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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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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Decisions
Institutional
Based
Demonstrate
Decision
Inability
Term
Alike
Individual
Frequently
Business
Investors
Long
Fundamentals
Make
Investment

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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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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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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.
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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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Value investing by its very nature is contrarian.
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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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If another person were to enter the building, it would once again be empty.
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Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
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It's awful to have a depression, but it's a great thing to have a depression mentality because it means that we are not speculating, we are not living beyond our means, we don't quit our job to take a big risk because we know we might not get another job. There is something stable about a country, a society built on those values.
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Complexity - limits competition.
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Generally, the greater the stigma or revulsion, the better the bargain.
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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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Never stop reading. History doesn't repeat, but it does rhyme.
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It turns out that value investing is something that is in your blood. There are people who just don't have the patience and discipline to do it, and there are people who do. So it leads me to think it's genetic.
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There is no amount of bad news that the markets cannot see past.
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The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.
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Value investing is risk aversion.
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Value investing is predicated on the efficient market hypothesis being wrong.
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