Seth Klarman Quotes - Page 2

Quotes about:

• We don't deal in absolutes. We deal in probabilities.

  Seth Klarman

  Deals, Probability, Absolutes

  8 Copy quote

• 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

  6 Copy quote

• Speculators are obsessed with predicting: guessing the direction of stock prices. Every morning on cable television, every afternoon on the stock market report, every weekend in Barron's, every week in dozens of market newsletters, and whenever business people get together. In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a purely speculative undertaking.

  Seth Klarman

  Morning, Weekend, Reality

  14 Copy quote

• 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.

  22 Copy quote

• 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.

  Seth Klarman

  Making Money, Profit, Captured

  15 Copy quote

• We are not so brazen as to believe that we can perfectly calibrate valuation; determining risk and return for any investment remains an art not an exact science

  Seth Klarman

  Art, Believe, Risk

  11 Copy quote

• To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still some higher price. The goal is to buy the first, avoid the second, and sell the third.

  Seth Klarman

  Goal, Three, Firsts

  14 Copy quote

• 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.

  14 Copy quote

• Do not suffer interim losses, relish and appreciate them

  Seth Klarman

  Loss, Appreciate, Suffering

  6 Copy quote

• All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come

  Seth Klarman

  Return, Approach, Can Do

  17 Copy quote

• The trick of successful investors is to sell when they want to, not when they have to.

  Seth Klarman

  Successful, Want, Tricks

  14 Copy quote

• 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

  13 Copy quote

• Risk is not inherent in an investment; it is always relative to the price paid. Uncertainty is not the same as risk. Indeed, when great uncertainty - such as in the fall of 2008 - drives securities prices to especially low levels, they often become less risky investments.

  Seth Klarman

  Fall, Risk, Levels

  8 Copy quote

• 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

  12 Copy quote

• The way to maximize outcome is to focus on the process.

  Seth Klarman

  Focus, Outcomes, Way

  6 Copy quote

• If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses -- it all makes sense.

  Seth Klarman

  Pieces, Paper, Remember

  12 Copy quote

• The cost of performing well in bad times can be relative underperformance in good times.

  Seth Klarman

  Cost, Investing, Good Times

  10 Copy quote

• 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

  24 Copy quote

• In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.

  Seth Klarman

  Reality, Trying, Investing

  39 Copy quote

• In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the market will do, one must follow a value philosophy at all times.

  Seth Klarman

  Philosophy, Rising, Way

  17 Copy quote

• 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

  15 Copy quote

• 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

  12 Copy quote

• Targeting investment returns leads investors to focus on potential upside rather on downside risk ... rather than targeting a desired rate of return, even an eminently reasonable one, investors should target risk.

  Seth Klarman

  Focus, Risk, Target

  8 Copy quote

• If an asset has cash flow or the likelihood of cash flow in the near term and is not purely dependment on what a future buyer might pay, then it's an investment. If an asset's value is totally dependent on the amount a future buyer might pay, then its purchase is speculation.

  Seth Klarman

  Cash Flow, Might, Pay

  18 Copy quote

• A simple rule applies: if you don't quickly comprehend what a company is doing, then management probably doesn't either.

  Seth Klarman

  Simple, Management, Company

  9 Copy quote

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