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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
Profits
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More quotes by Seth Klarman
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.
Seth Klarman
When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.
Seth Klarman
The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.
Seth Klarman
Value investing is risk aversion.
Seth Klarman
Investment success cannot be captured in a mathematical equation or a computer program.
Seth Klarman
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.
Seth Klarman
All an investor can do is follow a consistently disciplined and rigorous approach over time the returns will come
Seth Klarman
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.
Seth Klarman
Limit risk with: Deep analysis Bargain purchase Sensitivity analysis.
Seth Klarman
Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient
Seth Klarman
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.
Seth Klarman
I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline
Seth Klarman
When a government official says a problem has been contained, pay no attention.
Seth Klarman
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.
Seth Klarman
There is no amount of bad news that the markets cannot see past.
Seth Klarman
We don't deal in absolutes. We deal in probabilities.
Seth Klarman
Almost every financial blow up is because of leverage.
Seth Klarman
When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive investment.
Seth Klarman
In contrast to the speculators preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss.
Seth Klarman
If another person were to enter the building, it would once again be empty.
Seth Klarman
