Seth Klarman Quotes

Quotes about:

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

  Seth Klarman

  Long, Investing, Term

  50 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

  34 Copy quote

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

  Seth Klarman

  Intelligent, Investing, Calculators

  38 Copy quote

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

  Seth Klarman

  Sleep, Night, Important

  38 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

  30 Copy quote

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

  Seth Klarman

  Running, Long, Crowds

  16 Copy quote

• When people give away stocks based on forced selling or fear that is usually a great opportunity.

  Seth Klarman

  Opportunity, People, Giving

  4 Copy quote

• 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

  35 Copy quote

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

  Seth Klarman

  Loss, Outcomes, Way

  14 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

  2 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

• Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business isn't that hard. The psychology - how much do you buy, do you buy it at this price, do you wait for a lower price, what do you do when it looks like the world might end - those things are harder. Knowing whether you stand there, buy more, or whether something has legitimately gone wrong and you need to sell, those are harder things. That you learn with experience, by having the right psychological makeup.

  Seth Klarman

  Makeup, Knowing, Waiting

  4 Copy quote

• Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?

  Seth Klarman

  Opportunity, May, Today

  2 Copy quote

• Do not suffer interim losses, relish and appreciate them

  Seth Klarman

  Loss, Appreciate, Suffering

  2 Copy quote

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

  Seth Klarman

  Deals, Probability, Absolutes

  3 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

  22 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

• 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

  Appreciation, Analysis, Analyzing

  8 Copy quote

• 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.

  17 Copy quote

• 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

  12 Copy quote

• 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

  18 Copy quote

• 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

  6 Copy quote

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

  Seth Klarman

  Successful, People, Majority

  18 Copy quote

• Almost every financial blow up is because of leverage.

  Seth Klarman

  Blow, Financial

  12 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

  6 Copy quote

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