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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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When people give away stocks based on forced selling or fear that is usually a great opportunity.
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There is no amount of bad news that the markets cannot see past.
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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.
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Value investing by its very nature is contrarian.
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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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When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive investment.
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As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned.
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The government can indefinitely control both short-term and long-term interest rates.
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Depressions aren't good but the depression mentality is good.
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Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science.
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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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Be indifferent if you lose your short term clients, remember they are your own worst enemy
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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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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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To achieve long-term success over many financial market and economic cycles, observing a few rules is not enough. Too many things change too quickly in the investment world for that approach to succeed. It is necessary instead to understand the rationale behind the rules in order to appreciate why they work when they do and don't when they don't.
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Investing is the intersection of economics and psychology.
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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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Over the long run, the crowd is always wrong.
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Interestingly, we have beaten the market quite handsomely over this time frame, although beating the market has never been our objective. Rather, we have consistently tried not to lose money and, in doing so, have not only protected on the downside but also outperformed on the upside.
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Value investing is predicated on the efficient market hypothesis being wrong.
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