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To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still some higher price. The goal is to buy the first, avoid the second, and sell the third.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Still
Value
Sell
Overvalued
Firsts
Second
Variety
Undervalued
Come
Higher
Sells
Varieties
First
Goal
Third
Investor
Values
Thirds
Investments
Three
Investment
Valued
Another
Price
Fairly
Stills
Avoid
Investors

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There are no long-term lessons - ever.
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Depressions aren't good but the depression mentality is good.
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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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Investment success cannot be captured in a mathematical equation or a computer program.
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Investing is the intersection of economics and psychology.
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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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The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.
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As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria and if you don't find them, patiently wait. Deciding not to panic is still a decision.
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Be focused on process and not outcome
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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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Benjamin Graham wrote, Those with enterprise haven't the money, and those with money haven't the enterprise, to buy stocks when they are cheap.
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There is no amount of bad news that the markets cannot see past.
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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 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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Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.
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Generally, the greater the stigma or revulsion, the better the bargain.
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The cost of performing well in bad times can be relative underperformance in good times.
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It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information.
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If another person were to enter the building, it would once again be empty.
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