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Quote by Seth Klarman

“Having great clients is the key to investment success.”

Quote by Seth Klarman

Author

Seth Klarman is an American author and value investor, serving as the president of The Baupost Group, a Boston-based investment firm. He is renowned for his extensive contributions to the field of value investing and has authored several books on the subject, most notably 'Margin of Safety: Risk-Averse Investing Strategies for the Thoughtful Investor'. more

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“The single greatest edge an investor can have is a long-term orientation.”

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“We suppose that could be considered a hedged position for the awards committee, one that would never occur in the hard sciences such as physics and chemistry, where a prize shared among three with divergent views would be an embarrassing mistake or a bad joke. While a Nobel Prize might well be the culmination of a life’s work, shouldn’t the work accurately describe the real world?”

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“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”

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

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“Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose.”

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“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.”

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“Some critics are stimulating in that they make you realise how you could do better, and those are valued.”

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“If another person were to enter the building, it would once again be empty.”

Ifs Persons Building Empty

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“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.”

“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.”

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Author:Seth Klarman