Quote

Benjamin Graham wrote, Those with enterprise haven't the money, and those with money haven't the enterprise, to buy stocks when they are cheap.

Seth Klarman

Change background

T
T
T

Change font

TAGS & TOPICS

Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Wrote
Havens
Haven
Money
Benjamin
Graham
Stocks
Cheap
Enterprise

More quotes by Seth Klarman

Image
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
Image
Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?
Seth Klarman
Image
A value strategy is of little use to the impatient investor since it usually takes time to pay off.
Seth Klarman
Image
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.
Seth Klarman
Image
There are no long-term lessons - ever.
Seth Klarman
Image
If another person were to enter the building, it would once again be empty.
Seth Klarman
Image
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.
Seth Klarman
Image
Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.
Seth Klarman
Image
Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science.
Seth Klarman
Image
Do not suffer interim losses, relish and appreciate them
Seth Klarman
Image
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.
Seth Klarman
Image
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.
Seth Klarman
Image
The single greatest edge an investor can have is a long-term orientation.
Seth Klarman
Image
All an investor can do is follow a consistently disciplined and rigorous approach over time the returns will come
Seth Klarman
Image
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.
Seth Klarman
Image
Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so often, or protect on the downside and don't be at the party so long when things are good.
Seth Klarman
Image
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.
Seth Klarman
Image
When people give away stocks based on forced selling or fear that is usually a great opportunity.
Seth Klarman
Image
The government can indefinitely control both short-term and long-term interest rates.
Seth Klarman
Image
Never stop reading. History doesn't repeat, but it does rhyme.
Seth Klarman