Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we buy the bargain.
Seth KlarmanWhy should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?
Seth KlarmanRatings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.
Seth KlarmanYou must buy on the way down. There is far more volume on the way down than on the way back up, and far less competition among buyers. It is almost always better to be too early than too late, but you must be prepared for price markdowns on what you buy.
Seth Klarman