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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
Littles
Reverse
Find
Buying
Little
Near
Much
Selling
Absence
Works
Indicator
Worth
Indicators
Probably
Bargains

More quotes by Seth Klarman

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Value investing is predicated on the efficient market hypothesis being wrong.
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If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses -- it all makes sense.
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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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Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
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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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Depressions aren't good but the depression mentality is good.
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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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Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests itself in several ways - fully invested posture at all times, the use of leverage, and a market centric orientation that makes it difficult to stand apart from the crowd and take a long term perspective.
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Be focused on process and not outcome
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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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Almost every financial blow up is because of leverage.
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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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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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Never stop reading. History doesn't repeat, but it does rhyme.
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I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline
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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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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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Be indifferent if you lose your short term clients, remember they are your own worst enemy
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Over the long run, the crowd is always wrong.
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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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