Seth Klarman Quotes

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

  Seth Klarman

  Long, Investing, Term

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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.

  Seth Klarman

  Intelligent, Stories, Investing

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• Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

  Seth Klarman

  Sleep, Night, Important

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• Value investing is at its core the marriage of a contrarian streak and a calculator.

  Seth Klarman

  Intelligent, Investing, Calculators

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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.

  Seth Klarman

  Littles, Buying, Absence

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• All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come

  Seth Klarman

  Return, Approach, Can Do

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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.

  Seth Klarman

  Reality, Trying, Investing

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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.

  Seth Klarman

  Water, Cash, Tubs

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• 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

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• The avoidance of loss is the surest way to ensure a profitable outcome.

  Seth Klarman

  Loss, Outcomes, Way

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• Warren Buffett is right when he says you should invest as if the market is going to be closed for the next five years. The fundamental principles of value investing, if they make sense to you, can allow you to survive and prosper when everyone else is rudderless. We have a proven map with which to navigate. It sounds kind of crazy, but in times of turmoil in the market. I’ve felt a sort of serenity in knowing that if I’ve checked and rechecked my work, one plus one still equals two regardless of where a stock trades right after I buy it.

  Seth Klarman

  Crazy, Years, Two

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• It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to stand apart from it. Yet distancing yourself from the crowd is an essential component of long-term investment success.

  Seth Klarman

  Running, Investment Success, Long

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• Investing today may well be harder than it has been at any time in our three decades of existence.

  Seth Klarman

  Three, Investing, May

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• There's no such thing as a value company. Price is all that matters. At some price, an asset is a buy, at another it's a hold, and at another it's a sell.

  Seth Klarman

  Matter, Assets, Company

  "Jason Zweig Interviews Seth Klarman At CFA Institute Annual Conference". Interview with Jason Zweig, www.gurufocus.com. July 15, 2010.

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• The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.

  Seth Klarman

  Successful, People, Majority

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• Selling, in particular, can be a challenge; many investors are tempted to become more optimistic when a security is performing well. This temptation must be resisted; tax considerations aside, when a security reaches full valuation, there is no longer a reason to own it.

  Seth Klarman

  Optimistic, Temptation, Challenges

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• Over the long run, the crowd is always wrong.

  Seth Klarman

  Running, Long, Crowds

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

  Seth Klarman

  Thinking, Human Nature, Humans

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• 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

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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.

  Seth Klarman

  Views, Ideas, Knowing

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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.

  Seth Klarman

  Investing, Buffett, Adopted

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

  Seth Klarman

  Successful, Want, Tricks

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• 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

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• Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.

  Seth Klarman

  Sports, Mean, Worry

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• Value investors will not invest in businesses that they cannot readily understand or ones they find excessively risky. Hence few value investors will own the shares of technology companies. Many also shun commercial banks, which they consider to have unanalyzable assets, as well as property and casualty insurance companies, which have both unanalyzable assets and liabilities.

  Seth Klarman

  Technology, Commercial Banks, Share

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