We are big fans of fear, and in investing it is clearly better to be scared than sorry.
Seth KlarmanBe sure that you are well compensated for illiquidity - especially illiquidity without control - because it can create particularly high opportunity costs.
Seth KlarmanAt 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 KlarmanIndividual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.
Seth KlarmanGold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, itโs still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.
Seth Klarman