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Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we buy the bargain.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Things
Typically
Profits
Captured
Count
Profit
Later
Money
Bargain
Make
Bargains

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Investing today may well be harder than it has been at any time in our three decades of existence.
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Almost every financial blow up is because of leverage.
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If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing due to over-reaction.
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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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All an investor can do is follow a consistently disciplined and rigorous approach over time the returns will come
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I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline
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Investment success cannot be captured in a mathematical equation or a computer program.
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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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At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst distress, public markets are more likely than private ones to offer attractive opportunities to average down.
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Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
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Risk is not inherent in an investment it is always relative to the price paid. Uncertainty is not the same as risk. Indeed, when great uncertainty - such as in the fall of 2008 - drives securities prices to especially low levels, they often become less risky investments.
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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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Value investing by its very nature is contrarian.
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