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Over the long run, the crowd is always wrong.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Crowd
Crowds
Wrong
Running
Long
Always

More quotes by Seth Klarman

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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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Having great clients is the key to investment success.
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Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.
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There are no long-term lessons - ever.
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Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and care, they may in fact be wrong.
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Value investing is predicated on the efficient market hypothesis being wrong.
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Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
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Limit risk with: Deep analysis Bargain purchase Sensitivity analysis.
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A value strategy is of little use to the impatient investor since it usually takes time to pay off.
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Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.
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To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still some higher price. The goal is to buy the first, avoid the second, and sell the third.
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A tipping point is invisible, as we just saw in Greece. In most situations, everything appears fine until it's not fine, until, for example, no one shows up at a Treasury auction.
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When all feels calm and prices surge, the markets may feel safe but, in fact, they are dangerous because few investors are focusing on risk.
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If another person were to enter the building, it would once again be empty.
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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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Value investing is risk aversion.
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Investment success cannot be captured in a mathematical equation or a computer program.
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Never stop reading. History doesn't repeat, but it does rhyme.
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There is no amount of bad news that the markets cannot see past.
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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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