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The government can indefinitely control both short-term and long-term interest rates.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Control
Term
Interest
Government
Long
Indefinitely
Rates
Rate
Short

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Investing today may well be harder than it has been at any time in our three decades of existence.
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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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As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria and if you don't find them, patiently wait. Deciding not to panic is still a decision.
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Hold cash when opportunities are not presenting themselves.
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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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Value investing by its very nature is contrarian.
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Value investing is predicated on the efficient market hypothesis being wrong.
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Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient
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Generally, the greater the stigma or revulsion, the better the bargain.
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We don't deal in absolutes. We deal in probabilities.
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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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The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
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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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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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Investing is the intersection of economics and psychology.
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Analysts recommendations may not produce good results. In part this is due to the pressure placed on these analysts to recommend frequently rather than wisely.
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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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Investment success cannot be captured in a mathematical equation or a computer program.
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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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Value investing is risk aversion.
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