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Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Term
Success
Else
Nothing
Orientation
Important
Clients
Long
Crucial
Firm
Investment

More quotes by Seth Klarman

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We don't deal in absolutes. We deal in probabilities.
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Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
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Complexity - limits competition.
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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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Having great clients is the key to investment success.
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Be indifferent if you lose your short term clients, remember they are your own worst enemy
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Investment success cannot be captured in a mathematical equation or a computer program.
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At Baupost, we constantly ask: 'What should we work on today?' We keep calling and talking. We keep gathering information. You never have perfect information. So you work, work and work. Sometimes we thumb through ValuLine. How you fill your inbox is very important.
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Over the long run, the crowd is always wrong.
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The single greatest edge an investor can have is a long-term orientation.
Seth Klarman
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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.
Seth Klarman
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When you buy bargains and they become better bargains, it is easy to start to question yourself, which can impair your judgement. Real or imagined concerns about client redemptions, employee defections can greatly influence behavior away from rational.
Seth Klarman
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A value strategy is of little use to the impatient investor since it usually takes time to pay off.
Seth Klarman
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Generally, the greater the stigma or revulsion, the better the bargain.
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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.
Seth Klarman
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I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline
Seth Klarman
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All an investor can do is follow a consistently disciplined and rigorous approach over time the returns will come
Seth Klarman
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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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Do not suffer interim losses, relish and appreciate them
Seth Klarman
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If another person were to enter the building, it would once again be empty.
Seth Klarman