Quotes by Seth Klarman

Seth Klarman

A commodity doesn’t have the same characteristics as a security, characteristics that allow for analysis. Other than a recent sale or appreciation due to inflation, analyzing the current or future worth of a commodity is nearly impossible.

Analysis

Analyzing

Appreciation

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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.

Errors

Luck

Safety

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

Company

Management

Simple

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A tipping point is invisible, as we just saw in Greece. In most situations, everything appears fine until it’s not fine, until, for example, no one shows up at a Treasury auction.

Auctions

Example

Tipping

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A value strategy is of little use to the impatient investor since it usually takes time to pay off.

Littles

Pay

Use

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

Approach

Can Do

Return

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All investors must come to terms with the relentless continuity of the investment process.

Investment

Process

Relentless

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Almost every financial blow up is because of leverage.

Blow

Financial

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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.

Agency

Government

Responsibility

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Always look for forced urgent selling.

Looks

Selling

Urgent

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