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The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled out of the tub, all boats dropped as the water rushed down the drain.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Times
Pulled
Plug
Cash
Plugs
Boat
Boats
Fully
Drain
Meant
Drains
Pressure
Invested
Hold
Dropped
Tubs
Water
Inability
Rushed

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We are big fans of fear, and in investing it is clearly better to be scared than sorry.
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Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
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Depressions aren't good but the depression mentality is good.
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In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the market will do, one must follow a value philosophy at all times.
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The government can indefinitely control both short-term and long-term interest rates.
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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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Almost every financial blow up is because of leverage.
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Complexity - limits competition.
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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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When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.
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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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If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.
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Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.
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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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All an investor can do is follow a consistently disciplined and rigorous approach over time the returns will come
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If another person were to enter the building, it would once again be empty.
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Value investing is risk aversion.
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