--- title: "12 Needs Quotes By Seth Klarman" description: "12 Needs quotes by Seth Klarman. Plus more from Seth Klarman and more Needs sayings from other authors." image: "https://sms4smile.com/quotes/i/fdd/seth-klarman-1979_humility_you-need-humility-to-say-i-might-be-wron_3027813.png" --- > [You need humility to say 'I might be wrong.'](https://sms4smile.com/quotes/seth-klarman/you-need-humility-to-say-i-might-be-wrong/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/fdd/seth-klarman-1979_humility_you-need-humility-to-say-i-might-be-wron_3027813.png) > [Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.](https://sms4smile.com/quotes/seth-klarman/graham-s-wonderful-sentence-as-an-investor-needs-only-two-things-cash/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/245/seth-klarman-1979_cash_graham-s-wonderful-sentence-as-an-invest_2883349.png) > [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) > [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) > [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) > [Markets need not be in sync with one another. Simultaneously, the bond market can be priced for sustained tough times, the equity…](https://sms4smile.com/quotes/seth-klarman/markets-need-not-be-in-sync-with-one-another-simultaneously-the-bond/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/74a/seth-klarman-1979_bond-market_markets-need-not-be-in-sync-with-one-ano_1161193.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) > [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) > [Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business…](https://sms4smile.com/quotes/seth-klarman/investing-is-the-intersection-of-economics-and-psychology-the/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/d44/seth-klarman-1979_analysis_investing-is-the-intersection-of-economi_2038145.png) > [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) > [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) > [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) ## Other authors on Needs ## 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/needs/seth-klarman/#itemlist", "name": "12 Needs Quotes By Seth Klarman", "numberOfItems": 12, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "You need humility to say 'I might be wrong.'", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/you-need-humility-to-say-i-might-be-wrong/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/fdd/seth-klarman-1979_humility_you-need-humility-to-say-i-might-be-wron_3027813.png", "contentUrl": "https://sms4smile.com/quotes/i/fdd/seth-klarman-1979_humility_you-need-humility-to-say-i-might-be-wron_3027813.png", "url": "https://sms4smile.com/quotes/i/fdd/seth-klarman-1979_humility_you-need-humility-to-say-i-might-be-wron_3027813.png", "width": 1080, "height": 1080, "caption": "“You need humility to say 'I might be wrong.'” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "Graham's wonderful sentence as, an investor needs only two things: cash and courage. 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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": 4, "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": 5, "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": 6, "item": { "@type": "Quotation", "text": "Markets need not be in sync with one another. Simultaneously, the bond market can be priced for sustained tough times, the equity market for a strong recovery, and gold for high inflation. Such an apparent disconnect is indefinitely sustainable.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/markets-need-not-be-in-sync-with-one-another-simultaneously-the-bond/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/74a/seth-klarman-1979_bond-market_markets-need-not-be-in-sync-with-one-ano_1161193.png", "contentUrl": "https://sms4smile.com/quotes/i/74a/seth-klarman-1979_bond-market_markets-need-not-be-in-sync-with-one-ano_1161193.png", "url": "https://sms4smile.com/quotes/i/74a/seth-klarman-1979_bond-market_markets-need-not-be-in-sync-with-one-ano_1161193.png", "width": 1080, "height": 1080, "caption": "“Markets need not be in sync with one another. Simultaneously, the bond market can be priced for sustained…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "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": 8, "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": 9, "item": { "@type": "Quotation", "text": "Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business isn't that hard. The psychology - how much do you buy, do you buy it at this price, do you wait for a lower price, what do you do when it looks like the world might end - those things are harder. Knowing whether you stand there, buy more, or whether something has legitimately gone wrong and you need to sell, those are harder things. That you learn with experience, by having the right psychological makeup.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/investing-is-the-intersection-of-economics-and-psychology-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/d44/seth-klarman-1979_analysis_investing-is-the-intersection-of-economi_2038145.png", "contentUrl": "https://sms4smile.com/quotes/i/d44/seth-klarman-1979_analysis_investing-is-the-intersection-of-economi_2038145.png", "url": "https://sms4smile.com/quotes/i/d44/seth-klarman-1979_analysis_investing-is-the-intersection-of-economi_2038145.png", "width": 1080, "height": 1080, "caption": "“Investing is the intersection of economics and psychology. The analysis is actually the easy part. The…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "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": 11, "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. 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