Seth Klarman Quotes

Quotes about:

• 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.

  Seth Klarman

  People, May, Strategy

  6 Copy quote

• The way to maximize outcome is to focus on the process.

  Seth Klarman

  Focus, Outcomes, Way

  5 Copy quote

• In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it.

  Seth Klarman

  Mind, Investing, Changing Your Mind

  8 Copy quote

• Loss avoidance must be the cornerstone of your investment philosophy.

  Seth Klarman

  Philosophy, Loss, Investment

  10 Copy quote

• The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.

  Seth Klarman

  Intelligent, Stories, Investing

  38 Copy quote

• 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.

  Seth Klarman

  Littles, Buying, Absence

  23 Copy quote

• The single greatest edge an investor can have is a long-term orientation.

  Seth Klarman

  Long, Investing, Term

  54 Copy quote

• 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

  Safety, Risk, Investing

  5 Copy quote

• You must buy on the way down. There is far more volume on the way down than on the way back up, and far less competition among buyers. It is almost always better to be too early than too late, but you must be prepared for price markdowns on what you buy.

  Seth Klarman

  Competition, Too Late, Way

  13 Copy quote

• Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient

  Seth Klarman

  Discipline, Looks, Prudent

  26 Copy quote

• We don't deal in absolutes. We deal in probabilities.

  Seth Klarman

  Deals, Probability, Absolutes

  6 Copy quote

• Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands. By having confidence in their own analysis and judgement, they respond to market forces not with blind emotion but with calculated reason. Successful investors, for example, demonstrate caution in frothy markets and steadfast conviction in panicky ones. Indeed, the very way an investor views the market and it’s price fluctuations is a key factor in his or her ultimate investment success or failure.

  Seth Klarman

  Successful, Keys, Views

  34 Copy quote

• I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And when I find a great business I'm happy to buy it and hold it. Most businesses don't look so great to me.

  Seth Klarman

  Eye, Thinking, Looks

  9 Copy quote

• Targeting investment returns leads investors to focus on potential upside rather on downside risk ... rather than targeting a desired rate of return, even an eminently reasonable one, investors should target risk.

  Seth Klarman

  Focus, Risk, Target

  7 Copy quote

• The trick of successful investors is to sell when they want to, not when they have to.

  Seth Klarman

  Successful, Want, Tricks

  12 Copy quote

• Warren Buffett likes to say that the first rule of investing is "Don't lose money," and the second rule is, "Never forget the first rule." I too believe that avoiding loss should be the primary goal of every investor. This does not mean that investors should never incur the risk of any loss at all. Rather "don't lose money" means that over several years an investment portfolio should not be exposed to appreciable loss of principal.

  Seth Klarman

  Believe, Mean, Loss

  11 Copy quote

• Value investing is simple to understand but difficult to implement. Value investors are not supersophisticated analytical wizards who create and apply intricate computer models to find attractive opportunities or assess underlying value. The hard part is discipline, patience, and judgment. Investors need discipline to avoid the many unattractive pitches that are thrown, patience to wait for the right pitch, and judgment to know when it is time to swing.

  Seth Klarman

  Opportunity, Simple, Swings

  20 Copy quote

• Do not suffer interim losses, relish and appreciate them

  Seth Klarman

  Loss, Appreciate, Suffering

  5 Copy quote

• Investing is the intersection of economics and psychology.

  Seth Klarman

  Intelligent, Psychology, Investing

  6 Copy quote

• I think markets will never be efficient because of human nature.

  Seth Klarman

  Thinking, Human Nature, Humans

  21 Copy quote

• Never stop reading. History doesn't repeat, but it does rhyme.

  Seth Klarman

  Reading, Doe, Rhyme

  4 Copy quote

• If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing due to over-reaction.

  Seth Klarman

  Looks, Investing, Doe

  6 Copy quote

• Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.

  Seth Klarman

  Exit, Should, Realms

  11 Copy quote

• A value strategy is of little use to the impatient investor since it usually takes time to pay off.

  Seth Klarman

  Use, Littles, Pay

  6 Copy quote

• We are big fans of fear, and in investing it is clearly better to be scared than sorry.

  Seth Klarman

  Sorry, Fans, Investing

  9 Copy quote

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