Seth Klarman Quotes

Quotes about:

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

  Seth Klarman

  Long, Investing, Term

  51 Copy quote

• Investing is the intersection of economics and psychology.

  Seth Klarman

  Intelligent, Psychology, Investing

  3 Copy quote

• Flexible approach - will look at ALL asset classes.

  Seth Klarman

  Class, Looks, Assets

  3 Copy quote

• 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

  3 Copy quote

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

  Seth Klarman

  Focus, Outcomes, Way

  2 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

  35 Copy quote

• Hold cash when opportunities are not presenting themselves.

  Seth Klarman

  Opportunity, Cash, Presenting

  2 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

  17 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

  20 Copy quote

• A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility in a complex, unpredictable and rapidly changing world.

  Seth Klarman

  Errors, Safety, Luck

  "Here's an explanation of Ben Graham's concept of 'margin of safety'". www.businessinsider.com. February 10, 2016.

  10 Copy quote

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

  Seth Klarman

  Reading, Doe, Rhyme

  1 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

  10 Copy quote

• 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

  7 Copy quote

• 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.

  Seth Klarman

  Risk, May, Safe

  6 Copy quote

• Do not suffer interim losses, relish and appreciate them

  Seth Klarman

  Loss, Appreciate, Suffering

  2 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

  31 Copy quote

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

  Seth Klarman

  Intelligent, Investing, Calculators

  39 Copy quote

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

  Seth Klarman

  Running, Long, Crowds

  16 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

  23 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

  5 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

  4 Copy quote

• When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive investment.

  Seth Klarman

  Rocks, Investment, Selling

  11 Copy quote

• 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.

  Seth Klarman

  Loss, What Matters, Years

  8 Copy quote

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

  Seth Klarman

  Philosophy, Loss, Investment

  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

  9 Copy quote

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