Voices

Seth Klarman

Founder of the Baupost Group and author of Margin of Safety, a scarce and much-cited text on risk-averse value investing.

Investor · Baupost Group4 lines
“Investors must remember that their first objective should be to avoid loss.”
Seth Klarman · widely attributed
“In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it.”
Seth Klarman · widely attributed
“Value investing is at its core the marriage of a contrarian streak and a calculator.”
Seth Klarman · Margin of Safety, 1991
“The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.”
Seth Klarman · Margin of Safety, 1991
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