Seth Klarman Quotes

Quotes about:

• 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

  41 Copy quote

• Investing is the intersection of economics and psychology.

  Seth Klarman

  Intelligent, Psychology, Investing

  8 Copy quote

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

  Seth Klarman

  Long, Investing, Term

  58 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

  28 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

  8 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

  15 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

  8 Copy quote

• The best protection against risk is knowing what you are doing.

  Seth Klarman

  Knowing, Risk, Protection

  10 Copy quote

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

  Seth Klarman

  Running, Long, Crowds

  20 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

  9 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

  11 Copy quote

• We worry top-down, but we invest bottom-up

  Seth Klarman

  Top Down, Worry, Bottom

  12 Copy quote

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

  Seth Klarman

  Sleep, Night, Important

  43 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

  26 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

  36 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

  12 Copy quote

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

  Seth Klarman

  Focus, Outcomes, Way

  6 Copy quote

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

  Seth Klarman

  Thinking, Human Nature, Humans

  23 Copy quote

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

  Seth Klarman

  Intelligent, Investing, Calculators

  44 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

  22 Copy quote

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

  Seth Klarman

  Philosophy, Loss, Investment

  13 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.

  23 Copy quote

• Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.

  Seth Klarman

  Two, Needs, Cash

  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

  21 Copy quote

• Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we buy the bargain.

  Seth Klarman

  Making Money, Profit, Captured

  16 Copy quote

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