54条关于投资与人生的经典名言
"The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions."
— Seth Klarman
"Value investing is at its core the marriage of a contrarian streak and a calculator."
— Seth Klarman
"At the root of all financial bubbles is a good idea carried to excess."
— Seth Klarman
"The single greatest edge an investor can have is a long-term orientation. Value investing requires buying at a significant discount to conservative estimates of intrinsic value."查看深度解读 →
"We focus on bottom-up analysis, one security at a time. Each investment must stand on its own merits with a clear path to value realization."查看深度解读 →
"While we are value investors, we don't ignore quality. A cheap stock in a deteriorating business is not a bargain — it's a value trap."查看深度解读 →
"A stock that looks cheap can be cheap for a reason. Look for catalysts that will unlock value, not just low prices."查看深度解读 →
"Invest in businesses with sustainable models. A company that's cheap but has a fundamentally flawed business model will destroy value over time."查看深度解读 →
"Complex situations — spinoffs, restructurings, distressed debt — create opportunities because most investors can't or won't do the work to understand them."查看深度解读 →
"Specializing in overlooked niches — small caps, special situations, distressed securities — allows you to find value where others aren't looking."查看深度解读 →
"We spend months analyzing a single investment. The depth of our due diligence is our competitive advantage."查看深度解读 →
"When other investors are fearful, they create bargains for those who can remain rational. Fear is the value investor's best friend."查看深度解读 →
"Being contrarian for its own sake is as foolish as following the crowd. Be contrarian only when you have a well-researched reason."查看深度解读 →
"In periods of market turmoil, the patient investor has the greatest advantage. Others are forced to sell; you can choose to buy."查看深度解读 →
"The first rule of investing is don't lose money. The second rule is don't forget rule number one. Focus on avoiding permanent capital loss."查看深度解读 →
"In a world of short-term traders, the long-term investor has a massive advantage. Patience allows you to wait for truly great opportunities."查看深度解读 →
"If you can't find bargains, hold cash. Being fully invested at all times is a recipe for owning overpriced securities."查看深度解读 →
"Compound interest is the most powerful force in finance. Avoiding losses and compounding steadily over time produces extraordinary results."查看深度解读 →
"The best bargains come when sellers are forced to sell regardless of price — margin calls, fund redemptions, or index rebalancing."查看深度解读 →
"Don't just buy cheap stocks; identify catalysts that will realize the value. Without a catalyst, cheap can stay cheap forever."查看深度解读 →
"Build positions gradually. Don't invest your entire allocation at once. Average down if the opportunity improves."查看深度解读 →
"Sell when the price reaches your estimate of intrinsic value. Don't get greedy and hold for more — discipline in selling is crucial."查看深度解读 →
"Regularly challenge your investment thesis. If the facts change, change your mind. Stubbornness is not a virtue in investing."查看深度解读 →
"When you realize you've made a mistake, sell immediately. The cost of holding a mistake far exceeds the embarrassment of admitting it."查看深度解读 →
"The margin of safety concept is borrowed from engineering. Build in a buffer for error, uncertainty, and bad luck in every investment."查看深度解读 →
"Identify specific events or changes that will close the gap between price and value. Without catalysts, value may remain unrealized indefinitely."查看深度解读 →
"Seek investments with asymmetric risk-reward: limited downside with substantial upside. This is the mathematical foundation of value investing."查看深度解读 →
"Value investing is more than a technique — it's a philosophical orientation toward risk, uncertainty, and the relationship between price and value."查看深度解读 →
"We don't benchmark against indices. Our goal is absolute returns — making money regardless of what the market does."查看深度解读 →
"Focus on your investment process, not individual outcomes. A good process will produce good results over time, even if some bets don't work out."查看深度解读 →
"Before considering the upside, ask: what can go wrong? Understanding the worst case is more important than fantasizing about the best case."查看深度解读 →
"Look for management whose interests are aligned with shareholders through meaningful stock ownership. Alignment of interests is the best governance."查看深度解读 →
"Analyze the company's competitive position carefully. A cheap stock in a company losing its competitive advantage is not a bargain."查看深度解读 →
"The greatest gift an investor can develop is intellectual honesty — the willingness to say 'I don't know' and to change your mind when evidence warrants it."查看深度解读 →
"Arrogance and investing don't mix. The most dangerous investor is the one who is certain they're right. Stay humble and keep learning."查看深度解读 →
"Investing success has more to do with character — patience, discipline, rationality — than with intelligence. The best investors aren't the smartest; they're the most disciplined."查看深度解读 →
"Spinoffs, post-bankruptcy equities, and restructurings are fertile ground for value investors because they're too complex for most to analyze."查看深度解读 →
"Distressed debt can offer exceptional risk-adjusted returns because most institutional investors are prohibited from owning it, reducing competition."查看深度解读 →
"The best investments are found where other investors refuse to look — unloved industries, complex structures, and out-of-favor geographies."查看深度解读 →
"The hardest part of value investing is maintaining emotional discipline when the market is against you. Fear and greed are your biggest enemies."查看深度解读 →
"Don't anchor to your purchase price. The market doesn't know or care what you paid. Evaluate holdings based on current facts, not historical cost."查看深度解读 →
"The market alternates between greed and fear. Your job is to take advantage of these mood swings, not to be swept up in them."查看深度解读 →
"Markets are not perfectly efficient. They regularly misprice securities, creating opportunities for disciplined, patient value investors."查看深度解读 →
"Daily market movements are noise. Focus on long-term value, not short-term price fluctuations. The news cycle is designed to distract, not inform."查看深度解读 →
"Our system: bottom-up analysis, margin of safety, catalyst identification, patient capital deployment, and absolute return orientation."查看深度解读 →
"Every investment decision begins with risk assessment. What can go wrong? How much can we lose? Only after answering these questions do we consider the upside."查看深度解读 →
"Follow a disciplined, repeatable process. Don't let emotions, market conditions, or social pressure alter your systematic approach."查看深度解读 →
"You must be intellectually honest with yourself. Admit when you're wrong. Learn from mistakes. Don't rationalize poor decisions."查看深度解读 →
"Patience is an essential virtue for value investors. The market will eventually recognize value, but the timing is uncertain."查看深度解读 →
"We are bottom-up investors. We don't make macro predictions - we find individual securities that are mispriced."查看深度解读 →
"We seek opportunity in complexity - spinoffs, restructurings, bankruptcies. Where others see chaos, we see potential value."查看深度解读 →
"We prefer investments where a catalyst exists to unlock value. Time is money - we want to know why and when value will be realized."查看深度解读 →
"The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions."查看深度解读 →
"Most investors are primarily oriented toward return. We are primarily oriented toward risk. Return will take care of itself if we manage risk well."查看深度解读 →
"When we can't find attractive investments, we hold cash. Cash is not a wasted opportunity - it's optionality for future bargains."查看深度解读 →
"We seek absolute returns, not relative performance. It doesn't matter if we beat the market if we still lose money."查看深度解读 →
"Value investing is at its core the marriage of a contrarian streak and a calculator. The margin of safety is the discount to intrinsic value at which you buy."查看深度解读 →
"The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions."
我们精选了54条经过验证的Seth Klarman名言，每条都附有出处和深度分析。
Seth Klarman frequently discusses value investing, risk management, and long-term thinking.