Quote

Value investing by its very nature is contrarian.

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
Investing
Value
Values
Nature

More quotes by Seth Klarman

Image
When a government official says a problem has been contained, pay no attention.
Seth Klarman
Image
The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
Seth Klarman
Image
When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.
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
Excess capacity in people, machines, or property will be quickly absorbed.
Seth Klarman
Image
Do not suffer interim losses, relish and appreciate them
Seth Klarman
Image
To achieve long-term success over many financial market and economic cycles, observing a few rules is not enough. Too many things change too quickly in the investment world for that approach to succeed. It is necessary instead to understand the rationale behind the rules in order to appreciate why they work when they do and don't when they don't.
Seth Klarman
Image
Having great clients is the key to investment success.
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
Complexity - limits competition.
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 While this perspective may seem over simplisticor even hopelessly outdated, we believe it provides a vital clarity about the true risks in investing.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
There are no long-term lessons - ever.
Seth Klarman
Image
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.
Seth Klarman
Image
Things that have never happened before are bound to occur with some regularity. You must always be prepared for the unexpected, including sudden, sharp downward swings in markets and the economy. Whatever adverse scenario you can contemplate, reality can be far worse.
Seth Klarman
Image
Depressions aren't good but the depression mentality is good.
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
The single greatest edge an investor can have is a long-term orientation.
Seth Klarman
Image
It turns out that value investing is something that is in your blood. There are people who just don't have the patience and discipline to do it, and there are people who do. So it leads me to think it's genetic.
Seth Klarman
Image
There are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin of safety. It is a precisely because we do not and cannot know all the risks of an investment that we strive to invest at a discount. The bargain element helps to provide a cushion for when things go wrong.
Seth Klarman
Image
The cost of performing well in bad times can be relative underperformance in good times.
Seth Klarman