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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.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Must
Stand
Arrogance
Effort
Temper
Successful
Efforts
Wrong
Despite
Fact
Humility
Facts
Large
Care
Taking
Dose
May
Accepting
Investors

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Investment success cannot be captured in a mathematical equation or a computer program.
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In contrast to the speculators preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss.
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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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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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Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
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Be indifferent if you lose your short term clients, remember they are your own worst enemy
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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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In a crisis, stocks of financial companies are great investments, because the tide is bound to turn. Massive losses on bad loans and soured investments are irrelevant to value improving trends and future prospects are what matter, regardless of whether profits will have to be used to cover loan losses and equity shortfalls for years to come.
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Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
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Having great clients is the key to investment success.
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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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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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Do not suffer interim losses, relish and appreciate them
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Limit risk with: Deep analysis Bargain purchase Sensitivity analysis.
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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 stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
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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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While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk aversion-may well be genetically determined.
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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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A commodity doesn't have the same characteristics as a security, characteristics that allow for analysis. Other than a recent sale or appreciation due to inflation, analyzing the current or future worth of a commodity is nearly impossible.
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