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Depressions aren't good but the depression mentality is good.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Mentality
Depression
Aren
Good
Depressions

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If another person were to enter the building, it would once again be empty.
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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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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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When all feels calm and prices surge, the markets may feel safe but, in fact, they are dangerous because few investors are focusing on risk.
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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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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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Never stop reading. History doesn't repeat, but it does rhyme.
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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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When you buy bargains and they become better bargains, it is easy to start to question yourself, which can impair your judgement. Real or imagined concerns about client redemptions, employee defections can greatly influence behavior away from rational.
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Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.
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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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Value investing is predicated on the efficient market hypothesis being wrong.
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Over the long run, the crowd is always wrong.
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Complexity - limits competition.
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Be focused on process and not outcome
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Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.
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The cost of performing well in bad times can be relative underperformance in good times.
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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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Limit risk with: Deep analysis Bargain purchase Sensitivity analysis.
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Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so often, or protect on the downside and don't be at the party so long when things are good.
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