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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
Meant
Drains
Pressure
Invested
Hold
Dropped
Tubs
Water
Inability
Rushed
Times
Pulled
Plug
Cash
Plugs
Boat
Boats
Fully
Drain

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It sounds kind of crazy, but in times of turmoil in the market, I've felt a sort of serenity in knowing that I've checked and re-checked my work, one plus one still equals two regardless of where a stock trades right after I buy it.
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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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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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Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
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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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Never stop reading. History doesn't repeat, but it does rhyme.
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If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing due to over-reaction.
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There are no long-term lessons - ever.
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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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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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When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.
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The government can indefinitely control both short-term and long-term interest rates.
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We continue to adhere to a common-sense view of risk - how much we can lose and the probability of losing it. While this perspective may seem over simplisticor even hopelessly outdated, we believe it provides a vital clarity about the true risks in investing.
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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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Almost every financial blow up is because of leverage.
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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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The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.
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Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process.
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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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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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