To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still some higher price. The goal is to buy the first, avoid the second, and sell the third.
Seth KlarmanHaving clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.
Seth KlarmanWhen a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.
Seth Klarman