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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
Depressions
Mentality
Depression
Aren
Good

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Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
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I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline
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Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.
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Value investing by its very nature is contrarian.
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Analysts recommendations may not produce good results. In part this is due to the pressure placed on these analysts to recommend frequently rather than wisely.
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Value investing is predicated on the efficient market hypothesis being wrong.
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The cost of performing well in bad times can be relative underperformance in good times.
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There are no long-term lessons - ever.
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We continue to adhere to a common-sense view of risk - how much we can lose and the probability of losing it. While this perspective may seem over simplisticor even hopelessly outdated, we believe it provides a vital clarity about the true risks in investing.
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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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Do not suffer interim losses, relish and appreciate them
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Never stop reading. History doesn't repeat, but it does rhyme.
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I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And when I find a great business I'm happy to buy it and hold it. Most businesses don't look so great to me.
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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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Hold cash when opportunities are not presenting themselves.
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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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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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Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
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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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