I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline
Seth KlarmanWe 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 While this perspective may seem over simplisticor even hopelessly outdated, we believe it provides a vital clarity about the true risks in investing.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 KlarmanValue investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.
Seth KlarmanSuccessful 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 itโs price fluctuations is a key factor in his or her ultimate investment success or failure.
Seth Klarman