Seth Klarman Quotes
Top 80 wise famous quotes and sayings by Seth Klarman
Seth Klarman Famous Quotes & Sayings
Discover top inspirational quotes from Seth Klarman on Wise Famous Quotes.
If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing due to over-reaction.
In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it.
Don't short many stocks. Instead they hedge for tail risk with CDS and options. They are happy to incur illiquidity
Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.
When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because few investors are focusing on risk.
The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.
Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose.
The government can reasonably rely on debt ratings when it forms programs to lend money to buyers of otherwise unattractive debt instruments.
In contrast to the speculators preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss.
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.
Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.
Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.
All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come
Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity.
Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.
Most institutional investors feel compelled to swing at almost every pitch and forgo batting selectivity for frequency.
Benjamin Graham wrote, "Those with enterprise haven't the money, and those with money haven't the enterprise, to buy stocks when they are cheap."
A simple rule applies: if you don't quickly comprehend what a company is doing, then management probably doesn't either.
When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.
Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive investment.
The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent,
I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline
If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.
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.