Quotes by Seth Klarman

We buy expecting to hold a bond to maturity and a stock forever.

The government can indefinitely control both short-term and long-term interest rates.

Bad 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.

Be indifferent if you lose your short term clients, remember they are your own worst enemy.

Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.

My view is that an investor is better off knowing a lot about a few investments than knowing a little about each of a great many holdings. One’s very best idea’s are likely to generate higher returns for a given level of risk than one’s hundredth or thousandth best idea.

The prevailing view has been that the market will earn a high rate of return if the holding period is long enough, but entry point is what really matters.

Most institutional investors feel compelled to swing at almost every pitch and forgo batting selectivity for frequency.

Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.

I know of no long-time practitioner who regrets adhering to a value philosophy; few investors who embrace the fundamental principles ever abandon this investment approach for another.