Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient
Seth KlarmanIn a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the market will do, one must follow a value philosophy at all times.
Seth KlarmanBad things happen, but really bad things do not. Do buy the dips, especially the lowest quality securities when they come under pressure, because declines will quickly be reversed.
Seth KlarmanThe stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
Seth KlarmanDo not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably leads to the incurrence of greater risk, which increases the likelihood of losses and severe illiquidity at precisely the moment when cash is needed to cover expenses, to meet commitments, or to make compelling long-term investments.
Seth Klarman