Seth Klarman Quotes

373 Seth Klarman Quotes

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[In January 2013.] Business ethics are front and center in our day-to-day behavior… Two principles govern our behavior: the first is The Wall Street Journal test, in which we imagine a contemplated action appearing on the front page of the next day’s Journal.
Seth Klarman

[In January 2013.] If we would not be pleased to read about it there, we don’t do it. the second is the football field test, whereby if you play too near the sidelines, you might stay out of bounds – or someone might think you did. We try to play towards the center of the field.
Seth Klarman

[In January 2013 on not contributing to systemic risk in the marketplace.] By relentlessly shunning recourse leverage and embracing the countercyclical behavior of a value investor, we hope to contribute to systemic sanity.
Seth Klarman

[In September 2013.] We are big fans of fear, and in investing it is clearly better to be scared than sorry.
Seth Klarman

[In February 2015.] As Warren Buffett was a student of Benjamin Graham, today we are all students of Warren Buffett.
Seth Klarman

[In February 2015.] Value investing works. Buy bargains.
Seth Klarman

[In February 2015.] Quality matters, in businesses and in people. Better quality businesses are more likely to grow and compound cash flow; low quality businesses often erode and even superior managers, who are difficult to identify, attract, and retain, may not be enough to save them.
Seth Klarman

[In February 2015.] There is no need to overly diversify. Invest like you have a single, lifetime ‘punch card’ with only 20 punches, so make each one count.
Seth Klarman

[In February 2015.] Risk is not the same as volatility; risk results from overpaying or overestimating a company’s prospects. Prices fluctuate more than value; price volatility can drive opportunity.
Seth Klarman

[In February 2015.] Unprecedented events occur with some regularity, so be prepared.
Seth Klarman



[In February 2015.] You can make some investment mistakes and still thrive.
Seth Klarman

[In February 2015.] Holding cash in the absence of opportunity makes sense.
Seth Klarman

[In February 2015.] Do what you love, and you’ll never work a day in your life.
Seth Klarman



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