success over many financial market and economic cycles, observing a few rules is not enough. Too many things change too quickly in the investment world for that approach to succeed. It is necessary instead to understand the rationale behind the rules in order to appreciate why they work when they do and don't when they don't.
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If another person were to enter the building, it would once again be empty.
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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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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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Benjamin Graham wrote, Those with enterprise haven't the money, and those with money haven't the enterprise, to buy stocks when they are cheap.
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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.
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The single greatest edge an investor can have is a long-term orientation.
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