The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled out of the tub, all boats dropped as the water rushed down the drain. Seth Klarman More Quotes by Seth Klarman More Quotes From Seth Klarman Generally, the greater the stigma or revulsion, the better the bargain. Seth Klarman revulsion investing intelligent Most institutional investors feel compelled to swing at almost every pitch and forgo batting selectivity for frequency. Seth Klarman compelled swings feels If another person were to enter the building, it would once again be empty. Seth Klarman empty building persons Warren Buffett once wrote that value investing is like an inoculation--it either takes or it doesn't--and when you explain to somebody what it is and how it works and why it works and show them the returns, either they get it or they don't. Seth Klarman warren-buffet investing return Because investors are not usually penalized for adhering to conventional practices, doing so is the less professionally risky strategy, even though it virtually guarantees against superior performance. Seth Klarman strategy guarantees practice We continue to adhere to a common-sense view of risk - how much we can lose and the probability of losing it. While this perspective may seem over simplisticor even hopelessly outdated, we believe it provides a vital clarity about the true risks in investing. Seth Klarman common-sense views believe Excess capacity in people, machines, or property will be quickly absorbed. Seth Klarman excess machines people 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. Seth Klarman investment-success technology running We work really hard never to get confused with what we know from what we think or hope or wish. Seth Klarman confused insightful thinking At the worst possible moment, when your fund is down because cheap things have gotten cheaper, you need to have capital, to have clients who will actually love the phone call and-most of the time, if not all the time-add, rather than subtract, capital. Seth Klarman phones add needs I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline Seth Klarman investing discipline challenges There is no amount of bad news that the markets cannot see past. Seth Klarman amount news past
