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Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Wrong
Assures
Fact
Achieving
Success
Avoiding
Facts
Investment
Others
Step
Important
Steps
Achieve
Almost

More quotes by Seth Klarman

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Almost every financial blow up is because of leverage.
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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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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 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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Be indifferent if you lose your short term clients, remember they are your own worst enemy
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Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
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The government can indefinitely control both short-term and long-term interest rates.
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Value investing is risk aversion.
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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.
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The cost of performing well in bad times can be relative underperformance in good times.
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A commodity doesn't have the same characteristics as a security, characteristics that allow for analysis. Other than a recent sale or appreciation due to inflation, analyzing the current or future worth of a commodity is nearly impossible.
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Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?
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Never stop reading. History doesn't repeat, but it does rhyme.
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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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The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.
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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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The single greatest edge an investor can have is a long-term orientation.
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Hold cash when opportunities are not presenting themselves.
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I know of no long-time practitioner who regrets adhering to a value philosophy few investors who embrace the fundamental principles ever abandon this investment approach for another
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We don't deal in absolutes. We deal in probabilities.
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