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When people give away stocks based on forced selling or fear that is usually a great opportunity.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Giving
Forced
Great
Selling
People
Based
Usually
Opportunity
Fear
Away
Give
Stocks

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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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I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline
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Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
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When a government official says a problem has been contained, pay no attention.
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Over the long run, the crowd is always wrong.
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Do not suffer interim losses, relish and appreciate them
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Be indifferent if you lose your short term clients, remember they are your own worst enemy
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When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.
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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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It sounds kind of crazy, but in times of turmoil in the market, I've felt a sort of serenity in knowing that I've checked and re-checked my work, one plus one still equals two regardless of where a stock trades right after I buy it.
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Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.
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Be focused on process and not outcome
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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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The single greatest edge an investor can have is a long-term orientation.
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When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive investment.
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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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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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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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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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A value strategy is of little use to the impatient investor since it usually takes time to pay off.
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