--- title: "20 Ifs Quotes By Seth Klarman" description: "20 Ifs quotes by Seth Klarman. Plus more from Seth Klarman and more Ifs sayings from other authors." image: "https://sms4smile.com/quotes/i/2a5/seth-klarman-1979_abyss_if-you-ve-just-stared-into-the-abyss-qui_1275482.png" --- > [If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.](https://sms4smile.com/quotes/seth-klarman/if-you-ve-just-stared-into-the-abyss-quickly-forget-it-the-lessons-of/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/2a5/seth-klarman-1979_abyss_if-you-ve-just-stared-into-the-abyss-qui_1275482.png) > [If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing…](https://sms4smile.com/quotes/seth-klarman/if-only-one-word-is-to-be-used-to-describe-what-baupost-does-that/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/0ca/seth-klarman-1979_customer_if-only-one-word-is-to-be-used-to-descri_1216787.png) > [Be indifferent if you lose your short term clients, remember they are your own worst enemy](https://sms4smile.com/quotes/seth-klarman/be-indifferent-if-you-lose-your-short-term-clients-remember-they-are/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/54b/seth-klarman-1979_clients_be-indifferent-if-you-lose-your-short-te_2468840.png) > [A simple rule applies: if you don't quickly comprehend what a company is doing, then management probably doesn't either.](https://sms4smile.com/quotes/seth-klarman/a-simple-rule-applies-if-you-don-t-quickly-comprehend-what-a-company/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/55f/seth-klarman-1979_business_a-simple-rule-applies-if-you-don-t-quick_1645478.png) > [If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses --…](https://sms4smile.com/quotes/seth-klarman/if-you-can-remember-that-stocks-aren-t-pieces-of-paper-that-gyrate/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/10c/seth-klarman-1979_business_if-you-can-remember-that-stocks-aren-t-p_2560196.png) > [If another person were to enter the building, it would once again be empty.](https://sms4smile.com/quotes/seth-klarman/if-another-person-were-to-enter-the-building-it-would-once-again-be/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/b26/seth-klarman-1979_building_if-another-person-were-to-enter-the-buil_1973634.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) > [At the worst possible moment, when your fund is down because cheap things have gotten cheaper, you need to have capital, to…](https://sms4smile.com/quotes/seth-klarman/at-the-worst-possible-moment-when-your-fund-is-down-because-cheap/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/f8a/seth-klarman-1979_add_at-the-worst-possible-moment-when-your-f_545820.png) > [As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You…](https://sms4smile.com/quotes/seth-klarman/as-graham-dodd-and-buffett-have-all-said-you-should-always-remember/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/0df/seth-klarman-1979_buffett_as-graham-dodd-and-buffett-have-all-said_1549804.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) > [The prevailing view has been that the market will earn a high rate of return if the holding period is long enough,…](https://sms4smile.com/quotes/seth-klarman/the-prevailing-view-has-been-that-the-market-will-earn-a-high-rate-of/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/ad6/seth-klarman-1979_customer_the-prevailing-view-has-been-that-the-ma_2548111.png) > [Warren Buffett is right when he says you should invest as if the market is going to be closed for the next…](https://sms4smile.com/quotes/seth-klarman/warren-buffett-is-right-when-he-says-you-should-invest-as-if-the/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/c2e/seth-klarman-1979_buffett_warren-buffett-is-right-when-he-says-you_1824450.png) > [Beware leverage in all its forms. Borrowers - individual, corporate, or government - should always match fund their liabilities against the duration…](https://sms4smile.com/quotes/seth-klarman/beware-leverage-in-all-its-forms-borrowers-individual-corporate-or/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/1f0/seth-klarman-1979_assets_beware-leverage-in-all-its-forms-borrowe_978665.jpg) > [If you are predisposed to be patient, disciplined and psychologically appreciate the idea of buying bargains, then you're likely to be good…](https://sms4smile.com/quotes/seth-klarman/if-you-are-predisposed-to-be-patient-disciplined-and-psychologically/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/ba6/seth-klarman-1979_action_if-you-are-predisposed-to-be-patient-dis_1586965.jpg) > [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) > [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) > [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) > [Wall Street can be a dangerous place for investors. You have no choice but to do business there, but you must always…](https://sms4smile.com/quotes/seth-klarman/wall-street-can-be-a-dangerous-place-for-investors-you-have-no-choice/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/801/seth-klarman-1979_accepted_wall-street-can-be-a-dangerous-place-for_1719256.png) > [The government - the ultimate short-term-oriented player - cannot withstand much pain in the economy or the financial markets. Bailouts and rescues…](https://sms4smile.com/quotes/seth-klarman/the-government-the-ultimate-short-term-oriented-player-cannot/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/c47/seth-klarman-1979_advantage_the-government-the-ultimate-short-term-o_792225.jpg) > [Rather, risk is a perception in each investor's mind that results from analysis of the probability and amount of potential loss from…](https://sms4smile.com/quotes/seth-klarman/rather-risk-is-a-perception-in-each-investor-s-mind-that-results-from/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/e79/seth-klarman-1979_amount_rather-risk-is-a-perception-in-each-inve_1258715.jpg) ## Other authors on Ifs ## 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/ifs/seth-klarman/#itemlist", "name": "20 Ifs Quotes By Seth Klarman", "numberOfItems": 20, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/if-you-ve-just-stared-into-the-abyss-quickly-forget-it-the-lessons-of/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/2a5/seth-klarman-1979_abyss_if-you-ve-just-stared-into-the-abyss-qui_1275482.png", "contentUrl": "https://sms4smile.com/quotes/i/2a5/seth-klarman-1979_abyss_if-you-ve-just-stared-into-the-abyss-qui_1275482.png", "url": "https://sms4smile.com/quotes/i/2a5/seth-klarman-1979_abyss_if-you-ve-just-stared-into-the-abyss-qui_1275482.png", "width": 1080, "height": 1080, "caption": "“If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. 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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": 8, "item": { "@type": "Quotation", "text": "At the worst possible moment, when your fund is down because cheap things have gotten cheaper, you need to have capital, to have clients who will actually love the phone call and-most of the time, if not all the time-add, rather than subtract, capital.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/at-the-worst-possible-moment-when-your-fund-is-down-because-cheap/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/f8a/seth-klarman-1979_add_at-the-worst-possible-moment-when-your-f_545820.png", "contentUrl": "https://sms4smile.com/quotes/i/f8a/seth-klarman-1979_add_at-the-worst-possible-moment-when-your-f_545820.png", "url": "https://sms4smile.com/quotes/i/f8a/seth-klarman-1979_add_at-the-worst-possible-moment-when-your-f_545820.png", "width": 1080, "height": 1080, "caption": "“At the worst possible moment, when your fund is down because cheap things have gotten cheaper, you need to…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria and if you don't find them, patiently wait. Deciding not to panic is still a decision.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/as-graham-dodd-and-buffett-have-all-said-you-should-always-remember/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/0df/seth-klarman-1979_buffett_as-graham-dodd-and-buffett-have-all-said_1549804.png", "contentUrl": "https://sms4smile.com/quotes/i/0df/seth-klarman-1979_buffett_as-graham-dodd-and-buffett-have-all-said_1549804.png", "url": "https://sms4smile.com/quotes/i/0df/seth-klarman-1979_buffett_as-graham-dodd-and-buffett-have-all-said_1549804.png", "width": 1080, "height": 1080, "caption": "“As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "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.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/value-investors-have-to-be-patient-and-disciplined-but-what-i-really/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/2bb/seth-klarman-1979_be-patient_value-investors-have-to-be-patient-and-d_1551487.jpg", "contentUrl": "https://sms4smile.com/quotes/i/2bb/seth-klarman-1979_be-patient_value-investors-have-to-be-patient-and-d_1551487.jpg", "url": "https://sms4smile.com/quotes/i/2bb/seth-klarman-1979_be-patient_value-investors-have-to-be-patient-and-d_1551487.jpg", "width": 1080, "height": 1080, "caption": "“Value investors have to be patient and disciplined, but what I really think is you need not to be greedy. If…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 11, "item": { "@type": "Quotation", "text": "The prevailing view has been that the market will earn a high rate of return if the holding period is long enough, but entry point is what really matters.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/the-prevailing-view-has-been-that-the-market-will-earn-a-high-rate-of/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/ad6/seth-klarman-1979_customer_the-prevailing-view-has-been-that-the-ma_2548111.png", "contentUrl": "https://sms4smile.com/quotes/i/ad6/seth-klarman-1979_customer_the-prevailing-view-has-been-that-the-ma_2548111.png", "url": "https://sms4smile.com/quotes/i/ad6/seth-klarman-1979_customer_the-prevailing-view-has-been-that-the-ma_2548111.png", "width": 1080, "height": 1080, "caption": "“The prevailing view has been that the market will earn a high rate of return if the holding period is long…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 12, "item": { "@type": "Quotation", "text": "Warren Buffett is right when he says you should invest as if the market is going to be closed for the next five years. The fundamental principles of value investing, if they make sense to you, can allow you to survive and prosper when everyone else is rudderless. We have a proven map with which to navigate. It sounds kind of crazy, but in times of turmoil in the market. I’ve felt a sort of serenity in knowing that if I’ve checked and rechecked my work, one plus one still equals two regardless of where a stock trades right after I buy it.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/warren-buffett-is-right-when-he-says-you-should-invest-as-if-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/c2e/seth-klarman-1979_buffett_warren-buffett-is-right-when-he-says-you_1824450.png", "contentUrl": "https://sms4smile.com/quotes/i/c2e/seth-klarman-1979_buffett_warren-buffett-is-right-when-he-says-you_1824450.png", "url": "https://sms4smile.com/quotes/i/c2e/seth-klarman-1979_buffett_warren-buffett-is-right-when-he-says-you_1824450.png", "width": 1080, "height": 1080, "caption": "“Warren Buffett is right when he says you should invest as if the market is going to be closed for the next…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 13, "item": { "@type": "Quotation", "text": "Beware leverage in all its forms. Borrowers - individual, corporate, or government - should always match fund their liabilities against the duration of their assets. Borrowers must always remember that capital markets can be extremely fickle, and that it is never safe to assume a maturing loan can be rolled over. Even if you are unleveraged, the leverage employed by others can drive dramatic price and valuation swings; sudden unavailability of leverage in the economy may trigger an economic downturn.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/beware-leverage-in-all-its-forms-borrowers-individual-corporate-or/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/1f0/seth-klarman-1979_assets_beware-leverage-in-all-its-forms-borrowe_978665.jpg", "contentUrl": "https://sms4smile.com/quotes/i/1f0/seth-klarman-1979_assets_beware-leverage-in-all-its-forms-borrowe_978665.jpg", "url": "https://sms4smile.com/quotes/i/1f0/seth-klarman-1979_assets_beware-leverage-in-all-its-forms-borrowe_978665.jpg", "width": 1080, "height": 1080, "caption": "“Beware leverage in all its forms. Borrowers - individual, corporate, or government - should always match…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 14, "item": { "@type": "Quotation", "text": "If you are predisposed to be patient, disciplined and psychologically appreciate the idea of buying bargains, then you're likely to be good at it. If you have a need for action, if you want to be involved in the new and exciting technological breakthroughs of our time, that's great, but you're not a value investor, and you shouldn't be one.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/if-you-are-predisposed-to-be-patient-disciplined-and-psychologically/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/ba6/seth-klarman-1979_action_if-you-are-predisposed-to-be-patient-dis_1586965.jpg", "contentUrl": "https://sms4smile.com/quotes/i/ba6/seth-klarman-1979_action_if-you-are-predisposed-to-be-patient-dis_1586965.jpg", "url": "https://sms4smile.com/quotes/i/ba6/seth-klarman-1979_action_if-you-are-predisposed-to-be-patient-dis_1586965.jpg", "width": 1080, "height": 1080, "caption": "“If you are predisposed to be patient, disciplined and psychologically appreciate the idea of buying…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 15, "item": { "@type": "Quotation", "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.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/here-s-how-to-know-if-you-have-the-makeup-to-be-an-investor-how-would/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/c12/seth-klarman-1979_cash_here-s-how-to-know-if-you-have-the-makeu_1974364.jpg", "contentUrl": "https://sms4smile.com/quotes/i/c12/seth-klarman-1979_cash_here-s-how-to-know-if-you-have-the-makeu_1974364.jpg", "url": "https://sms4smile.com/quotes/i/c12/seth-klarman-1979_cash_here-s-how-to-know-if-you-have-the-makeu_1974364.jpg", "width": 1080, "height": 1080, "caption": "“Here’s how to know if you have the makeup to be an investor. How would you handle the following situation?…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 16, "item": { "@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.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/value-in-relation-to-price-not-price-alone-must-determine-your/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/a13/seth-klarman-1979_creator_value-in-relation-to-price-not-price-alo_2652881.png", "contentUrl": "https://sms4smile.com/quotes/i/a13/seth-klarman-1979_creator_value-in-relation-to-price-not-price-alo_2652881.png", "url": "https://sms4smile.com/quotes/i/a13/seth-klarman-1979_creator_value-in-relation-to-price-not-price-alo_2652881.png", "width": 1080, "height": 1080, "caption": "“Value in relation to price, not price alone, must determine your investment decisions. If you look to Mr…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 17, "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. Fortunately for our clients, we don't tend to operate based on the view. Our investment strategy is to invest bottom up, one stock at a time, based on price compared to value. And while we may have a macro view that things aren't very good right now - which in fact we feel very strongly we will put money to work regardless of that macro view if we find bargains. So tomorrow, if we found half a dozen bargains, we would invest all our cash.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/one-thing-i-want-to-emphasize-is-that-like-any-human-being-we-can/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/5eb/seth-klarman-1979_bargains_one-thing-i-want-to-emphasize-is-that-li_463135.jpg", "contentUrl": "https://sms4smile.com/quotes/i/5eb/seth-klarman-1979_bargains_one-thing-i-want-to-emphasize-is-that-li_463135.jpg", "url": "https://sms4smile.com/quotes/i/5eb/seth-klarman-1979_bargains_one-thing-i-want-to-emphasize-is-that-li_463135.jpg", "width": 1080, "height": 1080, "caption": "“One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 18, "item": { "@type": "Quotation", "text": "Wall Street can be a dangerous place for investors. You have no choice but to do business there, but you must always be on your guard. The standard behavior of Wall Streeters is to pursue maximization of self-interest; the orientation is usually short term. This must be acknowledged, accepted, and dealt with. If you transact business with Wall Street with these caveats in mind, you can prosper. If you depend on Wall Street to help you, investment success may remain elusive.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/wall-street-can-be-a-dangerous-place-for-investors-you-have-no-choice/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/801/seth-klarman-1979_accepted_wall-street-can-be-a-dangerous-place-for_1719256.png", "contentUrl": "https://sms4smile.com/quotes/i/801/seth-klarman-1979_accepted_wall-street-can-be-a-dangerous-place-for_1719256.png", "url": "https://sms4smile.com/quotes/i/801/seth-klarman-1979_accepted_wall-street-can-be-a-dangerous-place-for_1719256.png", "width": 1080, "height": 1080, "caption": "“Wall Street can be a dangerous place for investors. You have no choice but to do business there, but you…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 19, "item": { "@type": "Quotation", "text": "The government - the ultimate short-term-oriented player - cannot withstand much pain in the economy or the financial markets. Bailouts and rescues are likely to occur, though not with sufficient predictability for investors to comfortably take advantage. The government will take enormous risks in such interventions, especially if the expenses can be conveniently deferred to the future. Some of the price-tag is in the form of back- stops and guarantees, whose cost is almost impossible to determine.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/the-government-the-ultimate-short-term-oriented-player-cannot/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/c47/seth-klarman-1979_advantage_the-government-the-ultimate-short-term-o_792225.jpg", "contentUrl": "https://sms4smile.com/quotes/i/c47/seth-klarman-1979_advantage_the-government-the-ultimate-short-term-o_792225.jpg", "url": "https://sms4smile.com/quotes/i/c47/seth-klarman-1979_advantage_the-government-the-ultimate-short-term-o_792225.jpg", "width": 1080, "height": 1080, "caption": "“The government - the ultimate short-term-oriented player - cannot withstand much pain in the economy or the…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 20, "item": { "@type": "Quotation", "text": "Rather, risk is a perception in each investor's mind that results from analysis of the probability and amount of potential loss from an investment. If an exploratory oil well proves to be a dry hole, it is called risky. If a bond defaults or a stock plunges in price, they are called risky. But if the well is a gusher, the bond matures on schedule, and the stock rallies strongly, can we say they weren't risky when the investment after it is concluded than was known when it was made.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/rather-risk-is-a-perception-in-each-investor-s-mind-that-results-from/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/e79/seth-klarman-1979_amount_rather-risk-is-a-perception-in-each-inve_1258715.jpg", "contentUrl": "https://sms4smile.com/quotes/i/e79/seth-klarman-1979_amount_rather-risk-is-a-perception-in-each-inve_1258715.jpg", "url": "https://sms4smile.com/quotes/i/e79/seth-klarman-1979_amount_rather-risk-is-a-perception-in-each-inve_1258715.jpg", "width": 1080, "height": 1080, "caption": "“Rather, risk is a perception in each investor's mind that results from analysis of the probability and…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/ifs/seth-klarman/#webpage", "url": "https://sms4smile.com/quotes/about/ifs/seth-klarman/", "name": "Ifs Quotes by Seth Klarman", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/ifs/seth-klarman/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/2a5/seth-klarman-1979_abyss_if-you-ve-just-stared-into-the-abyss-qui_1275482.png" }, "description": "20 Ifs quotes by Seth Klarman. 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