Be indifferent if you lose your short term clients, remember they are your own worst enemy
Seth KlarmanWarren Buffett is right when he says you should invest as if the market is going to be closed for the next five years. The fundamental principles of value investing, if they make sense to you, can allow you to survive and prosper when everyone else is rudderless. We have a proven map with which to navigate. It sounds kind of crazy, but in times of turmoil in the market. Iโve felt a sort of serenity in knowing that if Iโve checked and rechecked my work, one plus one still equals two regardless of where a stock trades right after I buy it.
Seth KlarmanTypically, 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 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