Seth Klarman Quotes - Page 8

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• When you buy bargains and they become better bargains, it is easy to start to question yourself, which can impair your judgement. Real or imagined concerns about client redemptions, employee defections can greatly influence behavior away from rational.

  Seth Klarman

  Real, Judgement, Redemption

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• Great investments don't just knock on the door and say "buy me".

  Seth Klarman

  Doors, Investment

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• If another person were to enter the building, it would once again be empty.

  Seth Klarman

  Building, Empty, Persons

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• Don't short many stocks. Instead they hedge for tail risk with CDS and options. They are happy to incur illiquidity

  Seth Klarman

  Cds, Risk, Tails

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• It sounds kind of crazy, but in times of turmoil in the market, I've felt a sort of serenity in knowing that I've checked and re-checked my work, one plus one still equals two regardless of where a stock trades right after I buy it.

  Seth Klarman

  Crazy, Two, Knowing

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• Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.

  Seth Klarman

  Long, Important, Clients

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• Buying's easier, selling's hard - [it's] hard to know when to get out.

  Seth Klarman

  Buying, Selling, Easier

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• In the financial markets, however, the connection between a marketable security and the underlying business is not as clear-cut. For investors in a marketable security the gain or loss associated with the various outcomes is not totally inherent in the underlying business; it also depends on the price paid, which is established by the marketplace. The view that risk is dependent on both the nature of investments and on their market price is very different from that described by beta.

  Seth Klarman

  Cutting, Loss, Views

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• If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.

  Seth Klarman

  Lessons, Forget, Abyss

  "The 20 Forgotten Lessons Of 2008" by Christopher Pavese, www.businessinsider.com. April 28, 2010.

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• Most institutional investors feel compelled to swing at almost every pitch and forgo batting selectivity for frequency.

  Seth Klarman

  Swings, Feels, Compelled

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• If you are predisposed to be patient, disciplined and psychologically appreciate the idea of buying bargains, then you're likely to be good at it. If you have a need for action, if you want to be involved in the new and exciting technological breakthroughs of our time, that's great, but you're not a value investor, and you shouldn't be one.

  Seth Klarman

  Ideas, Appreciate, Needs

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• Bad things happen, but really bad things do not. Do buy the dips, especially the lowest quality securities when they come under pressure, because declines will quickly be reversed.

  Seth Klarman

  Quality, Pressure, Dip

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• Literally draw a detailed map-like an organization chart-of interlocking ownership and affiliates, many of which were also publicly traded. So, identifying one stock led him to a dozen other potential investments. To tirelessly pull threads is the lesson that I learned from Mike Price.

  Seth Klarman

  Organization, Maps, Lessons

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• The average person can’t really trust anybody. They can’t trust a broker, because the broker is interested in churning commissions. They can’t trust a mutual fund, because the mutual fund is interested in gathering a lot of assets and keeping them. And now it’s even worse because even the most sophisticated people have no idea what’s going on.

  Seth Klarman

  Average, Ideas, People

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• The government can indefinitely control both short-term and long-term interest rates.

  Seth Klarman

  Government, Long, Interest

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• We suppose that could be considered a hedged position for the awards committee, one that would never occur in the hard sciences such as physics and chemistry, where a prize shared among three with divergent views would be an embarrassing mistake or a bad joke. While a Nobel Prize might well be the culmination of a life’s work, shouldn’t the work accurately describe the real world?

  Seth Klarman

  Real, Mistake, Awards

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• Because investors are not usually penalized for adhering to conventional practices, doing so is the less professionally risky strategy, even though it virtually guarantees against superior performance.

  Seth Klarman

  Practice, Guarantees, Strategy

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• Warren Buffett once wrote that value investing is like an inoculation--it either takes or it doesn't--and when you explain to somebody what it is and how it works and why it works and show them the returns, either they get it or they don't.

  Seth Klarman

  Investing, Return, Warren Buffet

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