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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.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Either
Adopted
Values
Gradually
Investing
Often
Concept
Never
Concepts
Time
Truly
Absorbed
Value
Observed
Learned
Applied

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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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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 people give away stocks based on forced selling or fear that is usually a great opportunity.
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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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I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And when I find a great business I'm happy to buy it and hold it. Most businesses don't look so great to me.
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Complexity - limits competition.
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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.
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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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Investing today may well be harder than it has been at any time in our three decades of existence.
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Having great clients is the key to investment success.
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If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.
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At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst distress, public markets are more likely than private ones to offer attractive opportunities to average down.
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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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The single greatest edge an investor can have is a long-term orientation.
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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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Depressions aren't good but the depression mentality is good.
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Be indifferent if you lose your short term clients, remember they are your own worst enemy
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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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