--- title: "8 Cash Quotes By Seth Klarman" description: "8 Cash quotes by Seth Klarman. Plus more from Seth Klarman and more Cash sayings from other authors." image: "https://sms4smile.com/quotes/i/5eb/seth-klarman-1979_bargains_one-thing-i-want-to-emphasize-is-that-li_463135.jpg" --- > [One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the…](https://sms4smile.com/quotes/seth-klarman/one-thing-i-want-to-emphasize-is-that-like-any-human-being-we-can/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/5eb/seth-klarman-1979_bargains_one-thing-i-want-to-emphasize-is-that-li_463135.jpg) > [The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled…](https://sms4smile.com/quotes/seth-klarman/the-inability-to-hold-cash-and-the-pressure-to-be-fully-invested-at/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/145/seth-klarman-1979_all-time_the-inability-to-hold-cash-and-the-press_489627.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) > [Hold cash when opportunities are not presenting themselves.](https://sms4smile.com/quotes/seth-klarman/hold-cash-when-opportunities-are-not-presenting-themselves/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/fe8/seth-klarman-1979_cash_hold-cash-when-opportunities-are-not-pre_898755.png) > [Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably…](https://sms4smile.com/quotes/seth-klarman/do-not-accept-principal-risk-while-investing-short-term-cash-the/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/128/seth-klarman-1979_accepting_do-not-accept-principal-risk-while-inves_1784291.png) > [Here’s how to know if you have the makeup to be an investor. How would you handle the following situation? Let’s say…](https://sms4smile.com/quotes/seth-klarman/here-s-how-to-know-if-you-have-the-makeup-to-be-an-investor-how-would/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/c12/seth-klarman-1979_cash_here-s-how-to-know-if-you-have-the-makeu_1974364.jpg) > [When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to…](https://sms4smile.com/quotes/seth-klarman/when-managers-are-afraid-of-redemptions-they-get-liquid-we-all-saw/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/154/seth-klarman-1979_cash_when-managers-are-afraid-of-redemptions_2570740.jpg) > [Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.](https://sms4smile.com/quotes/seth-klarman/graham-s-wonderful-sentence-as-an-investor-needs-only-two-things-cash/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/245/seth-klarman-1979_cash_graham-s-wonderful-sentence-as-an-invest_2883349.png) ## Other authors on Cash ## 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/cash/seth-klarman/#itemlist", "name": "8 Cash Quotes By Seth Klarman", "numberOfItems": 8, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the market. 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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": 4, "item": { "@type": "Quotation", "text": "Hold cash when opportunities are not presenting themselves.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/hold-cash-when-opportunities-are-not-presenting-themselves/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/fe8/seth-klarman-1979_cash_hold-cash-when-opportunities-are-not-pre_898755.png", "contentUrl": "https://sms4smile.com/quotes/i/fe8/seth-klarman-1979_cash_hold-cash-when-opportunities-are-not-pre_898755.png", "url": "https://sms4smile.com/quotes/i/fe8/seth-klarman-1979_cash_hold-cash-when-opportunities-are-not-pre_898755.png", "width": 1080, "height": 1080, "caption": "“Hold cash when opportunities are not presenting themselves.” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 5, "item": { "@type": "Quotation", "text": "Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably leads to the incurrence of greater risk, which increases the likelihood of losses and severe illiquidity at precisely the moment when cash is needed to cover expenses, to meet commitments, or to make compelling long-term investments.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/do-not-accept-principal-risk-while-investing-short-term-cash-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/128/seth-klarman-1979_accepting_do-not-accept-principal-risk-while-inves_1784291.png", "contentUrl": "https://sms4smile.com/quotes/i/128/seth-klarman-1979_accepting_do-not-accept-principal-risk-while-inves_1784291.png", "url": "https://sms4smile.com/quotes/i/128/seth-klarman-1979_accepting_do-not-accept-principal-risk-while-inves_1784291.png", "width": 1080, "height": 1080, "caption": "“Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 6, "item": { "@type": "Quotation", "text": "Here’s how to know if you have the makeup to be an investor. 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We all saw how many managers went from leveraged long in 2007 to huge net cash in 2008, when the right thing to do in terms of value would have been to do the opposite.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/when-managers-are-afraid-of-redemptions-they-get-liquid-we-all-saw/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/154/seth-klarman-1979_cash_when-managers-are-afraid-of-redemptions_2570740.jpg", "contentUrl": "https://sms4smile.com/quotes/i/154/seth-klarman-1979_cash_when-managers-are-afraid-of-redemptions_2570740.jpg", "url": "https://sms4smile.com/quotes/i/154/seth-klarman-1979_cash_when-managers-are-afraid-of-redemptions_2570740.jpg", "width": 1080, "height": 1080, "caption": "“When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/graham-s-wonderful-sentence-as-an-investor-needs-only-two-things-cash/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/245/seth-klarman-1979_cash_graham-s-wonderful-sentence-as-an-invest_2883349.png", "contentUrl": "https://sms4smile.com/quotes/i/245/seth-klarman-1979_cash_graham-s-wonderful-sentence-as-an-invest_2883349.png", "url": "https://sms4smile.com/quotes/i/245/seth-klarman-1979_cash_graham-s-wonderful-sentence-as-an-invest_2883349.png", "width": 1080, "height": 1080, "caption": "“Graham's wonderful sentence as, an investor needs only two things: cash and courage. 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