Be indifferent if you lose your short term clients, remember they are your own worst enemy
Seth KlarmanWe 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?
Seth KlarmanA value strategy is of little use to the impatient investor since it usually takes time to pay off.
Seth KlarmanOne must understand the importance of an endless drive to get information and seek value.
Seth KlarmanIf you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.
Seth KlarmanWarren Buffett likes to say that the first rule of investing is "Don't lose money," and the second rule is, "Never forget the first rule." I too believe that avoiding loss should be the primary goal of every investor. This does not mean that investors should never incur the risk of any loss at all. Rather "don't lose money" means that over several years an investment portfolio should not be exposed to appreciable loss of principal.
Seth Klarman