--- title: "22 Long Quotes By Seth Klarman" description: "22 Long quotes by Seth Klarman. Plus more from Seth Klarman and more Long sayings from other authors." image: "https://sms4smile.com/quotes/i/279/seth-klarman-1979_edges_the-single-greatest-edge-an-investor-can_2631650.png" --- > [The single greatest edge an investor can have is a long-term orientation.](https://sms4smile.com/quotes/seth-klarman/the-single-greatest-edge-an-investor-can-have-is-a-long-term/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/279/seth-klarman-1979_edges_the-single-greatest-edge-an-investor-can_2631650.png) > [There are no long-term lessons - ever.](https://sms4smile.com/quotes/seth-klarman/there-are-no-long-term-lessons-ever/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/ecd/seth-klarman-1979_lessons_there-are-no-long-term-lessons-ever-1205_1205939.png) > [Over the long run, the crowd is always wrong.](https://sms4smile.com/quotes/seth-klarman/over-the-long-run-the-crowd-is-always-wrong/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/6ef/seth-klarman-1979_always-wrong_over-the-long-run-the-crowd-is-always-wr_1095994.png) > [Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.](https://sms4smile.com/quotes/seth-klarman/individual-and-institutional-investors-alike-frequently-demonstrate/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/fe5/seth-klarman-1979_business_individual-and-institutional-investors-a_381622.png) > [Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.](https://sms4smile.com/quotes/seth-klarman/having-clients-with-a-long-term-orientation-is-crucial-nothing-else/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/bac/seth-klarman-1979_clients_having-clients-with-a-long-term-orientat_812846.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) > [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) > [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) > [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) > [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) > [The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by standing against the prevailing winds -…](https://sms4smile.com/quotes/seth-klarman/the-strategy-of-buying-what-s-in-favor-is-a-fool-s-errand-ensuring/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/cf3/seth-klarman-1979_buying_the-strategy-of-buying-what-s-in-favor-i_1794434.png) > [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) > [Frequent comparative ranking can only reinforce a short-term investment perspective. It is understandably difficult to maintain a long-term view when, faced with…](https://sms4smile.com/quotes/seth-klarman/frequent-comparative-ranking-can-only-reinforce-a-short-term/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/805/seth-klarman-1979_attractiveness_frequent-comparative-ranking-can-only-re_3193903.jpg) > [Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably…](https://sms4smile.com/quotes/seth-klarman/do-not-accept-principal-risk-while-investing-short-term-cash-the/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/128/seth-klarman-1979_accepting_do-not-accept-principal-risk-while-inves_1784291.png) > [Occasionally we are asked whether it would make sense to modify our investment strategy to perform better in today's financial climate. Our…](https://sms4smile.com/quotes/seth-klarman/occasionally-we-are-asked-whether-it-would-make-sense-to-modify-our/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/b53/seth-klarman-1979_answers_occasionally-we-are-asked-whether-it-wou_360258.jpg) > [Nowhere does it say that investors should strive to make every last dollar of potential profit; consideration of risk must never take…](https://sms4smile.com/quotes/seth-klarman/nowhere-does-it-say-that-investors-should-strive-to-make-every-last/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/e13/seth-klarman-1979_backseat_nowhere-does-it-say-that-investors-shoul_1351831.jpg) > [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) > [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) > [Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests…](https://sms4smile.com/quotes/seth-klarman/pressure-to-produce-over-the-short-term-a-gun-to-the-head-of-everyone/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/a50/seth-klarman-1979_all-time_pressure-to-produce-over-the-short-term_1157670.jpg) > [Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able…](https://sms4smile.com/quotes/seth-klarman/value-investing-requires-a-great-deal-of-hard-work-unusually-strict/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/406/seth-klarman-1979_able_value-investing-requires-a-great-deal-of_3125496.png) ## Other authors on Long ## 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/long/seth-klarman/#itemlist", "name": "22 Long Quotes By Seth Klarman", "numberOfItems": 22, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "The single greatest edge an investor can have is a long-term orientation.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/the-single-greatest-edge-an-investor-can-have-is-a-long-term/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/279/seth-klarman-1979_edges_the-single-greatest-edge-an-investor-can_2631650.png", "contentUrl": "https://sms4smile.com/quotes/i/279/seth-klarman-1979_edges_the-single-greatest-edge-an-investor-can_2631650.png", "url": "https://sms4smile.com/quotes/i/279/seth-klarman-1979_edges_the-single-greatest-edge-an-investor-can_2631650.png", "width": 1080, "height": 1080, "caption": "“The single greatest edge an investor can have is a long-term orientation.” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "There are no long-term lessons - ever.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/there-are-no-long-term-lessons-ever/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/ecd/seth-klarman-1979_lessons_there-are-no-long-term-lessons-ever-1205_1205939.png", "contentUrl": "https://sms4smile.com/quotes/i/ecd/seth-klarman-1979_lessons_there-are-no-long-term-lessons-ever-1205_1205939.png", "url": "https://sms4smile.com/quotes/i/ecd/seth-klarman-1979_lessons_there-are-no-long-term-lessons-ever-1205_1205939.png", "width": 1080, "height": 1080, "caption": "“There are no long-term lessons - ever.” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 3, "item": { "@type": "Quotation", "text": "Over the long run, the crowd is always wrong.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/over-the-long-run-the-crowd-is-always-wrong/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/6ef/seth-klarman-1979_always-wrong_over-the-long-run-the-crowd-is-always-wr_1095994.png", "contentUrl": "https://sms4smile.com/quotes/i/6ef/seth-klarman-1979_always-wrong_over-the-long-run-the-crowd-is-always-wr_1095994.png", "url": "https://sms4smile.com/quotes/i/6ef/seth-klarman-1979_always-wrong_over-the-long-run-the-crowd-is-always-wr_1095994.png", "width": 1080, "height": 1080, "caption": "“Over the long run, the crowd is always wrong.” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 4, "item": { "@type": "Quotation", "text": "Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/individual-and-institutional-investors-alike-frequently-demonstrate/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/fe5/seth-klarman-1979_business_individual-and-institutional-investors-a_381622.png", "contentUrl": "https://sms4smile.com/quotes/i/fe5/seth-klarman-1979_business_individual-and-institutional-investors-a_381622.png", "url": "https://sms4smile.com/quotes/i/fe5/seth-klarman-1979_business_individual-and-institutional-investors-a_381622.png", "width": 1080, "height": 1080, "caption": "“Individual and institutional investors alike frequently demonstrate an inability to make long-term…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 5, "item": { "@type": "Quotation", "text": "Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/having-clients-with-a-long-term-orientation-is-crucial-nothing-else/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/bac/seth-klarman-1979_clients_having-clients-with-a-long-term-orientat_812846.png", "contentUrl": "https://sms4smile.com/quotes/i/bac/seth-klarman-1979_clients_having-clients-with-a-long-term-orientat_812846.png", "url": "https://sms4smile.com/quotes/i/bac/seth-klarman-1979_clients_having-clients-with-a-long-term-orientat_812846.png", "width": 1080, "height": 1080, "caption": "“Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 6, "item": { "@type": "Quotation", "text": "The government can indefinitely control both short-term and long-term interest rates.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/the-government-can-indefinitely-control-both-short-term-and-long-term/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/a6b/seth-klarman-1979_customer_the-government-can-indefinitely-control_1322527.png", "contentUrl": "https://sms4smile.com/quotes/i/a6b/seth-klarman-1979_customer_the-government-can-indefinitely-control_1322527.png", "url": "https://sms4smile.com/quotes/i/a6b/seth-klarman-1979_customer_the-government-can-indefinitely-control_1322527.png", "width": 1080, "height": 1080, "caption": "“The government can indefinitely control both short-term and long-term interest rates.” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "item": { "@type": "Quotation", "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.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/while-some-might-mistakenly-consider-value-investing-a-mechanical/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/85a/seth-klarman-1979_analysis_while-some-might-mistakenly-consider-val_732916.png", "contentUrl": "https://sms4smile.com/quotes/i/85a/seth-klarman-1979_analysis_while-some-might-mistakenly-consider-val_732916.png", "url": "https://sms4smile.com/quotes/i/85a/seth-klarman-1979_analysis_while-some-might-mistakenly-consider-val_732916.png", "width": 1080, "height": 1080, "caption": "“While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so often, or protect on the downside and don't be at the party so long when things are good.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/investors-need-to-pick-their-poison-either-make-more-money-when-times/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/ca1/seth-klarman-1979_customer_investors-need-to-pick-their-poison-eith_2731215.jpg", "contentUrl": "https://sms4smile.com/quotes/i/ca1/seth-klarman-1979_customer_investors-need-to-pick-their-poison-eith_2731215.jpg", "url": "https://sms4smile.com/quotes/i/ca1/seth-klarman-1979_customer_investors-need-to-pick-their-poison-eith_2731215.jpg", "width": 1080, "height": 1080, "caption": "“Investors need to pick their poison: Either make more money when times are good and have a really ugly year…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@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.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/it-is-always-easiest-to-run-with-the-herd-at-times-it-can-take-a-deep/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/ef4/seth-klarman-1979_components_it-is-always-easiest-to-run-with-the-her_3024715.jpg", "contentUrl": "https://sms4smile.com/quotes/i/ef4/seth-klarman-1979_components_it-is-always-easiest-to-run-with-the-her_3024715.jpg", "url": "https://sms4smile.com/quotes/i/ef4/seth-klarman-1979_components_it-is-always-easiest-to-run-with-the-her_3024715.jpg", "width": 1080, "height": 1080, "caption": "“It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@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.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/when-managers-are-afraid-of-redemptions-they-get-liquid-we-all-saw/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/154/seth-klarman-1979_cash_when-managers-are-afraid-of-redemptions_2570740.jpg", "contentUrl": "https://sms4smile.com/quotes/i/154/seth-klarman-1979_cash_when-managers-are-afraid-of-redemptions_2570740.jpg", "url": "https://sms4smile.com/quotes/i/154/seth-klarman-1979_cash_when-managers-are-afraid-of-redemptions_2570740.jpg", "width": 1080, "height": 1080, "caption": "“When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 11, "item": { "@type": "Quotation", "text": "My experience is that short sellers do far better analysis than long buyers because they have to. The market is biased upward over time-as the saying goes, stocks are for the long run.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/my-experience-is-that-short-sellers-do-far-better-analysis-than-long/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/67f/seth-klarman-1979_analysis_my-experience-is-that-short-sellers-do-f_2360911.png", "contentUrl": "https://sms4smile.com/quotes/i/67f/seth-klarman-1979_analysis_my-experience-is-that-short-sellers-do-f_2360911.png", "url": "https://sms4smile.com/quotes/i/67f/seth-klarman-1979_analysis_my-experience-is-that-short-sellers-do-f_2360911.png", "width": 1080, "height": 1080, "caption": "“My experience is that short sellers do far better analysis than long buyers because they have to. The market…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 12, "item": { "@type": "Quotation", "text": "I know of no long-time practitioner who regrets adhering to a value philosophy; few investors who embrace the fundamental principles ever abandon this investment approach for another", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/i-know-of-no-long-time-practitioner-who-regrets-adhering-to-a-value/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/08e/seth-klarman-1979_abandon_i-know-of-no-long-time-practitioner-who_663440.png", "contentUrl": "https://sms4smile.com/quotes/i/08e/seth-klarman-1979_abandon_i-know-of-no-long-time-practitioner-who_663440.png", "url": "https://sms4smile.com/quotes/i/08e/seth-klarman-1979_abandon_i-know-of-no-long-time-practitioner-who_663440.png", "width": 1080, "height": 1080, "caption": "“I know of no long-time practitioner who regrets adhering to a value philosophy; few investors who embrace…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 13, "item": { "@type": "Quotation", "text": "The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by standing against the prevailing winds - selectively, but resolutely - can an investor prosper over time. But for a while, a value investor typically underperforms.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/the-strategy-of-buying-what-s-in-favor-is-a-fool-s-errand-ensuring/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/cf3/seth-klarman-1979_buying_the-strategy-of-buying-what-s-in-favor-i_1794434.png", "contentUrl": "https://sms4smile.com/quotes/i/cf3/seth-klarman-1979_buying_the-strategy-of-buying-what-s-in-favor-i_1794434.png", "url": "https://sms4smile.com/quotes/i/cf3/seth-klarman-1979_buying_the-strategy-of-buying-what-s-in-favor-i_1794434.png", "width": 1080, "height": 1080, "caption": "“The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 14, "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": 15, "item": { "@type": "Quotation", "text": "Frequent comparative ranking can only reinforce a short-term investment perspective. It is understandably difficult to maintain a long-term view when, faced with the penalties for poor short-term performance, the long-term view may well be from the unemployment line ... Relative-performance-oriented investors really act as speculators. Rather than making sensible judgments about the attractiveness of specific stocks and bonds, they try to guess what others are going to do and then do it first.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/frequent-comparative-ranking-can-only-reinforce-a-short-term/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/805/seth-klarman-1979_attractiveness_frequent-comparative-ranking-can-only-re_3193903.jpg", "contentUrl": "https://sms4smile.com/quotes/i/805/seth-klarman-1979_attractiveness_frequent-comparative-ranking-can-only-re_3193903.jpg", "url": "https://sms4smile.com/quotes/i/805/seth-klarman-1979_attractiveness_frequent-comparative-ranking-can-only-re_3193903.jpg", "width": 1080, "height": 1080, "caption": "“Frequent comparative ranking can only reinforce a short-term investment perspective. It is understandably…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 16, "item": { "@type": "Quotation", "text": "Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably leads to the incurrence of greater risk, which increases the likelihood of losses and severe illiquidity at precisely the moment when cash is needed to cover expenses, to meet commitments, or to make compelling long-term investments.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/do-not-accept-principal-risk-while-investing-short-term-cash-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/128/seth-klarman-1979_accepting_do-not-accept-principal-risk-while-inves_1784291.png", "contentUrl": "https://sms4smile.com/quotes/i/128/seth-klarman-1979_accepting_do-not-accept-principal-risk-while-inves_1784291.png", "url": "https://sms4smile.com/quotes/i/128/seth-klarman-1979_accepting_do-not-accept-principal-risk-while-inves_1784291.png", "width": 1080, "height": 1080, "caption": "“Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 17, "item": { "@type": "Quotation", "text": "Occasionally we are asked whether it would make sense to modify our investment strategy to perform better in today's financial climate. Our answer, as you might guess, is: No! It would be easyfor us to capitulate to the runaway bull market in growth and technology stocks. And foolhardy. And irresponsible. And unconscionable. 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.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/occasionally-we-are-asked-whether-it-would-make-sense-to-modify-our/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/b53/seth-klarman-1979_answers_occasionally-we-are-asked-whether-it-wou_360258.jpg", "contentUrl": "https://sms4smile.com/quotes/i/b53/seth-klarman-1979_answers_occasionally-we-are-asked-whether-it-wou_360258.jpg", "url": "https://sms4smile.com/quotes/i/b53/seth-klarman-1979_answers_occasionally-we-are-asked-whether-it-wou_360258.jpg", "width": 1080, "height": 1080, "caption": "“Occasionally we are asked whether it would make sense to modify our investment strategy to perform better in…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 18, "item": { "@type": "Quotation", "text": "Nowhere does it say that investors should strive to make every last dollar of potential profit; consideration of risk must never take a backseat to return. Conservative positioning entering a crisis is crucial: it enables one to maintain long-term oriented, clear thinking, and to focus on new opportunities while others are distracted or even forced to sell. Portfolio hedges must be in place before a crisis hits. One cannot reliably or affordably increase or replace hedges that are rolling off during a financial crisis.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/nowhere-does-it-say-that-investors-should-strive-to-make-every-last/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/e13/seth-klarman-1979_backseat_nowhere-does-it-say-that-investors-shoul_1351831.jpg", "contentUrl": "https://sms4smile.com/quotes/i/e13/seth-klarman-1979_backseat_nowhere-does-it-say-that-investors-shoul_1351831.jpg", "url": "https://sms4smile.com/quotes/i/e13/seth-klarman-1979_backseat_nowhere-does-it-say-that-investors-shoul_1351831.jpg", "width": 1080, "height": 1080, "caption": "“Nowhere does it say that investors should strive to make every last dollar of potential profit…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 19, "item": { "@type": "Quotation", "text": "To achieve long-term success over many financial market and economic cycles, observing a few rules is not enough. Too many things change too quickly in the investment world for that approach to succeed. It is necessary instead to understand the rationale behind the rules in order to appreciate why they work when they do and don't when they don't.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/to-achieve-long-term-success-over-many-financial-market-and-economic/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/0d8/seth-klarman-1979_achieve_to-achieve-long-term-success-over-many-f_1032818.jpg", "contentUrl": "https://sms4smile.com/quotes/i/0d8/seth-klarman-1979_achieve_to-achieve-long-term-success-over-many-f_1032818.jpg", "url": "https://sms4smile.com/quotes/i/0d8/seth-klarman-1979_achieve_to-achieve-long-term-success-over-many-f_1032818.jpg", "width": 1080, "height": 1080, "caption": "“To achieve long-term success over many financial market and economic cycles, observing a few rules is not…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 20, "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. To not only learn but also effectively implement investment lessons requires a disciplined, often contrary, and long-term-oriented investment approach. It requires a resolute focus on risk aversion rather than maximizing immediate returns, as well as an understanding of history, a sense of financial market cycles, and, at times, extraordinary patience.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/below-we-itemize-some-of-the-quite-different-lessons-investors-seem/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/273/seth-klarman-1979_approach_below-we-itemize-some-of-the-quite-diffe_905131.png", "contentUrl": "https://sms4smile.com/quotes/i/273/seth-klarman-1979_approach_below-we-itemize-some-of-the-quite-diffe_905131.png", "url": "https://sms4smile.com/quotes/i/273/seth-klarman-1979_approach_below-we-itemize-some-of-the-quite-diffe_905131.png", "width": 1080, "height": 1080, "caption": "“Below, we itemize some of the quite different lessons investors seem to have learned as of late 2009 - false…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 21, "item": { "@type": "Quotation", "text": "Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests itself in several ways - fully invested posture at all times, the use of leverage, and a market centric orientation that makes it difficult to stand apart from the crowd and take a long term perspective.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/pressure-to-produce-over-the-short-term-a-gun-to-the-head-of-everyone/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/a50/seth-klarman-1979_all-time_pressure-to-produce-over-the-short-term_1157670.jpg", "contentUrl": "https://sms4smile.com/quotes/i/a50/seth-klarman-1979_all-time_pressure-to-produce-over-the-short-term_1157670.jpg", "url": "https://sms4smile.com/quotes/i/a50/seth-klarman-1979_all-time_pressure-to-produce-over-the-short-term_1157670.jpg", "width": 1080, "height": 1080, "caption": "“Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 22, "item": { "@type": "Quotation", "text": "Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/value-investing-requires-a-great-deal-of-hard-work-unusually-strict/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/406/seth-klarman-1979_able_value-investing-requires-a-great-deal-of_3125496.png", "contentUrl": "https://sms4smile.com/quotes/i/406/seth-klarman-1979_able_value-investing-requires-a-great-deal-of_3125496.png", "url": "https://sms4smile.com/quotes/i/406/seth-klarman-1979_able_value-investing-requires-a-great-deal-of_3125496.png", "width": 1080, "height": 1080, "caption": "“Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/long/seth-klarman/#webpage", "url": "https://sms4smile.com/quotes/about/long/seth-klarman/", "name": "Long Quotes by Seth Klarman", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/long/seth-klarman/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/279/seth-klarman-1979_edges_the-single-greatest-edge-an-investor-can_2631650.png" }, "description": "22 Long quotes by Seth Klarman. 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