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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
Fact
Humility
Facts
Large
Care
Taking
Dose
May
Accepting
Investors
Must
Stand
Arrogance
Effort
Temper
Successful
Efforts
Wrong
Despite

More quotes by Seth Klarman

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Almost no one will accept responsibility for his or her role in precipitating a crisis: not leveraged speculators, not willfully blind leaders of financial institutions, and certainly not regulators, government officials, ratings agencies or politicians.
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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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In contrast to the speculators preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss.
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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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The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.
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Excess capacity in people, machines, or property will be quickly absorbed.
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Complexity - limits competition.
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A tipping point is invisible, as we just saw in Greece. In most situations, everything appears fine until it's not fine, until, for example, no one shows up at a Treasury auction.
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Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so often, or protect on the downside and don't be at the party so long when things are good.
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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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The cost of performing well in bad times can be relative underperformance in good times.
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Never stop reading. History doesn't repeat, but it does rhyme.
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We are big fans of fear, and in investing it is clearly better to be scared than sorry.
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At Baupost, we constantly ask: 'What should we work on today?' We keep calling and talking. We keep gathering information. You never have perfect information. So you work, work and work. Sometimes we thumb through ValuLine. How you fill your inbox is very important.
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I know of no long-time practitioner who regrets adhering to a value philosophy few investors who embrace the fundamental principles ever abandon this investment approach for another
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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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Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient
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If another person were to enter the building, it would once again be empty.
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Limit risk with: Deep analysis Bargain purchase Sensitivity analysis.
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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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