---
title: "4 Buyers Quotes By Seth Klarman"
description: "4 Buyers quotes by Seth Klarman. Plus more from Seth Klarman and more Buyers sayings from other authors."
image: "https://sms4smile.com/quotes/i/aa7/seth-klarman-1979_amount_if-an-asset-has-cash-flow-or-the-likelih_765836.png"
---

> [If an asset has cash flow or the likelihood of cash flow in the near term and is not purely dependment on…](https://sms4smile.com/quotes/seth-klarman/if-an-asset-has-cash-flow-or-the-likelihood-of-cash-flow-in-the-near/)

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

[Image](https://sms4smile.com/quotes/i/aa7/seth-klarman-1979_amount_if-an-asset-has-cash-flow-or-the-likelih_765836.png)

> [The government can reasonably rely on debt ratings when it forms programs to lend money to buyers of otherwise unattractive debt instruments.](https://sms4smile.com/quotes/seth-klarman/the-government-can-reasonably-rely-on-debt-ratings-when-it-forms/)

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

[Image](https://sms4smile.com/quotes/i/42e/seth-klarman-1979_buyers_the-government-can-reasonably-rely-on-de_1297666.png)

> [My experience is that short sellers do far better analysis than long buyers because they have to. The market is biased upward…](https://sms4smile.com/quotes/seth-klarman/my-experience-is-that-short-sellers-do-far-better-analysis-than-long/)

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

[Image](https://sms4smile.com/quotes/i/67f/seth-klarman-1979_analysis_my-experience-is-that-short-sellers-do-f_2360911.png)

> [You must buy on the way down. There is far more volume on the way down than on the way back up,…](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 Buyers

- [Warren Buffett 9 quotes](https://sms4smile.com/quotes/about/buyers/warren-buffett/)

## 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/)

```json
{
    "@context": "https://schema.org",
    "@graph": [
        {
            "@type": "ItemList",
            "@id": "https://sms4smile.com/quotes/about/buyers/seth-klarman/#itemlist",
            "name": "4 Buyers Quotes By Seth Klarman",
            "numberOfItems": 4,
            "itemListElement": [
                {
                    "@type": "ListItem",
                    "position": 1,
                    "item": {
                        "@type": "Quotation",
                        "text": "If an asset has cash flow or the likelihood of cash flow in the near term and is not purely dependment on what a future buyer might pay, then it's an investment. If an asset's value is totally dependent on the amount a future buyer might pay, then its purchase is speculation.",
                        "creator": {
                            "@type": "Person",
                            "name": "Seth Klarman"
                        },
                        "url": "https://sms4smile.com/quotes/seth-klarman/if-an-asset-has-cash-flow-or-the-likelihood-of-cash-flow-in-the-near/",
                        "image": {
                            "@type": "ImageObject",
                            "@id": "https://sms4smile.com/quotes/i/aa7/seth-klarman-1979_amount_if-an-asset-has-cash-flow-or-the-likelih_765836.png",
                            "contentUrl": "https://sms4smile.com/quotes/i/aa7/seth-klarman-1979_amount_if-an-asset-has-cash-flow-or-the-likelih_765836.png",
                            "url": "https://sms4smile.com/quotes/i/aa7/seth-klarman-1979_amount_if-an-asset-has-cash-flow-or-the-likelih_765836.png",
                            "width": 1080,
                            "height": 1080,
                            "caption": "“If an asset has cash flow or the likelihood of cash flow in the near term and is not purely dependment on…” — Seth Klarman",
                            "creditText": "SMS4Smile Quotes",
                            "creator": {
                                "@id": "https://sms4smile.com/quotes/#organization"
                            }
                        }
                    }
                },
                {
                    "@type": "ListItem",
                    "position": 2,
                    "item": {
                        "@type": "Quotation",
                        "text": "The government can reasonably rely on debt ratings when it forms programs to lend money to buyers of otherwise unattractive debt instruments.",
                        "creator": {
                            "@type": "Person",
                            "name": "Seth Klarman"
                        },
                        "url": "https://sms4smile.com/quotes/seth-klarman/the-government-can-reasonably-rely-on-debt-ratings-when-it-forms/",
                        "image": {
                            "@type": "ImageObject",
                            "@id": "https://sms4smile.com/quotes/i/42e/seth-klarman-1979_buyers_the-government-can-reasonably-rely-on-de_1297666.png",
                            "contentUrl": "https://sms4smile.com/quotes/i/42e/seth-klarman-1979_buyers_the-government-can-reasonably-rely-on-de_1297666.png",
                            "url": "https://sms4smile.com/quotes/i/42e/seth-klarman-1979_buyers_the-government-can-reasonably-rely-on-de_1297666.png",
                            "width": 1080,
                            "height": 1080,
                            "caption": "“The government can reasonably rely on debt ratings when it forms programs to lend money to buyers of…” — Seth Klarman",
                            "creditText": "SMS4Smile Quotes",
                            "creator": {
                                "@id": "https://sms4smile.com/quotes/#organization"
                            }
                        }
                    }
                },
                {
                    "@type": "ListItem",
                    "position": 3,
                    "item": {
                        "@type": "Quotation",
                        "text": "My experience is that short sellers do far better analysis than long buyers because they have to. The market is biased upward over time-as the saying goes, stocks are for the long run.",
                        "creator": {
                            "@type": "Person",
                            "name": "Seth Klarman"
                        },
                        "url": "https://sms4smile.com/quotes/seth-klarman/my-experience-is-that-short-sellers-do-far-better-analysis-than-long/",
                        "image": {
                            "@type": "ImageObject",
                            "@id": "https://sms4smile.com/quotes/i/67f/seth-klarman-1979_analysis_my-experience-is-that-short-sellers-do-f_2360911.png",
                            "contentUrl": "https://sms4smile.com/quotes/i/67f/seth-klarman-1979_analysis_my-experience-is-that-short-sellers-do-f_2360911.png",
                            "url": "https://sms4smile.com/quotes/i/67f/seth-klarman-1979_analysis_my-experience-is-that-short-sellers-do-f_2360911.png",
                            "width": 1080,
                            "height": 1080,
                            "caption": "“My experience is that short sellers do far better analysis than long buyers because they have to. The market…” — Seth Klarman",
                            "creditText": "SMS4Smile Quotes",
                            "creator": {
                                "@id": "https://sms4smile.com/quotes/#organization"
                            }
                        }
                    }
                },
                {
                    "@type": "ListItem",
                    "position": 4,
                    "item": {
                        "@type": "Quotation",
                        "text": "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, but you must be prepared for price markdowns on what you buy.",
                        "creator": {
                            "@type": "Person",
                            "name": "Seth Klarman"
                        },
                        "url": "https://sms4smile.com/quotes/seth-klarman/you-must-buy-on-the-way-down-there-is-far-more-volume-on-the-way-down/",
                        "image": {
                            "@type": "ImageObject",
                            "@id": "https://sms4smile.com/quotes/i/16b/seth-klarman-1979_be-prepared_you-must-buy-on-the-way-down-there-is-fa_2707231.png",
                            "contentUrl": "https://sms4smile.com/quotes/i/16b/seth-klarman-1979_be-prepared_you-must-buy-on-the-way-down-there-is-fa_2707231.png",
                            "url": "https://sms4smile.com/quotes/i/16b/seth-klarman-1979_be-prepared_you-must-buy-on-the-way-down-there-is-fa_2707231.png",
                            "width": 1080,
                            "height": 1080,
                            "caption": "“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…” — Seth Klarman",
                            "creditText": "SMS4Smile Quotes",
                            "creator": {
                                "@id": "https://sms4smile.com/quotes/#organization"
                            }
                        }
                    }
                }
            ]
        },
        {
            "@type": "CollectionPage",
            "@id": "https://sms4smile.com/quotes/about/buyers/seth-klarman/#webpage",
            "url": "https://sms4smile.com/quotes/about/buyers/seth-klarman/",
            "name": "Buyers Quotes by Seth Klarman",
            "isPartOf": {
                "@id": "https://sms4smile.com/quotes/#website"
            },
            "mainEntity": {
                "@id": "https://sms4smile.com/quotes/about/buyers/seth-klarman/#itemlist"
            },
            "primaryImageOfPage": {
                "@id": "https://sms4smile.com/quotes/i/aa7/seth-klarman-1979_amount_if-an-asset-has-cash-flow-or-the-likelih_765836.png"
            },
            "description": "4 Buyers quotes by Seth Klarman. Plus more from Seth Klarman and more Buyers sayings from other authors.",
            "breadcrumb": {
                "@id": "https://sms4smile.com/quotes/about/buyers/seth-klarman/#breadcrumb"
            }
        },
        {
            "@type": "BreadcrumbList",
            "@id": "https://sms4smile.com/quotes/about/buyers/seth-klarman/#breadcrumb",
            "itemListElement": [
                {
                    "@type": "ListItem",
                    "position": 1,
                    "name": "Home",
                    "item": "https://sms4smile.com/"
                },
                {
                    "@type": "ListItem",
                    "position": 2,
                    "name": "Quotes",
                    "item": "https://sms4smile.com/quotes/"
                },
                {
                    "@type": "ListItem",
                    "position": 3,
                    "name": "Topics",
                    "item": "https://sms4smile.com/quotes/categories/"
                },
                {
                    "@type": "ListItem",
                    "position": 4,
                    "name": "Buyers",
                    "item": "https://sms4smile.com/quotes/about/buyers/"
                },
                {
                    "@type": "ListItem",
                    "position": 5,
                    "name": "Seth Klarman",
                    "item": "https://sms4smile.com/quotes/about/buyers/seth-klarman/"
                }
            ]
        },
        {
            "@type": "WebSite",
            "@id": "https://sms4smile.com/quotes/#website",
            "name": "SMS4Smile Quotes",
            "url": "https://sms4smile.com/quotes/",
            "publisher": {
                "@id": "https://sms4smile.com/quotes/#organization"
            }
        },
        {
            "@type": "Organization",
            "@id": "https://sms4smile.com/quotes/#organization",
            "name": "SMS4Smile Quotes",
            "url": "https://sms4smile.com/quotes/",
            "logo": {
                "@type": "ImageObject",
                "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png",
                "width": 512,
                "height": 512
            }
        }
    ]
}
```