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

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Be indifferent if you lose your short term clients, remember they are your own worst enemy
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Investing is the intersection of economics and psychology.
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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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The cost of performing well in bad times can be relative underperformance in good times.
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If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.
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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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Never stop reading. History doesn't repeat, but it does rhyme.
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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.
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The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled out of the tub, all boats dropped as the water rushed down the drain.
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