---
title: "2 Be prepared Quotes By Seth Klarman"
description: "2 Be prepared quotes by Seth Klarman. Plus more from Seth Klarman and more Be prepared sayings from other authors."
image: "https://sms4smile.com/quotes/i/e0d/seth-klarman-1979_adverse_things-that-have-never-happened-before-a_1911025.jpg"
---

> [Things that have never happened before are bound to occur with some regularity. You must always be prepared for the unexpected, including sudden, sharp downward swings in markets and the economy. Whatever adverse scenario you can contemplate, reality can be…](https://sms4smile.com/quotes/seth-klarman/things-that-have-never-happened-before-are-bound-to-occur-with-some/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/e0d/seth-klarman-1979_adverse_things-that-have-never-happened-before-a_1911025.jpg)

> [You must buy on the way down. There is far more volume on the way down than on the way back up, and far less competition among buyers. It is almost always better to be too early than too late,…](https://sms4smile.com/quotes/seth-klarman/you-must-buy-on-the-way-down-there-is-far-more-volume-on-the-way-down/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/16b/seth-klarman-1979_be-prepared_you-must-buy-on-the-way-down-there-is-fa_2707231.png)

## Other authors on Be prepared

## More by Seth Klarman

> [Unlike return, however, risk is no more quantifiable at the end of an investment that it was at its beginning. Risk simply cannot be…](https://sms4smile.com/quotes/seth-klarman/unlike-return-however-risk-is-no-more-quantifiable-at-the-end-of-an/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Because investors are not usually penalized for adhering to conventional practices, doing so is the less professionally risky strategy, even though it virtually guarantees…](https://sms4smile.com/quotes/seth-klarman/because-investors-are-not-usually-penalized-for-adhering-to/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Value investing is risk aversion.](https://sms4smile.com/quotes/seth-klarman/value-investing-is-risk-aversion/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Be focused on process and not outcome](https://sms4smile.com/quotes/seth-klarman/be-focused-on-process-and-not-outcome/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [There is an old saying, "How did you go bankrupt?" And the answer is, "Gradually, and then suddenly." The impending fiscal crisis in the…](https://sms4smile.com/quotes/seth-klarman/there-is-an-old-saying-how-did-you-go-bankrupt-and-the-answer-is/)

[Seth Klarman](https://sms4smile.com/quotes/author/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…](https://sms4smile.com/quotes/seth-klarman/in-a-rising-market-everyone-makes-money-and-a-value-philosophy-is/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.](https://sms4smile.com/quotes/seth-klarman/ultimately-nothing-should-be-more-important-to-investors-than-the/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [The best protection against risk is knowing what you are doing.](https://sms4smile.com/quotes/seth-klarman/the-best-protection-against-risk-is-knowing-what-you-are-doing/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Warren Buffett once wrote that value investing is like an inoculation--it either takes or it doesn't--and when you explain to somebody what it is…](https://sms4smile.com/quotes/seth-klarman/warren-buffett-once-wrote-that-value-investing-is-like-an-inoculation/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment, refinement, patience,…](https://sms4smile.com/quotes/seth-klarman/it-is-important-to-remember-that-value-investing-is-not-a-perfect/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Value investing is at its core the marriage of a contrarian streak and a calculator.](https://sms4smile.com/quotes/seth-klarman/value-investing-is-at-its-core-the-marriage-of-a-contrarian-streak/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [The avoidance of loss is the surest way to ensure a profitable outcome.](https://sms4smile.com/quotes/seth-klarman/the-avoidance-of-loss-is-the-surest-way-to-ensure-a-profitable-outcome/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Do not suffer interim losses, relish and appreciate them](https://sms4smile.com/quotes/seth-klarman/do-not-suffer-interim-losses-relish-and-appreciate-them/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.](https://sms4smile.com/quotes/seth-klarman/ratings-agencies-are-highly-conflicted-unimaginative-dupes-they-are/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the…](https://sms4smile.com/quotes/seth-klarman/it-is-crucial-to-have-a-strategy-in-place-before-problems-hit/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

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