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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.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Think
Eye
Thinking
Business
Makes
Investor
Better
Investors
Find
Businesses
Look
Toward
Looks
Hold
Great
Happy

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When a government official says a problem has been contained, pay no attention.
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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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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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Never stop reading. History doesn't repeat, but it does rhyme.
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Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.
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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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Value investing by its very nature is contrarian.
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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.
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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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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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If another person were to enter the building, it would once again be empty.
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Generally, the greater the stigma or revulsion, the better the bargain.
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The single greatest edge an investor can have is a long-term orientation.
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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.
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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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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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A value strategy is of little use to the impatient investor since it usually takes time to pay off.
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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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Having great clients is the key to investment success.
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