---
title: "Best Customer Quotes by Seth Klarman"
description: "120 Customer quotes by Seth Klarman. Plus more from Seth Klarman and more Customer sayings from other authors."
image: "https://sms4smile.com/quotes/i/f0e/seth-klarman-1979_achieve_avoiding-where-others-go-wrong-is-an-imp_432183.png"
---

> [Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.](https://sms4smile.com/quotes/seth-klarman/avoiding-where-others-go-wrong-is-an-important-step-in-achieving/)

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

[Image](https://sms4smile.com/quotes/i/f0e/seth-klarman-1979_achieve_avoiding-where-others-go-wrong-is-an-imp_432183.png)

> [When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.](https://sms4smile.com/quotes/seth-klarman/when-a-wall-street-analyst-or-broker-expresses-optimism-investors/)

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

[Image](https://sms4smile.com/quotes/i/ca7/seth-klarman-1979_analysts_when-a-wall-street-analyst-or-broker-exp_2502918.jpg)

> [A value strategy is of little use to the impatient investor since it usually takes time to pay off.](https://sms4smile.com/quotes/seth-klarman/a-value-strategy-is-of-little-use-to-the-impatient-investor-since-it/)

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

[Image](https://sms4smile.com/quotes/i/a8d/seth-klarman-1979_customer_a-value-strategy-is-of-little-use-to-the_2806442.png)

> [By investing at a discount, Benjamin Graham knew that he was unlikely to experience losses.](https://sms4smile.com/quotes/seth-klarman/by-investing-at-a-discount-benjamin-graham-knew-that-he-was-unlikely/)

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

[Image](https://sms4smile.com/quotes/i/368/seth-klarman-1979_customer_by-investing-at-a-discount-benjamin-grah_2103173.png)

> [The government can indefinitely control both short-term and long-term interest rates.](https://sms4smile.com/quotes/seth-klarman/the-government-can-indefinitely-control-both-short-term-and-long-term/)

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

[Image](https://sms4smile.com/quotes/i/a6b/seth-klarman-1979_customer_the-government-can-indefinitely-control_1322527.png)

> [All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come](https://sms4smile.com/quotes/seth-klarman/all-an-investor-can-do-is-follow-a-consistently-disciplined-and/)

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

[Image](https://sms4smile.com/quotes/i/98b/seth-klarman-1979_approach_all-an-investor-can-do-is-follow-a-consi_2821151.png)

> [Don't short many stocks. Instead they hedge for tail risk with CDS and options. They are happy to incur illiquidity](https://sms4smile.com/quotes/seth-klarman/don-t-short-many-stocks-instead-they-hedge-for-tail-risk-with-cds-and/)

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

[Image](https://sms4smile.com/quotes/i/b32/seth-klarman-1979_cds_don-t-short-many-stocks-instead-they-hed_1854935.png)

> [I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline](https://sms4smile.com/quotes/seth-klarman/i-find-value-investing-to-be-a-stimulating-intellectually-challenging/)

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

[Image](https://sms4smile.com/quotes/i/26b/seth-klarman-1979_challenges_i-find-value-investing-to-be-a-stimulati_383810.png)

> [Many LBOs are man-made disasters. When the price paid is excessive, the equity portion of an LBO is really an out-of-the-money call…](https://sms4smile.com/quotes/seth-klarman/many-lbos-are-man-made-disasters-when-the-price-paid-is-excessive-the/)

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

[Image](https://sms4smile.com/quotes/i/4de/seth-klarman-1979_amount_many-lbos-are-man-made-disasters-when-th_1638027.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)

> [While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk…](https://sms4smile.com/quotes/seth-klarman/while-it-might-seem-that-anyone-can-be-a-value-investor-the-essential/)

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

[Image](https://sms4smile.com/quotes/i/698/seth-klarman-1979_aversion_while-it-might-seem-that-anyone-can-be-a_2367510.jpg)

> [A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad…](https://sms4smile.com/quotes/seth-klarman/a-margin-of-safety-is-achieved-when-securities-are-purchased-at/)

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

[Image](https://sms4smile.com/quotes/i/a7a/seth-klarman-1979_bad-luck_a-margin-of-safety-is-achieved-when-secu_2707625.png)

> [Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the…](https://sms4smile.com/quotes/seth-klarman/do-not-trust-financial-market-risk-models-despite-the-predilection-of/)

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

[Image](https://sms4smile.com/quotes/i/8da/seth-klarman-1979_analysts_do-not-trust-financial-market-risk-model_2324684.png)

> [Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so…](https://sms4smile.com/quotes/seth-klarman/investors-need-to-pick-their-poison-either-make-more-money-when-times/)

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

[Image](https://sms4smile.com/quotes/i/ca1/seth-klarman-1979_customer_investors-need-to-pick-their-poison-eith_2731215.jpg)

> [When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because few investors are…](https://sms4smile.com/quotes/seth-klarman/when-all-feels-calm-and-prices-surge-the-markets-may-feel-safe-but-in/)

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

[Image](https://sms4smile.com/quotes/i/a0b/seth-klarman-1979_calm_when-all-feels-calm-and-prices-surge-the_2925310.png)

> [In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict…](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/)

[Image](https://sms4smile.com/quotes/i/4be/seth-klarman-1979_all-time_in-a-rising-market-everyone-makes-money_158908.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)

> [Always remembering that we might be wrong, we must contemplate alternatives, concoct hedges, and search vigilantly for validation of our assessments. We…](https://sms4smile.com/quotes/seth-klarman/always-remembering-that-we-might-be-wrong-we-must-contemplate/)

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

[Image](https://sms4smile.com/quotes/i/4d9/seth-klarman-1979_alternatives_always-remembering-that-we-might-be-wron_667385.jpg)

> [To value investors the concept of indexing is at best silly and at worst quite hazardous. Warren Buffett has observed that "in…](https://sms4smile.com/quotes/seth-klarman/to-value-investors-the-concept-of-indexing-is-at-best-silly-and-at/)

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

[Image](https://sms4smile.com/quotes/i/185/seth-klarman-1979_advantage_to-value-investors-the-concept-of-indexi_1711414.jpg)

> [While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes…](https://sms4smile.com/quotes/seth-klarman/while-some-might-mistakenly-consider-value-investing-a-mechanical/)

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

[Image](https://sms4smile.com/quotes/i/85a/seth-klarman-1979_analysis_while-some-might-mistakenly-consider-val_732916.png)

> [Risk is not inherent in an investment; it is always relative to the price paid. Uncertainty is not the same as risk.…](https://sms4smile.com/quotes/seth-klarman/risk-is-not-inherent-in-an-investment-it-is-always-relative-to-the/)

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

[Image](https://sms4smile.com/quotes/i/ae4/seth-klarman-1979_customer_risk-is-not-inherent-in-an-investment-it_444105.png)

> [Things that have never happened before are bound to occur with some regularity. You must always be prepared for the unexpected, including…](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)

> [Value in relation to price, not price alone, must determine your investment decisions. If you look to Mr Market as a creator…](https://sms4smile.com/quotes/seth-klarman/value-in-relation-to-price-not-price-alone-must-determine-your/)

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

[Image](https://sms4smile.com/quotes/i/a13/seth-klarman-1979_creator_value-in-relation-to-price-not-price-alo_2652881.png)

> [Value investing is simple to understand but difficult to implement. Value investors are not supersophisticated analytical wizards who create and apply intricate…](https://sms4smile.com/quotes/seth-klarman/value-investing-is-simple-to-understand-but-difficult-to-implement/)

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

[Image](https://sms4smile.com/quotes/i/773/seth-klarman-1979_attractive_value-investing-is-simple-to-understand_1411901.png)

> [The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.](https://sms4smile.com/quotes/seth-klarman/the-stock-market-is-the-story-of-cycles-and-of-the-human-behavior/)

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

[Image](https://sms4smile.com/quotes/i/294/seth-klarman-1979_behavior_the-stock-market-is-the-story-of-cycles_571980.png)

> [When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive…](https://sms4smile.com/quotes/seth-klarman/when-a-stock-is-selling-at-a-discount-to-liquidation-value-per-share/)

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

[Image](https://sms4smile.com/quotes/i/d3e/seth-klarman-1979_appraisal_when-a-stock-is-selling-at-a-discount-to_1470220.png)

> [Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and…](https://sms4smile.com/quotes/seth-klarman/successful-investors-must-temper-the-arrogance-of-taking-a-stand-with/)

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

[Image](https://sms4smile.com/quotes/i/c40/seth-klarman-1979_accepting_successful-investors-must-temper-the-arr_1174069.png)

> [Value investors have to be patient and disciplined, but what I really think is you need not to be greedy. If you're…](https://sms4smile.com/quotes/seth-klarman/value-investors-have-to-be-patient-and-disciplined-but-what-i-really/)

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

[Image](https://sms4smile.com/quotes/i/2bb/seth-klarman-1979_be-patient_value-investors-have-to-be-patient-and-d_1551487.jpg)

> [Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more…](https://sms4smile.com/quotes/seth-klarman/value-investing-is-the-discipline-of-buying-shares-at-a-significant/)

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

[Image](https://sms4smile.com/quotes/i/a55/seth-klarman-1979_bargains_value-investing-is-the-discipline-of-buy_1415097.jpg)

> [It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to…](https://sms4smile.com/quotes/seth-klarman/it-is-always-easiest-to-run-with-the-herd-at-times-it-can-take-a-deep/)

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

[Image](https://sms4smile.com/quotes/i/ef4/seth-klarman-1979_components_it-is-always-easiest-to-run-with-the-her_3024715.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)

> [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)

> [At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst…](https://sms4smile.com/quotes/seth-klarman/at-equal-returns-public-investments-are-generally-superior-to-private/)

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

[Image](https://sms4smile.com/quotes/i/0b0/seth-klarman-1979_attractive_at-equal-returns-public-investments-are_2028592.jpg)

> [The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is…](https://sms4smile.com/quotes/seth-klarman/the-near-absence-of-bargains-works-as-a-reverse-indicator-for-us-when/)

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

[Image](https://sms4smile.com/quotes/i/cc5/seth-klarman-1979_absence_the-near-absence-of-bargains-works-as-a_358378.png)

> [As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is…](https://sms4smile.com/quotes/seth-klarman/as-buffett-has-often-observed-value-investing-is-not-a-concept-that/)

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

[Image](https://sms4smile.com/quotes/i/1b4/seth-klarman-1979_adopted_as-buffett-has-often-observed-value-inve_752701.png)

> [Bad things happen, but really bad things do not. Do buy the dips, especially the lowest quality securities when they come under…](https://sms4smile.com/quotes/seth-klarman/bad-things-happen-but-really-bad-things-do-not-do-buy-the-dips/)

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

[Image](https://sms4smile.com/quotes/i/82f/seth-klarman-1979_bad-thing_bad-things-happen-but-really-bad-things_449838.png)

> [In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based…](https://sms4smile.com/quotes/seth-klarman/in-reality-no-one-knows-what-the-market-will-do-trying-to-predict-it/)

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

[Image](https://sms4smile.com/quotes/i/984/seth-klarman-1979_customer_in-reality-no-one-knows-what-the-market_1895636.png)

> [Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.](https://sms4smile.com/quotes/seth-klarman/value-investors-should-completely-exit-a-security-by-the-time-it/)

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

[Image](https://sms4smile.com/quotes/i/6c3/seth-klarman-1979_customer_value-investors-should-completely-exit-a_1728663.png)

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

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

[Image](https://sms4smile.com/quotes/i/5b0/seth-klarman-1979_conventional_because-investors-are-not-usually-penali_20945.png)

> [We continue to adhere to a common-sense view of risk - how much we can lose and the probability of losing it.…](https://sms4smile.com/quotes/seth-klarman/we-continue-to-adhere-to-a-common-sense-view-of-risk-how-much-we-can/)

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

[Image](https://sms4smile.com/quotes/i/9b3/seth-klarman-1979_believe_we-continue-to-adhere-to-a-common-sense_592811.png)

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## 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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                        "text": "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.",
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                        "text": "Here’s how to know if you have the makeup to be an investor. How would you handle the following situation? Let’s say you own a Procter & Gamble in your portfolio and the stock price goes down by half. Do you like it better? If it falls in half, do you reinvest dividends? Do you take cash out of savings to buy more? If you have the confidence to do that, then you’re an investor. If you don’t, you’re not an investor, you’re a speculator, and you shouldn’t be in the stock market in the first place.",
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                        "text": "Always remembering that we might be wrong, we must contemplate alternatives, concoct hedges, and search vigilantly for validation of our assessments. We always sell when a security's price begins to reflect full value, because we are never sure that our thesis will be precisely correct.",
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                        "text": "To value investors the concept of indexing is at best silly and at worst quite hazardous. Warren Buffett has observed that \"in any sort of a contest - financial, mental or physical - it's an enormous advantage to have opponents who have been taught that it's useless to even try.\" I believe that over time value investors will outperform the market and that choosing to match it is both lazy and shortsighted.",
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                        "text": "While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes the need to perform in-depth fundamental analysis, pursue long-term investment results, limit risk, and resist crowd psychology.",
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                        "text": "Risk is not inherent in an investment; it is always relative to the price paid. Uncertainty is not the same as risk. Indeed, when great uncertainty - such as in the fall of 2008 - drives securities prices to especially low levels, they often become less risky investments.",
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                        "@type": "Quotation",
                        "text": "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 far worse.",
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                        "@type": "Quotation",
                        "text": "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.",
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                        "@type": "Quotation",
                        "text": "Value investing is simple to understand but difficult to implement. Value investors are not supersophisticated analytical wizards who create and apply intricate computer models to find attractive opportunities or assess underlying value. The hard part is discipline, patience, and judgment. Investors need discipline to avoid the many unattractive pitches that are thrown, patience to wait for the right pitch, and judgment to know when it is time to swing.",
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                        "@type": "Quotation",
                        "text": "The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.",
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                        "@type": "Quotation",
                        "text": "When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive investment.",
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                        "@type": "Quotation",
                        "text": "Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and care, they may in fact be wrong.",
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                        "text": "Value investors have to be patient and disciplined, but what I really think is you need not to be greedy. If you're greedy and you leverage, you blow up. Almost every financial blow up is because of leverage.",
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                        "@type": "Quotation",
                        "text": "Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process.",
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                        "@type": "Quotation",
                        "text": "It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to stand apart from it. Yet distancing yourself from the crowd is an essential component of long-term investment success.",
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                        "@type": "Quotation",
                        "text": "When managers are afraid of redemptions, they get liquid. 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.",
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                        "text": "At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst distress, public markets are more likely than private ones to offer attractive opportunities to average down.",
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                        "text": "The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is probably much worth selling.",
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