--- title: "14 Knows Quotes By Seth Klarman" description: "14 Knows quotes by Seth Klarman. Plus more from Seth Klarman and more Knows sayings from other authors." image: "https://sms4smile.com/quotes/i/a16/seth-klarman-1979_bargains_typically-we-make-money-when-we-buy-thin_959352.png" --- > [Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we…](https://sms4smile.com/quotes/seth-klarman/typically-we-make-money-when-we-buy-things-we-count-the-profits-later/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/a16/seth-klarman-1979_bargains_typically-we-make-money-when-we-buy-thin_959352.png) > [ Buying's easier, selling's hard - \[it's\] hard to know when to get out. ](https://sms4smile.com/quotes/seth-klarman/buying-s-easier-selling-s-hard-it-s-hard-to-know-when-to-get-out/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/267/seth-klarman-1979_buying_buying-s-easier-selling-s-hard-it-s-hard_684466.png) > [We work really hard never to get confused with what we know from what we think or hope or wish.](https://sms4smile.com/quotes/seth-klarman/we-work-really-hard-never-to-get-confused-with-what-we-know-from-what/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/8ac/seth-klarman-1979_confused_we-work-really-hard-never-to-get-confuse_2259583.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) > [I know of no long-time practitioner who regrets adhering to a value philosophy; few investors who embrace the fundamental principles ever abandon…](https://sms4smile.com/quotes/seth-klarman/i-know-of-no-long-time-practitioner-who-regrets-adhering-to-a-value/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/08e/seth-klarman-1979_abandon_i-know-of-no-long-time-practitioner-who_663440.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) > [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) > [There are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin…](https://sms4smile.com/quotes/seth-klarman/there-are-only-a-few-things-investors-can-do-to-counteract-risk/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/c5b/seth-klarman-1979_appropriate_there-are-only-a-few-things-investors-ca_2860196.png) > [Investors should pay attention not only to whether but also to why current holdings are undervalued. It is critical to know why…](https://sms4smile.com/quotes/seth-klarman/investors-should-pay-attention-not-only-to-whether-but-also-to-why/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/de6/seth-klarman-1979_attention_investors-should-pay-attention-not-only_601683.jpg) > [Speculators are obsessed with predicting: guessing the direction of stock prices. Every morning on cable television, every afternoon on the stock market…](https://sms4smile.com/quotes/seth-klarman/speculators-are-obsessed-with-predicting-guessing-the-direction-of/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/c24/seth-klarman-1979_afternoon_speculators-are-obsessed-with-predicting_1611689.png) > [You need to balance arrogance and humilitywhen you buy anything, it's an arrogant act. You are saying the markets are gyrating and…](https://sms4smile.com/quotes/seth-klarman/you-need-to-balance-arrogance-and-humilitywhen-you-buy-anything-it-s/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/110/seth-klarman-1979_arrogance_you-need-to-balance-arrogance-and-humili_3068752.jpg) > [It's awful to have a depression, but it's a great thing to have a depression mentality because it means that we are…](https://sms4smile.com/quotes/seth-klarman/it-s-awful-to-have-a-depression-but-it-s-a-great-thing-to-have-a/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/8e0/seth-klarman-1979_awful_it-s-awful-to-have-a-depression-but-it-s_2980907.jpg) > [The government can always rescue the markets or interfere with contract law whenever it deems convenient with little or no apparent cost.…](https://sms4smile.com/quotes/seth-klarman/the-government-can-always-rescue-the-markets-or-interfere-with/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/922/seth-klarman-1979_believe_the-government-can-always-rescue-the-mar_2391773.jpg) > [It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment,…](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/) [Image](https://sms4smile.com/quotes/i/bc1/seth-klarman-1979_acting_it-is-important-to-remember-that-value-i_210395.jpg) ## Other authors on Knows ## 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/knows/seth-klarman/#itemlist", "name": "14 Knows Quotes By Seth Klarman", "numberOfItems": 14, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "Typically, we make money when we buy things. 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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": 7, "item": { "@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.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/value-investing-is-simple-to-understand-but-difficult-to-implement/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/773/seth-klarman-1979_attractive_value-investing-is-simple-to-understand_1411901.png", "contentUrl": "https://sms4smile.com/quotes/i/773/seth-klarman-1979_attractive_value-investing-is-simple-to-understand_1411901.png", "url": "https://sms4smile.com/quotes/i/773/seth-klarman-1979_attractive_value-investing-is-simple-to-understand_1411901.png", "width": 1080, "height": 1080, "caption": "“Value investing is simple to understand but difficult to implement. Value investors are not…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "There are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin of safety. It is a precisely because we do not and cannot know all the risks of an investment that we strive to invest at a discount. The bargain element helps to provide a cushion for when things go wrong.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/there-are-only-a-few-things-investors-can-do-to-counteract-risk/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/c5b/seth-klarman-1979_appropriate_there-are-only-a-few-things-investors-ca_2860196.png", "contentUrl": "https://sms4smile.com/quotes/i/c5b/seth-klarman-1979_appropriate_there-are-only-a-few-things-investors-ca_2860196.png", "url": "https://sms4smile.com/quotes/i/c5b/seth-klarman-1979_appropriate_there-are-only-a-few-things-investors-ca_2860196.png", "width": 1080, "height": 1080, "caption": "“There are only a few things investors can do to counteract risk: diversify adequately, hedge when…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "Investors should pay attention not only to whether but also to why current holdings are undervalued. It is critical to know why you have made an investment and to sell when the reason for owning it no longer applies. Look for investments with catalysts that may assist directly in the realization of underlying value. Give reference to companies having good managements with a personal financial stake in the business. Finally, diversify your holdings and hedge when it is financially attractive to do so.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/investors-should-pay-attention-not-only-to-whether-but-also-to-why/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/de6/seth-klarman-1979_attention_investors-should-pay-attention-not-only_601683.jpg", "contentUrl": "https://sms4smile.com/quotes/i/de6/seth-klarman-1979_attention_investors-should-pay-attention-not-only_601683.jpg", "url": "https://sms4smile.com/quotes/i/de6/seth-klarman-1979_attention_investors-should-pay-attention-not-only_601683.jpg", "width": 1080, "height": 1080, "caption": "“Investors should pay attention not only to whether but also to why current holdings are undervalued. It is…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "text": "Speculators are obsessed with predicting: guessing the direction of stock prices. Every morning on cable television, every afternoon on the stock market report, every weekend in Barron's, every week in dozens of market newsletters, and whenever business people get together. In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a purely speculative undertaking.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/speculators-are-obsessed-with-predicting-guessing-the-direction-of/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/c24/seth-klarman-1979_afternoon_speculators-are-obsessed-with-predicting_1611689.png", "contentUrl": "https://sms4smile.com/quotes/i/c24/seth-klarman-1979_afternoon_speculators-are-obsessed-with-predicting_1611689.png", "url": "https://sms4smile.com/quotes/i/c24/seth-klarman-1979_afternoon_speculators-are-obsessed-with-predicting_1611689.png", "width": 1080, "height": 1080, "caption": "“Speculators are obsessed with predicting: guessing the direction of stock prices. Every morning on cable…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 11, "item": { "@type": "Quotation", "text": "You need to balance arrogance and humilitywhen you buy anything, it's an arrogant act. You are saying the markets are gyrating and somebody wants to sell this to me and I know more than everybody else so I am going to stand here and buy it. I am going to pay an 1/8th more than the next guy wants to pay and buy it. That's arrogant. And you need the humility to say 'but I might be wrong.' And you have to do that on everything", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/you-need-to-balance-arrogance-and-humilitywhen-you-buy-anything-it-s/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/110/seth-klarman-1979_arrogance_you-need-to-balance-arrogance-and-humili_3068752.jpg", "contentUrl": "https://sms4smile.com/quotes/i/110/seth-klarman-1979_arrogance_you-need-to-balance-arrogance-and-humili_3068752.jpg", "url": "https://sms4smile.com/quotes/i/110/seth-klarman-1979_arrogance_you-need-to-balance-arrogance-and-humili_3068752.jpg", "width": 1080, "height": 1080, "caption": "“You need to balance arrogance and humilitywhen you buy anything, it's an arrogant act. You are saying the…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 12, "item": { "@type": "Quotation", "text": "It's awful to have a depression, but it's a great thing to have a depression mentality because it means that we are not speculating, we are not living beyond our means, we don't quit our job to take a big risk because we know we might not get another job. There is something stable about a country, a society built on those values.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/it-s-awful-to-have-a-depression-but-it-s-a-great-thing-to-have-a/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/8e0/seth-klarman-1979_awful_it-s-awful-to-have-a-depression-but-it-s_2980907.jpg", "contentUrl": "https://sms4smile.com/quotes/i/8e0/seth-klarman-1979_awful_it-s-awful-to-have-a-depression-but-it-s_2980907.jpg", "url": "https://sms4smile.com/quotes/i/8e0/seth-klarman-1979_awful_it-s-awful-to-have-a-depression-but-it-s_2980907.jpg", "width": 1080, "height": 1080, "caption": "“It's awful to have a depression, but it's a great thing to have a depression mentality because it means that…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 13, "item": { "@type": "Quotation", "text": "The government can always rescue the markets or interfere with contract law whenever it deems convenient with little or no apparent cost. (Investors believe this now and, worse still, the government believes it as well. We are probably doomed to a lasting legacy of government tampering with financial markets and the economy, which is likely to create the mother of all moral hazards. The government is blissfully unaware of the wisdom of Friedrich Hayek: \"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.\")", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/the-government-can-always-rescue-the-markets-or-interfere-with/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/922/seth-klarman-1979_believe_the-government-can-always-rescue-the-mar_2391773.jpg", "contentUrl": "https://sms4smile.com/quotes/i/922/seth-klarman-1979_believe_the-government-can-always-rescue-the-mar_2391773.jpg", "url": "https://sms4smile.com/quotes/i/922/seth-klarman-1979_believe_the-government-can-always-rescue-the-mar_2391773.jpg", "width": 1080, "height": 1080, "caption": "“The government can always rescue the markets or interfere with contract law whenever it deems convenient…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 14, "item": { "@type": "Quotation", "text": "It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment, refinement, patience, and reflection. It requires endless curiosity, the relentless pursuit of additional information, the raising of questions, and the search for answers. It necessitates dealing with imperfect information - knowing you will never know everything and that that must not prevent you from acting. It requires a precarious balance between conviction, steadfastness in the face of adversity, and doubt - keeping in mind the possibility that you could be wrong.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/it-is-important-to-remember-that-value-investing-is-not-a-perfect/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/bc1/seth-klarman-1979_acting_it-is-important-to-remember-that-value-i_210395.jpg", "contentUrl": "https://sms4smile.com/quotes/i/bc1/seth-klarman-1979_acting_it-is-important-to-remember-that-value-i_210395.jpg", "url": "https://sms4smile.com/quotes/i/bc1/seth-klarman-1979_acting_it-is-important-to-remember-that-value-i_210395.jpg", "width": 1080, "height": 1080, "caption": "“It is important to remember that value investing is not a perfect science. It is an, with an ongoing need…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/knows/seth-klarman/#webpage", "url": "https://sms4smile.com/quotes/about/knows/seth-klarman/", "name": "Knows Quotes by Seth Klarman", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/knows/seth-klarman/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/a16/seth-klarman-1979_bargains_typically-we-make-money-when-we-buy-thin_959352.png" }, "description": "14 Knows quotes by Seth Klarman. 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