Quotes from Seth Klarman

The government can reasonably rely on debt ratings when it forms programs to lend money to buyers of otherwise unattractive debt instruments.

I think markets will never be efficient because of human nature.

Value investing by its very nature is contrarian.

Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient

Loss avoidance must be the cornerstone of your investment philosophy.

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

When a government official says a problem has been "contained," pay no attention.

Never stop reading. History doesn't repeat, but it does rhyme.

If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.

Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.

Having great clients is the key to investment success.

In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.

All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come

If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses -- it all makes sense.

Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.

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

A value strategy is of little use to the impatient investor since it usually takes time to pay off.

Generally, the greater the stigma or revulsion, the better the bargain.

Investing is the intersection of economics and psychology.

Value investing is at its core the marriage of a contrarian streak and a calculator.

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

Value investing is at its core the marriage of a contrarian streak and a calculator.

We work really hard never to get confused with what we know from what we think or hope or wish.

Investment success cannot be captured in a mathematical equation or a computer program.