Tips by Seth Klarman

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Investors in a stock expect to profit in at least one of three possible ways:a. From free cash flow generated by the underlying business, which...
Tags: stocks
The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions. Success in the market...
Financial market innovations are good for Wall Street but bad for clients.
What happens is that people always want to believe that this time is different, that there's something new under the sun, and that through their own...
Value investing carries a dangerous enticement for the self-confident fool, because one of the core concepts in successful value investing is learning...
In a deflationary environment assets tend to decline in value. Buying a dollar at 50 cents may not be a bargain if the asset value is...
Successful investors tend to be unemotional, allowing the greed of others to play into their hands. By having confidence in their own analysis and...
Financial market innovations are good for Wall Street but bad for clients. Investors must recognize that the early success of an innovation is not a...
My firm's approach is to seek situations where there is urgent, panicked or mindless selling. As Warren Buffett has said, "If you are at a poker table...
Tags: psychology
Institutional constraints and market inefficiencies are the primary reasons that bargains develop. Investors prefer businesses and securities that are...
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