--- title: "13 Return Quotes By Seth Klarman" description: "13 Return quotes by Seth Klarman. Plus more from Seth Klarman and more Return sayings from other authors." image: "https://sms4smile.com/quotes/i/7f2/seth-klarman-1979_customer_targeting-investment-returns-leads-inves_2809619.png" --- > [Targeting investment returns leads investors to focus on potential upside rather on downside risk ... rather than targeting a desired rate of…](https://sms4smile.com/quotes/seth-klarman/targeting-investment-returns-leads-investors-to-focus-on-potential/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/7f2/seth-klarman-1979_customer_targeting-investment-returns-leads-inves_2809619.png) > [We are not so brazen as to believe that we can perfectly calibrate valuation; determining risk and return for any investment remains…](https://sms4smile.com/quotes/seth-klarman/we-are-not-so-brazen-as-to-believe-that-we-can-perfectly-calibrate/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/16b/seth-klarman-1979_art_we-are-not-so-brazen-as-to-believe-that_2785046.png) > [Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can…](https://sms4smile.com/quotes/seth-klarman/most-investors-are-primarily-oriented-toward-return-how-much-they-can/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/4db/seth-klarman-1979_attention_most-investors-are-primarily-oriented-to_606647.png) > [All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come](https://sms4smile.com/quotes/seth-klarman/all-an-investor-can-do-is-follow-a-consistently-disciplined-and/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/98b/seth-klarman-1979_approach_all-an-investor-can-do-is-follow-a-consi_2821151.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) > [At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst…](https://sms4smile.com/quotes/seth-klarman/at-equal-returns-public-investments-are-generally-superior-to-private/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/0b0/seth-klarman-1979_attractive_at-equal-returns-public-investments-are_2028592.jpg) > [As value investors, our business is to buy bargains that financial market theory says do not exist. We've delivered great returns to…](https://sms4smile.com/quotes/seth-klarman/as-value-investors-our-business-is-to-buy-bargains-that-financial/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/15b/seth-klarman-1979_avoiding_as-value-investors-our-business-is-to-bu_1802946.png) > [Unlike return, however, risk is no more quantifiable at the end of an investment that it was at its beginning. Risk simply…](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/) [Image](https://sms4smile.com/quotes/i/447/seth-klarman-1979_company_unlike-return-however-risk-is-no-more-qu_10919.png) > [My view is that an investor is better off knowing a lot about a few investments than knowing a little about each…](https://sms4smile.com/quotes/seth-klarman/my-view-is-that-an-investor-is-better-off-knowing-a-lot-about-a-few/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/d75/seth-klarman-1979_better-off_my-view-is-that-an-investor-is-better-of_449807.jpg) > [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…](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/) [Image](https://sms4smile.com/quotes/i/a72/seth-klarman-1979_buffett_warren-buffett-once-wrote-that-value-inv_205819.jpg) > [Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against the…](https://sms4smile.com/quotes/seth-klarman/investors-should-always-keep-in-mind-that-the-most-important-metric/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/2bf/seth-klarman-1979_ability_investors-should-always-keep-in-mind-tha_2409263.png) > [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) > [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) ## Other authors on Return ## 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/return/seth-klarman/#itemlist", "name": "13 Return Quotes By Seth Klarman", "numberOfItems": 13, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "Targeting investment returns leads investors to focus on potential upside rather on downside risk ... rather than targeting a desired rate of return, even an eminently reasonable one, investors should target risk.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/targeting-investment-returns-leads-investors-to-focus-on-potential/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/7f2/seth-klarman-1979_customer_targeting-investment-returns-leads-inves_2809619.png", "contentUrl": "https://sms4smile.com/quotes/i/7f2/seth-klarman-1979_customer_targeting-investment-returns-leads-inves_2809619.png", "url": "https://sms4smile.com/quotes/i/7f2/seth-klarman-1979_customer_targeting-investment-returns-leads-inves_2809619.png", "width": 1080, "height": 1080, "caption": "“Targeting investment returns leads investors to focus on potential upside rather on downside risk ... rather…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "We are not so brazen as to believe that we can perfectly calibrate valuation; 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We've delivered great returns to our clients for a quarter century-a dollar invested at inception in our largest fund is now worth over 94 dollars, a 20% net compound return. We have achieved this not by incurring high risk as financial theory would suggest, but by deliberately avoiding or hedging the risks that we identified.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/as-value-investors-our-business-is-to-buy-bargains-that-financial/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/15b/seth-klarman-1979_avoiding_as-value-investors-our-business-is-to-bu_1802946.png", "contentUrl": "https://sms4smile.com/quotes/i/15b/seth-klarman-1979_avoiding_as-value-investors-our-business-is-to-bu_1802946.png", "url": "https://sms4smile.com/quotes/i/15b/seth-klarman-1979_avoiding_as-value-investors-our-business-is-to-bu_1802946.png", "width": 1080, "height": 1080, "caption": "“As value investors, our business is to buy bargains that financial market theory says do not exist. We've…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "Unlike return, however, risk is no more quantifiable at the end of an investment that it was at its beginning. Risk simply cannot be described by a single number. Intuitively we understand that risk varies from investment to investment: a government bond is not as risky as the stock of a high-technology company. But investments do not provide information about their risks the way food packages provide nutritional data.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/unlike-return-however-risk-is-no-more-quantifiable-at-the-end-of-an/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/447/seth-klarman-1979_company_unlike-return-however-risk-is-no-more-qu_10919.png", "contentUrl": "https://sms4smile.com/quotes/i/447/seth-klarman-1979_company_unlike-return-however-risk-is-no-more-qu_10919.png", "url": "https://sms4smile.com/quotes/i/447/seth-klarman-1979_company_unlike-return-however-risk-is-no-more-qu_10919.png", "width": 1080, "height": 1080, "caption": "“Unlike return, however, risk is no more quantifiable at the end of an investment that it was at its…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "My view is that an investor is better off knowing a lot about a few investments than knowing a little about each of a great many holdings. One's very best idea's are likely to generate higher returns for a given level of risk than one's hundredth or thousandth best idea.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/my-view-is-that-an-investor-is-better-off-knowing-a-lot-about-a-few/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/d75/seth-klarman-1979_better-off_my-view-is-that-an-investor-is-better-of_449807.jpg", "contentUrl": "https://sms4smile.com/quotes/i/d75/seth-klarman-1979_better-off_my-view-is-that-an-investor-is-better-of_449807.jpg", "url": "https://sms4smile.com/quotes/i/d75/seth-klarman-1979_better-off_my-view-is-that-an-investor-is-better-of_449807.jpg", "width": 1080, "height": 1080, "caption": "“My view is that an investor is better off knowing a lot about a few investments than knowing a little about…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "text": "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 and how it works and why it works and show them the returns, either they get it or they don't.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/warren-buffett-once-wrote-that-value-investing-is-like-an-inoculation/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/a72/seth-klarman-1979_buffett_warren-buffett-once-wrote-that-value-inv_205819.jpg", "contentUrl": "https://sms4smile.com/quotes/i/a72/seth-klarman-1979_buffett_warren-buffett-once-wrote-that-value-inv_205819.jpg", "url": "https://sms4smile.com/quotes/i/a72/seth-klarman-1979_buffett_warren-buffett-once-wrote-that-value-inv_205819.jpg", "width": 1080, "height": 1080, "caption": "“Warren Buffett once wrote that value investing is like an inoculation--it either takes or it doesn't--and…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 11, "item": { "@type": "Quotation", "text": "Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against the risks incurred. Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/investors-should-always-keep-in-mind-that-the-most-important-metric/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/2bf/seth-klarman-1979_ability_investors-should-always-keep-in-mind-tha_2409263.png", "contentUrl": "https://sms4smile.com/quotes/i/2bf/seth-klarman-1979_ability_investors-should-always-keep-in-mind-tha_2409263.png", "url": "https://sms4smile.com/quotes/i/2bf/seth-klarman-1979_ability_investors-should-always-keep-in-mind-tha_2409263.png", "width": 1080, "height": 1080, "caption": "“Investors should always keep in mind that the most important metric is not the returns achieved but the…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 12, "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": 13, "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": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/return/seth-klarman/#webpage", "url": "https://sms4smile.com/quotes/about/return/seth-klarman/", "name": "Return Quotes by Seth Klarman", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/return/seth-klarman/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/7f2/seth-klarman-1979_customer_targeting-investment-returns-leads-inves_2809619.png" }, "description": "13 Return quotes by Seth Klarman. Plus more from Seth Klarman and more Return sayings from other authors.", "breadcrumb": { "@id": "https://sms4smile.com/quotes/about/return/seth-klarman/#breadcrumb" } }, { "@type": "BreadcrumbList", "@id": "https://sms4smile.com/quotes/about/return/seth-klarman/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Topics", "item": "https://sms4smile.com/quotes/categories/" }, { "@type": "ListItem", "position": 4, "name": "Return", "item": "https://sms4smile.com/quotes/about/return/" }, { "@type": "ListItem", "position": 5, "name": "Seth Klarman", "item": "https://sms4smile.com/quotes/about/return/seth-klarman/" } ] }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```