A Quote by Seth Klarman
In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the market will do, one must follow a value philosophy at all times.
Related Quotes
Market value is irrelevant to intrinsic value. ... Unqualified judgment can at most claim to decide the market-value - a value that can be in inverse proportion to the intrinsic value.
The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially dangerous during periods of market exuberance. The concept of "private market value" as an anchor to the proper valuation of a business can also be greatly skewed during ebullient times and should always be considered with a healthy degree of skepticism.
I don't believe all this nonsense about market timing. Just buy good value and when the market is ready that value will be recognized.
Value in relation to price, not price alone, must determine your investment decisions. If you look to Mr Market as a creator of investment opportunities (where price departs from underlying value), you have the makings of a value investor. If you insist on looking to Mr Market for investment guidance however, you are probably best advised to hire someone else to manage your money.
It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the stock market or economy. Value investing, the strategy of buying stocks at an appreciable discount from the value of the underlying businesses, is one strategy that provides a road map to successfully navigate not only through good times but also through turmoil.
Friendship is unnecessary, like philosophy, like art... It has no survival value; rather it is one of those things that give value to survival.
The U. S. trade deficit with China shows that while we value the potential of their market, they value the reality of our market. It is in this area that we should use our leverage.
Market prices for stocks fluctuate at great amplitudes around intrinsic value but, over the long term, intrinsic value is virtually always reflected at some point in market price.
When a club pays money it's because it's his value in the market.
The extraction tax is based in part on production times the market value at the wellhead, so any downturn in the market price is going to be a mathematical impact on the shale tax. But beyond that, it also concerns me because it also impacts the health of the industry.
The underlying strategy of the Fed is to tell people, "Do you want your money to lose value in the bank, or do you want to put it in the stock market?" They're trying to push money into the stock market, into hedge funds, to temporarily bid up prices. Then, all of a sudden, the Fed can raise interest rates, let the stock market prices collapse and the people will lose even more in the stock market than they would have by the negative interest rates in the bank. So it's a pro-Wall Street financial engineering gimmick.
If the seller has a player that they think is going to have a lot of value, they're aware of it, protect that value. You have to go get it. That's the way the trade market works.
People say what we're doing is holding out when in reality the teams are trying to crush the draft market because they don't want to pay fair market value.
Value investing doesn't always work. The market doesn't always agree with you. Over time, value is roughly the way the market prices stocks, but over the short term, which sometimes can be as long as two or three years, there are periods when it doesn't work. And that is a very good thing. The fact that our value approach doesn't work over periods of time is precisely the reason why it continues to work over the long term.
If in the human economy, a squash in the field is worth more than a bushel of soil, that does not mean that food is more valuable than soil; it means simply that we do not know how to value the soil. In its complexity and its potential longevity, the soil exceeds our comprehension; we do not know how to place a just market value on it, and we will never learn how. Its value is inestimable; we must value it, beyond whatever price we put on it, by respecting it.
It's hard to predict what will happen with two brands in a market. Sometimes they will behave in a gentlemanly way, and sometimes they'll pound each other. I know of no way to predict whether they'll compete moderately or to the death. If you could figure it out, you could make a lot of money.
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