“Some critics are stimulating in that they make you realise how you could do better, and those are valued.” Quote by Francis Ford Coppola
“If another person were to enter the building, it would once again be empty.” IfsPersonsBuildingEmpty Author:Seth Klarman
“Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands. By having confidence in their own analysis and judgement, they respond to market forces not with blind emotion but with calculated reason. Successful investors, for example, demonstrate caution in frothy markets and steadfast conviction in panicky ones. Indeed, the very way an investor views the market and it’s price fluctuations is a key factor in his or her ultimate investment success or failure.” WayReasonPlayHandsForceViewsEmotionSuccessfulExampleKeysUltimateBlindInvestmentGreedConvictionFactorsAnalysisJudgementAllowingInvestorsCautionSteadfastSuccess Or FailureFluctuationInvestment SuccessSuccessful InvestingUnemotional Author:Seth Klarman
“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.” IfsLooksValuesOpportunityDecisionRelationInvestmentDetermineCreatorManageGuidanceInvestors Author:Seth Klarman
“I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline” ValuesChallengesDisciplineInvesting Author:Seth Klarman
“All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come” Can DoReturnApproachInvestorsConsistently Author:Seth Klarman
“The average person can’t really trust anybody. They can’t trust a broker, because the broker is interested in churning commissions. They can’t trust a mutual fund, because the mutual fund is interested in gathering a lot of assets and keeping them. And now it’s even worse because even the most sophisticated people have no idea what’s going on.” PeoplePersonsIdeasAverageNo IdeaFundMutualAssetsSophisticatedGatheringAverage PersonBrokersMutual FundChurning Author:Seth Klarman
“We work really hard never to get confused with what we know from what we think or hope or wish.” ThinkingKnowsHardWishInvestingConfusedInsightful Author:Seth Klarman
“Value investing is risk aversion.” ValuesRiskInvestingInsightfulAversionRisk Aversion Author:Seth Klarman
“Warren Buffett is right when he says you should invest as if the market is going to be closed for the next five years. The fundamental principles of value investing, if they make sense to you, can allow you to survive and prosper when everyone else is rudderless. We have a proven map with which to navigate. It sounds kind of crazy, but in times of turmoil in the market. I’ve felt a sort of serenity in knowing that if I’ve checked and rechecked my work, one plus one still equals two regardless of where a stock trades right after I buy it.” IfsShouldYearsKindStillsTwoValuesNextFeltSoundPrinciplesKnowingFiveCrazyFundamentalsTradeInvestingMake SenseFive YearsMapsPlusSerenityProvenTurmoilNavigateFundamental PrinciplesBuffettWarren Buffet Author:Seth Klarman
“Occasionally we are asked whether it would make sense to modify our investment strategy to perform better in today's financial climate. Our answer, as you might guess, is: No! It would be easyfor us to capitulate to the runaway bull market in growth and technology stocks. And foolhardy. And irresponsible. And unconscionable. It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to stand apart from it. Yet distancing yourself from the crowd is an essential component of long-term investment success.” LongMightWould BeRunningTodayGrowthTermAnswersTechnologyEssentialsStrategyInvestmentClimateFinancialCrowdsConvictionMake SenseLong TermComponentsBullsIrresponsibleHerdsReservoirsRunawayFoolhardyInvestment SuccessBull Markets Author:Seth Klarman