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When a government official says a problem has been contained, pay no attention.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Says
Attention
Problem
Government
Contained
Official
Officials
Pay

More quotes by Seth Klarman

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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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Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.
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Excess capacity in people, machines, or property will be quickly absorbed.
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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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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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Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
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Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.
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Be indifferent if you lose your short term clients, remember they are your own worst enemy
Seth Klarman
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Be focused on process and not outcome
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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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If another person were to enter the building, it would once again be empty.
Seth Klarman
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Hold cash when opportunities are not presenting themselves.
Seth Klarman
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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.
Seth Klarman
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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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I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline
Seth Klarman
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Value investing by its very nature is contrarian.
Seth Klarman
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The government can indefinitely control both short-term and long-term interest rates.
Seth Klarman
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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.
Seth Klarman
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It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information.
Seth Klarman
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Having great clients is the key to investment success.
Seth Klarman