Seth Klarman Quotes About Values

Quotes about: Values

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

  Seth Klarman

  Intelligent, Investing, Calculators

• Value investing is risk aversion.

  Seth Klarman

  Risk, Insightful, Investing

• Value investing is predicated on the efficient market hypothesis being wrong.

  Seth Klarman

  Investing, Hypothesis, Efficient

• I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline

  Seth Klarman

  Discipline, Challenges, Investing

• While knowing how to value businesses is essential for investment success, the first and perhaps most important step in the investment process is knowing where to look for opportunities

  Seth Klarman

  Opportunity, Investment Success, Knowing

• 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

• 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.

• When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to huge net cash in 2008, when the right thing to do in terms of value would have been to do the opposite.

  Seth Klarman

  Opposites, Long, Redemption

• While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk aversion-may well be genetically determined.

  Seth Klarman

  Intelligent, Discipline, Risk

• 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

• Value investors have to be patient and disciplined, but what I really think is you need not to be greedy. If you're greedy and you leverage, you blow up. Almost every financial blow up is because of leverage.

  Seth Klarman

  Blow, Thinking, Needs

• Investors should pay attention not only to whether but also to why current holdings are undervalued. It is critical to know why you have made an investment and to sell when the reason for owning it no longer applies. Look for investments with catalysts that may assist directly in the realization of underlying value. Give reference to companies having good managements with a personal financial stake in the business. Finally, diversify your holdings and hedge when it is financially attractive to do so.

  Seth Klarman

  Giving, Good Man, Attention

• It's awful to have a depression, but it's a great thing to have a depression mentality because it means that we are not speculating, we are not living beyond our means, we don't quit our job to take a big risk because we know we might not get another job. There is something stable about a country, a society built on those values.

  Seth Klarman

  Country, Jobs, Mean

• 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

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

  Seth Klarman

  Use, Littles, Pay

• Always remembering that we might be wrong, we must contemplate alternatives, concoct hedges, and search vigilantly for validation of our assessments. We always sell when a security's price begins to reflect full value, because we are never sure that our thesis will be precisely correct.

  Seth Klarman

  Assessment, Validation, Alternatives

• To value investors the concept of indexing is at best silly and at worst quite hazardous. Warren Buffett has observed that "in any sort of a contest - financial, mental or physical - it's an enormous advantage to have opponents who have been taught that it's useless to even try." I believe that over time value investors will outperform the market and that choosing to match it is both lazy and shortsighted.

  Seth Klarman

  Believe, Silly, Lazy

• 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

• While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes the need to perform in-depth fundamental analysis, pursue long-term investment results, limit risk, and resist crowd psychology.

  Seth Klarman

  Philosophy, Intelligent, Long

• Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.

  Seth Klarman

  Unique, Age, Gold

• Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process.

  Seth Klarman

  Keys, Discipline, Investing

• It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the stock market or economy. Value investing, the strategy of buying stocks at an appreciable discount from the value of the underlying businesses, is one strategy that provides a road map to successfully navigate not only through good times but also through turmoil.

  Seth Klarman

  Investing, Maps, Buying

• The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by standing against the prevailing winds - selectively, but resolutely - can an investor prosper over time. But for a while, a value investor typically underperforms.

  Seth Klarman

  Wind, Long, Errands

• Value investing by its very nature is contrarian.

  Seth Klarman

  Investing, Values

• 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.

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