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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.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Everything
Situations
Invisible
Saws
Auction
Fine
Auctions
Example
Tipping
Situation
Treasury
Point
Greece
Shows
Appears

More quotes by Seth Klarman

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Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity.
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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.
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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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Investing today may well be harder than it has been at any time in our three decades of existence.
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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.
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Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.
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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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Value investing is predicated on the efficient market hypothesis being wrong.
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The cost of performing well in bad times can be relative underperformance in good times.
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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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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.
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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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