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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
Invisible
Saws
Auction
Fine
Auctions
Example
Tipping
Situation
Treasury
Point
Greece
Shows
Appears
Everything
Situations

More quotes by Seth Klarman

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Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
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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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All an investor can do is follow a consistently disciplined and rigorous approach over time the returns will come
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The single greatest edge an investor can have is a long-term orientation.
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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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To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still some higher price. The goal is to buy the first, avoid the second, and sell the third.
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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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Be focused on process and not outcome
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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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Having great clients is the key to investment success.
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Value investing by its very nature is contrarian.
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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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If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses -- it all makes sense.
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In reality, no one knows what the market will do trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.
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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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We are big fans of fear, and in investing it is clearly better to be scared than sorry.
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Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.
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