Seth Klarman Quotes About Opportunity

Quotes about: Opportunity

• In a world in which most investors appear interested in figuring out how to make money every second and chase the idea du jour, there's also something validating about the message that it's okay to do nothing and wait for opportunities to present themselves or to pay off. That's lonely and contrary a lot of the time, but reminding yourself that that's what it takes is quite helpful.

  Seth Klarman

  Lonely, Opportunity, Ideas

• As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria and if you don't find them, patiently wait. Deciding not to panic is still a decision.

  Seth Klarman

  Opportunity, Swings, Decision

  "Channeling Graham and Dodd: A Conversation with Seth Klarman". Value Investor Insight Interview, seekingalpha.com. October 29, 2008.

• Short-term performance envy causes many of the shortcomings that lock most investors into a perpetual cycle of underachievement. Watch your competitors not out of jealousy but out of respect and focus your efforts not on replicating others' portfolios but on looking for opportunities where they are not. The only way for investors to significantly outperform is to periodically stand far apart from the crowd, something few are willing, or able, to do.

  Seth Klarman

  Opportunity, Envy, Focus

• When people give away stocks based on forced selling or fear that is usually a great opportunity.

  Seth Klarman

  Opportunity, People, Giving

• 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

• 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

  Opportunity, May, Today

• Value in relation to price, not price alone, must determine your investment decisions. If you look to Mr Market as a creator of investment opportunities (where price departs from underlying value), you have the makings of a value investor. If you insist on looking to Mr Market for investment guidance however, you are probably best advised to hire someone else to manage your money.

  Seth Klarman

  Opportunity, Decision, Looks

• Hold cash when opportunities are not presenting themselves.

  Seth Klarman

  Opportunity, Cash, Presenting

• 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

• Nowhere does it say that investors should strive to make every last dollar of potential profit; consideration of risk must never take a backseat to return. Conservative positioning entering a crisis is crucial: it enables one to maintain long-term oriented, clear thinking, and to focus on new opportunities while others are distracted or even forced to sell. Portfolio hedges must be in place before a crisis hits. One cannot reliably or affordably increase or replace hedges that are rolling off during a financial crisis.

  Seth Klarman

  Thinking, Opportunity, Long

  "The 20 Forgotten Lessons Of 2008". Seth Klarman's annual letter, www.businessinsider.com. April 28, 2010.

• Be sure that you are well compensated for illiquidity - especially illiquidity without control - because it can create particularly high opportunity costs.

  Seth Klarman

  Opportunity, Cost, Wells

  "The 20 Forgotten Lessons Of 2008". Seth Klarman's annual letter, www.businessinsider.com. April 28, 2010.

• At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst distress, public markets are more likely than private ones to offer attractive opportunities to average down.

  Seth Klarman

  Opportunity, Average, Return

• One of the biggest challenges in investing is that the opportunity set available today is not the complete opportunity set that should be considered. Limiting your opportunity set to the one immediately at hand would be like limiting your spouse to the students you met in high school

  Seth Klarman

  School, Opportunity, Hands

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