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Seth Klarman Quotes

We worry top-down, but we invest bottom-up Picture Quote #1

There is no amount of bad news that the markets cannot see past Picture Quote #1

Investing is the intersection of economics and psychology Picture Quote #1

At Baupost, we constantly ask: ‘What should we work on today?’ We keep calling and talking. We keep gathering information. You never have perfect information. So you work, work and work. Sometimes we thumb through ValuLine. How you fill your inbox is very important Picture Quote #1

Buying’s easier, selling’s hard - [it’s] hard to know when to get out Picture Quote #1

Markets need not be in sync with one another. Simultaneously, the bond market can be priced for sustained tough times, the equity market for a strong recovery, and gold for high inflation. Such an apparent disconnect is indefinitely sustainable Picture Quote #1

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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 Picture Quote #1

Value investors will not invest in businesses that they cannot readily understand or ones they find excessively risky. Hence few value investors will own the shares of technology companies. Many also shun commercial banks, which they consider to have unanalyzable assets, as well as property and casualty insurance companies, which have both unanalyzable assets and liabilities Picture Quote #1

Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it Picture Quote #1

Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and care, they may in fact be wrong Picture Quote #1

Almost no one will accept responsibility for his or her role in precipitating a crisis: not leveraged speculators, not willfully blind leaders of financial institutions, and certainly not regulators, government officials, ratings agencies or politicians Picture Quote #1

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 Picture Quote #1

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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 Picture Quote #1

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 Picture Quote #1

A simple rule applies: if you don’t quickly comprehend what a company is doing, then management probably doesn’t either Picture Quote #1

I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline Picture Quote #1

I know of no long-time practitioner who regrets adhering to a value philosophy; few investors who embrace the fundamental principles ever abandon this investment approach for another Picture Quote #1

$Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed Picture Quote #1$

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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 Picture Quote #1

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 Picture Quote #1

Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm Picture Quote #1

Graham’s wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough Picture Quote #1

Investing today may well be harder than it has been at any time in our three decades of existence, Picture Quote #1

When people give away stocks based on forced selling or fear that is usually a great opportunity Picture Quote #1

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The government can indefinitely control both short-term and long-term interest rates Picture Quote #1

The government can reasonably rely on debt ratings when it forms programs to lend money to buyers of otherwise unattractive debt instruments Picture Quote #1

Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science Picture Quote #1

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 Picture Quote #1

It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information Picture Quote #1

Be sure that you are well compensated for illiquidity - especially illiquidity without control - because it can create particularly high opportunity costs Picture Quote #1

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We worry top-down, but we invest bottom-up (Seth Klarman Quotes) There is no amount of bad news that the markets cannot see past (Seth Klarman Quotes) Investing is the intersection of economics and psychology (Seth Klarman Quotes) At Baupost, we constantly ask: ‘What should we work on today?’ We keep calling and talking. We keep gathering information. You never have perfect information. So you work, work and work. Sometimes we thumb through ValuLine. How you fill your inbox is very important (Seth Klarman Quotes) Buying’s easier, selling’s hard - [it’s] hard to know when to get out (Seth Klarman Quotes) Markets need not be in sync with one another. Simultaneously, the bond market can be priced for sustained tough times, the equity market for a strong recovery, and gold for high inflation. Such an apparent disconnect is indefinitely sustainable. (Seth Klarman Quotes) 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 Quotes) Value investors will not invest in businesses that they cannot readily understand or ones they find excessively risky. Hence few value investors will own the shares of technology companies. Many also shun commercial banks, which they consider to have unanalyzable assets, as well as property and casualty insurance companies, which have both unanalyzable assets and liabilities. (Seth Klarman Quotes) Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it (Seth Klarman Quotes) Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and care, they may in fact be wrong (Seth Klarman Quotes) Almost no one will accept responsibility for his or her role in precipitating a crisis: not leveraged speculators, not willfully blind leaders of financial institutions, and certainly not regulators, government officials, ratings agencies or politicians (Seth Klarman Quotes) 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 Quotes) 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 Quotes) 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 Quotes) A simple rule applies: if you don’t quickly comprehend what a company is doing, then management probably doesn’t either (Seth Klarman Quotes) I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline (Seth Klarman Quotes) I know of no long-time practitioner who regrets adhering to a value philosophy; few investors who embrace the fundamental principles ever abandon this investment approach for another (Seth Klarman Quotes) Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed (Seth Klarman 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 (Seth Klarman Quotes) 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 Quotes) Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm. (Seth Klarman Quotes) Graham’s wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough. (Seth Klarman Quotes) Investing today may well be harder than it has been at any time in our three decades of existence, (Seth Klarman Quotes) When people give away stocks based on forced selling or fear that is usually a great opportunity (Seth Klarman Quotes) The government can indefinitely control both short-term and long-term interest rates (Seth Klarman Quotes) The government can reasonably rely on debt ratings when it forms programs to lend money to buyers of otherwise unattractive debt instruments. (Seth Klarman Quotes) Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science. (Seth Klarman Quotes) 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 Quotes) It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information. (Seth Klarman Quotes) Be sure that you are well compensated for illiquidity - especially illiquidity without control - because it can create particularly high opportunity costs. (Seth Klarman Quotes)

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