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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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Complexity - limits competition.
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My view is that an investor is better off knowing a lot about a few investments than knowing a little about each of a great many holdings. One's very best idea's are likely to generate higher returns for a given level of risk than one's hundredth or thousandth best idea.
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There are no long-term lessons - ever.
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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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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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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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Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.
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Generally, the greater the stigma or revulsion, the better the bargain.
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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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Having great clients is the key to investment success.
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Value investing is risk aversion.
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If another person were to enter the building, it would once again be empty.
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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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At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst distress, public markets are more likely than private ones to offer attractive opportunities to average down.
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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.
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A value strategy is of little use to the impatient investor since it usually takes time to pay off.
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In a crisis, stocks of financial companies are great investments, because the tide is bound to turn. Massive losses on bad loans and soured investments are irrelevant to value improving trends and future prospects are what matter, regardless of whether profits will have to be used to cover loan losses and equity shortfalls for years to come.
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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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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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The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.
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