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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
Good
Depressions
Mentality
Depression
Aren

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All an investor can do is follow a consistently disciplined and rigorous approach over time the returns will come
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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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The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
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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 While this perspective may seem over simplisticor even hopelessly outdated, we believe it provides a vital clarity about the true risks in investing.
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If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.
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Benjamin Graham wrote, Those with enterprise haven't the money, and those with money haven't the enterprise, to buy stocks when they are cheap.
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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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Be focused on process and not outcome
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Over the long run, the crowd is always wrong.
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It turns out that value investing is something that is in your blood. There are people who just don't have the patience and discipline to do it, and there are people who do. So it leads me to think it's genetic.
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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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Value investing is predicated on the efficient market hypothesis being wrong.
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Value investing by its very nature is contrarian.
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When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.
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Excess capacity in people, machines, or property will be quickly absorbed.
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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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Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against the risks incurred. Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
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If another person were to enter the building, it would once again be empty.
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A tipping point is invisible, as we just saw in Greece. In most situations, everything appears fine until it's not fine, until, for example, no one shows up at a Treasury auction.
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Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
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