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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

More quotes by Seth Klarman

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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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People should be highly sceptical of anyone's including their own, ability to predict the future, and instead pursue strategies that can survive whatever may occur.
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The cost of performing well in bad times can be relative underperformance in good times.
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There is no amount of bad news that the markets cannot see past.
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Over the long run, the crowd is always wrong.
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There are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin of safety. It is a precisely because we do not and cannot know all the risks of an investment that we strive to invest at a discount. The bargain element helps to provide a cushion for when things go wrong.
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Excess capacity in people, machines, or property will be quickly absorbed.
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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 great clients is the key to investment success.
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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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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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Depressions aren't good but the depression mentality is good.
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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 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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Limit risk with: Deep analysis Bargain purchase Sensitivity analysis.
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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.
Seth Klarman
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Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
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Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process.
Seth Klarman
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When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to huge net cash in 2008, when the right thing to do in terms of value would have been to do the opposite.
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The single greatest edge an investor can have is a long-term orientation.
Seth Klarman