--- title: "15 May Quotes By Seth Klarman" description: "15 May quotes by Seth Klarman. Plus more from Seth Klarman and more May sayings from other authors." image: "https://sms4smile.com/quotes/i/248/seth-klarman-1979_decades_investing-today-may-well-be-harder-than_2343103.png" --- > [Investing today may well be harder than it has been at any time in our three decades of existence,](https://sms4smile.com/quotes/seth-klarman/investing-today-may-well-be-harder-than-it-has-been-at-any-time-in/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/248/seth-klarman-1979_decades_investing-today-may-well-be-harder-than_2343103.png) > [While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk…](https://sms4smile.com/quotes/seth-klarman/while-it-might-seem-that-anyone-can-be-a-value-investor-the-essential/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/698/seth-klarman-1979_aversion_while-it-might-seem-that-anyone-can-be-a_2367510.jpg) > [When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because few investors are…](https://sms4smile.com/quotes/seth-klarman/when-all-feels-calm-and-prices-surge-the-markets-may-feel-safe-but-in/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/a0b/seth-klarman-1979_calm_when-all-feels-calm-and-prices-surge-the_2925310.png) > [Analysts recommendations may not produce good results. In part this is due to the pressure placed on these analysts to recommend frequently…](https://sms4smile.com/quotes/seth-klarman/analysts-recommendations-may-not-produce-good-results-in-part-this-is/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/c51/seth-klarman-1979_analysts_analysts-recommendations-may-not-produce_3058292.png) > [Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and…](https://sms4smile.com/quotes/seth-klarman/successful-investors-must-temper-the-arrogance-of-taking-a-stand-with/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/c40/seth-klarman-1979_accepting_successful-investors-must-temper-the-arr_1174069.png) > [Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?](https://sms4smile.com/quotes/seth-klarman/why-should-the-immediate-opportunity-set-be-the-only-one-considered/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/d07/seth-klarman-1979_fertile_why-should-the-immediate-opportunity-set_2814069.png) > [People should be highly sceptical of anyone's including their own, ability to predict the future, and instead pursue strategies that can survive…](https://sms4smile.com/quotes/seth-klarman/people-should-be-highly-sceptical-of-anyone-s-including-their-own/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/f75/seth-klarman-1979_ability_people-should-be-highly-sceptical-of-any_795636.png) > [Investors frequently benefit from making decisions with less than perfect knowledge and are well rewarded for bearing the risk of uncertainty. The…](https://sms4smile.com/quotes/seth-klarman/investors-frequently-benefit-from-making-decisions-with-less-than/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/051/seth-klarman-1979_benefits_investors-frequently-benefit-from-making_1692253.png) > [We continue to adhere to a common-sense view of risk - how much we can lose and the probability of losing it.…](https://sms4smile.com/quotes/seth-klarman/we-continue-to-adhere-to-a-common-sense-view-of-risk-how-much-we-can/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/9b3/seth-klarman-1979_believe_we-continue-to-adhere-to-a-common-sense_592811.png) > [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) > [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) > [When excesses such as lax lending standards become widespread and persist for some time, people are lulled into a false sense of…](https://sms4smile.com/quotes/seth-klarman/when-excesses-such-as-lax-lending-standards-become-widespread-and/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/6d8/seth-klarman-1979_assets_when-excesses-such-as-lax-lending-standa_955988.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) > [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) ## Other authors on May ## 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/may/seth-klarman/#itemlist", "name": "15 May Quotes By Seth Klarman", "numberOfItems": 15, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "Investing today may well be harder than it has been at any time in our three decades of existence,", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/investing-today-may-well-be-harder-than-it-has-been-at-any-time-in/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/248/seth-klarman-1979_decades_investing-today-may-well-be-harder-than_2343103.png", "contentUrl": "https://sms4smile.com/quotes/i/248/seth-klarman-1979_decades_investing-today-may-well-be-harder-than_2343103.png", "url": "https://sms4smile.com/quotes/i/248/seth-klarman-1979_decades_investing-today-may-well-be-harder-than_2343103.png", "width": 1080, "height": 1080, "caption": "“Investing today may well be harder than it has been at any time in our three decades of existence,” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk aversion-may well be genetically determined.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/while-it-might-seem-that-anyone-can-be-a-value-investor-the-essential/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/698/seth-klarman-1979_aversion_while-it-might-seem-that-anyone-can-be-a_2367510.jpg", "contentUrl": "https://sms4smile.com/quotes/i/698/seth-klarman-1979_aversion_while-it-might-seem-that-anyone-can-be-a_2367510.jpg", "url": "https://sms4smile.com/quotes/i/698/seth-klarman-1979_aversion_while-it-might-seem-that-anyone-can-be-a_2367510.jpg", "width": 1080, "height": 1080, "caption": "“While it might seem that anyone can be a value investor, the essential characteristics of this type of…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 3, "item": { "@type": "Quotation", "text": "When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because few investors are focusing on risk.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/when-all-feels-calm-and-prices-surge-the-markets-may-feel-safe-but-in/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/a0b/seth-klarman-1979_calm_when-all-feels-calm-and-prices-surge-the_2925310.png", "contentUrl": "https://sms4smile.com/quotes/i/a0b/seth-klarman-1979_calm_when-all-feels-calm-and-prices-surge-the_2925310.png", "url": "https://sms4smile.com/quotes/i/a0b/seth-klarman-1979_calm_when-all-feels-calm-and-prices-surge-the_2925310.png", "width": 1080, "height": 1080, "caption": "“When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 4, "item": { "@type": "Quotation", "text": "Analysts recommendations may not produce good results. In part this is due to the pressure placed on these analysts to recommend frequently rather than wisely.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/analysts-recommendations-may-not-produce-good-results-in-part-this-is/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/c51/seth-klarman-1979_analysts_analysts-recommendations-may-not-produce_3058292.png", "contentUrl": "https://sms4smile.com/quotes/i/c51/seth-klarman-1979_analysts_analysts-recommendations-may-not-produce_3058292.png", "url": "https://sms4smile.com/quotes/i/c51/seth-klarman-1979_analysts_analysts-recommendations-may-not-produce_3058292.png", "width": 1080, "height": 1080, "caption": "“Analysts recommendations may not produce good results. 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The time other investors spend delving into the last unanswered detail may cost them the chance to buy into situations at prices so low they offer a margin of safety despite the incomplete information", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/investors-frequently-benefit-from-making-decisions-with-less-than/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/051/seth-klarman-1979_benefits_investors-frequently-benefit-from-making_1692253.png", "contentUrl": "https://sms4smile.com/quotes/i/051/seth-klarman-1979_benefits_investors-frequently-benefit-from-making_1692253.png", "url": "https://sms4smile.com/quotes/i/051/seth-klarman-1979_benefits_investors-frequently-benefit-from-making_1692253.png", "width": 1080, "height": 1080, "caption": "“Investors frequently benefit from making decisions with less than perfect knowledge and are well rewarded…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "We continue to adhere to a common-sense view of risk - how much we can lose and the probability of losing it. While this perspective may seem over simplisticor even hopelessly outdated, we believe it provides a vital clarity about the true risks in investing.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/we-continue-to-adhere-to-a-common-sense-view-of-risk-how-much-we-can/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/9b3/seth-klarman-1979_believe_we-continue-to-adhere-to-a-common-sense_592811.png", "contentUrl": "https://sms4smile.com/quotes/i/9b3/seth-klarman-1979_believe_we-continue-to-adhere-to-a-common-sense_592811.png", "url": "https://sms4smile.com/quotes/i/9b3/seth-klarman-1979_believe_we-continue-to-adhere-to-a-common-sense_592811.png", "width": 1080, "height": 1080, "caption": "“We continue to adhere to a common-sense view of risk - how much we can lose and the probability of losing…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "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": 11, "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": 12, "item": { "@type": "Quotation", "text": "When excesses such as lax lending standards become widespread and persist for some time, people are lulled into a false sense of security, creating an even more dangerous situation. In some cases, excesses migrate beyond regional or national borders, raising the ante for investors and governments. These excesses will eventually end, triggering a crisis at least in proportion to the degree of the excesses. Correlations between asset classes may be surprisingly high when leverage rapidly unwinds.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/when-excesses-such-as-lax-lending-standards-become-widespread-and/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/6d8/seth-klarman-1979_assets_when-excesses-such-as-lax-lending-standa_955988.png", "contentUrl": "https://sms4smile.com/quotes/i/6d8/seth-klarman-1979_assets_when-excesses-such-as-lax-lending-standa_955988.png", "url": "https://sms4smile.com/quotes/i/6d8/seth-klarman-1979_assets_when-excesses-such-as-lax-lending-standa_955988.png", "width": 1080, "height": 1080, "caption": "“When excesses such as lax lending standards become widespread and persist for some time, people are lulled…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 13, "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": 14, "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": 15, "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. 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