
Hold cash when opportunities are not presenting themselves. —
Seth Klarman

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

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

Depressions aren't good but the depression mentality is good. —
Seth Klarman

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

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

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

Excess capacity in people, machines, or property will be quickly absorbed. —
Seth Klarman

Generally, the greater the stigma or revulsion, the better the bargain. —
Seth Klarman

Investing today may well be harder than it has been at any time in our three decades of existence, —
Seth Klarman

The best protection against risk is knowing what you are doing. —
Seth Klarman

By investing at a discount, Benjamin Graham knew that he was unlikely to experience losses. —
Seth Klarman

All investors must come to terms with the relentless continuity of the investment process. —
Seth Klarman

Value investing by its very nature is contrarian. —
Seth Klarman

We buy expecting to hold a bond to maturity and a stock forever. —
Seth Klarman

Having great clients is the key to investment success. —
Seth Klarman

Sometimes buying early on the way down looks like being wrong, but it isn't. —
Seth Klarman

You need humility to say 'I might be wrong.' —
Seth Klarman

Value investing is risk aversion. —
Seth Klarman

The single greatest edge an investor can have is a long-term orientation. —
Seth Klarman

Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity. —
Seth Klarman

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

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

Do not suffer interim losses, relish and appreciate them —
Seth Klarman