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The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is probably much worth selling.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Worth
Indicators
Probably
Bargains
Littles
Reverse
Find
Buying
Little
Near
Much
Selling
Absence
Works
Indicator

More quotes by Seth Klarman

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Almost every financial blow up is because of leverage.
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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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I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline
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In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the market will do, one must follow a value philosophy at all times.
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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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Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.
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There is no amount of bad news that the markets cannot see past.
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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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Interestingly, we have beaten the market quite handsomely over this time frame, although beating the market has never been our objective. Rather, we have consistently tried not to lose money and, in doing so, have not only protected on the downside but also outperformed on the upside.
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Never stop reading. History doesn't repeat, but it does rhyme.
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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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A value strategy is of little use to the impatient investor since it usually takes time to pay off.
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Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
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Do not suffer interim losses, relish and appreciate them
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At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst distress, public markets are more likely than private ones to offer attractive opportunities to average down.
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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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The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.
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Complexity - limits competition.
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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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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.
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