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A commodity doesn't have the same characteristics as a security, characteristics that allow for analysis. Other than a recent sale or appreciation due to inflation, analyzing the current or future worth of a commodity is nearly impossible.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Doesn
Nearly
Sale
Appreciation
Inflation
Analysis
Commodity
Allow
Recent
Worth
Characteristics
Security
Dues
Impossible
Current
Future
Currents
Analyzing

More quotes by Seth Klarman

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Over the long run, the crowd is always wrong.
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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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There is no amount of bad news that the markets cannot see past.
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Be indifferent if you lose your short term clients, remember they are your own worst enemy
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Excess capacity in people, machines, or property will be quickly absorbed.
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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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Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.
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Complexity - limits competition.
Seth Klarman
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When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to huge net cash in 2008, when the right thing to do in terms of value would have been to do the opposite.
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Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests itself in several ways - fully invested posture at all times, the use of leverage, and a market centric orientation that makes it difficult to stand apart from the crowd and take a long term perspective.
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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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Value investing by its very nature is contrarian.
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Because investors are not usually penalized for adhering to conventional practices, doing so is the less professionally risky strategy, even though it virtually guarantees against superior performance.
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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.
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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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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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Never stop reading. History doesn't repeat, but it does rhyme.
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As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned.
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Do not suffer interim losses, relish and appreciate them
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If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.
Seth Klarman