--- title: "4 Cycles Quotes By Seth Klarman" description: "4 Cycles quotes by Seth Klarman. Plus more from Seth Klarman and more Cycles sayings from other authors." image: "https://sms4smile.com/quotes/i/294/seth-klarman-1979_behavior_the-stock-market-is-the-story-of-cycles_571980.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) > [Below, we itemize some of the quite different lessons investors seem to have learned as of late 2009 - false lessons, we…](https://sms4smile.com/quotes/seth-klarman/below-we-itemize-some-of-the-quite-different-lessons-investors-seem/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/273/seth-klarman-1979_approach_below-we-itemize-some-of-the-quite-diffe_905131.png) > [To achieve long-term success over many financial market and economic cycles, observing a few rules is not enough. Too many things change…](https://sms4smile.com/quotes/seth-klarman/to-achieve-long-term-success-over-many-financial-market-and-economic/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/0d8/seth-klarman-1979_achieve_to-achieve-long-term-success-over-many-f_1032818.jpg) > [Short-term performance envy causes many of the shortcomings that lock most investors into a perpetual cycle of underachievement. Watch your competitors not…](https://sms4smile.com/quotes/seth-klarman/short-term-performance-envy-causes-many-of-the-shortcomings-that-lock/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/36b/seth-klarman-1979_able_short-term-performance-envy-causes-many_3085796.png) ## Other authors on Cycles - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b010/author-frederick-lenz-36205.jpg) Frederick Lenz 26 quotes ](https://sms4smile.com/quotes/about/cycles/frederick-lenz/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b005/author-barack-obama-16275.jpg) Barack Obama 7 quotes ](https://sms4smile.com/quotes/about/cycles/barack-obama/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b015/author-lance-armstrong-58455.jpg) Lance Armstrong 5 quotes ](https://sms4smile.com/quotes/about/cycles/lance-armstrong/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b010/author-gautama-buddha-37107.jpg) Gautama Buddha 5 quotes ](https://sms4smile.com/quotes/about/cycles/gautama-buddha/) ## 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/cycles/seth-klarman/#itemlist", "name": "4 Cycles Quotes By Seth Klarman", "numberOfItems": 4, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/the-stock-market-is-the-story-of-cycles-and-of-the-human-behavior/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/294/seth-klarman-1979_behavior_the-stock-market-is-the-story-of-cycles_571980.png", "contentUrl": "https://sms4smile.com/quotes/i/294/seth-klarman-1979_behavior_the-stock-market-is-the-story-of-cycles_571980.png", "url": "https://sms4smile.com/quotes/i/294/seth-klarman-1979_behavior_the-stock-market-is-the-story-of-cycles_571980.png", "width": 1080, "height": 1080, "caption": "“The stock market is the story of cycles and of the human behavior that is responsible for overreactions in…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "Below, we itemize some of the quite different lessons investors seem to have learned as of late 2009 - false lessons, we believe. 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