--- title: "18 Should Quotes By Seth Klarman" description: "18 Should quotes by Seth Klarman. Plus more from Seth Klarman and more Should sayings from other authors." image: "https://sms4smile.com/quotes/i/0ca/seth-klarman-1979_customer_if-only-one-word-is-to-be-used-to-descri_1216787.png" --- > [If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing…](https://sms4smile.com/quotes/seth-klarman/if-only-one-word-is-to-be-used-to-describe-what-baupost-does-that/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/0ca/seth-klarman-1979_customer_if-only-one-word-is-to-be-used-to-descri_1216787.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) > [Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.](https://sms4smile.com/quotes/seth-klarman/value-investors-should-completely-exit-a-security-by-the-time-it/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/6c3/seth-klarman-1979_customer_value-investors-should-completely-exit-a_1728663.png) > [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/) [Image](https://sms4smile.com/quotes/i/c73/seth-klarman-1979_adverse_ratings-agencies-are-highly-conflicted-u_248048.png) > [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/) [Image](https://sms4smile.com/quotes/i/8a2/seth-klarman-1979_ability_ultimately-nothing-should-be-more-import_172428.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) > [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) > [As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You…](https://sms4smile.com/quotes/seth-klarman/as-graham-dodd-and-buffett-have-all-said-you-should-always-remember/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/0df/seth-klarman-1979_buffett_as-graham-dodd-and-buffett-have-all-said_1549804.png) > [One of the biggest challenges in investing is that the opportunity set available today is not the complete opportunity set that should…](https://sms4smile.com/quotes/seth-klarman/one-of-the-biggest-challenges-in-investing-is-that-the-opportunity/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/19d/seth-klarman-1979_available_one-of-the-biggest-challenges-in-investi_2816806.png) > [At Baupost, we constantly ask: 'What should we work on today?' We keep calling and talking. We keep gathering information. You never…](https://sms4smile.com/quotes/seth-klarman/at-baupost-we-constantly-ask-what-should-we-work-on-today-we-keep/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/9fb/seth-klarman-1979_asks_at-baupost-we-constantly-ask-what-should_2148631.png) > [The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially…](https://sms4smile.com/quotes/seth-klarman/the-latest-trade-of-a-security-creates-a-dangerous-illusion-that-its/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/275/seth-klarman-1979_anchors_the-latest-trade-of-a-security-creates-a_1048933.png) > [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) > [Warren Buffett is right when he says you should invest as if the market is going to be closed for the next…](https://sms4smile.com/quotes/seth-klarman/warren-buffett-is-right-when-he-says-you-should-invest-as-if-the/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/c2e/seth-klarman-1979_buffett_warren-buffett-is-right-when-he-says-you_1824450.png) > [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) > [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) > [Warren Buffett likes to say that the first rule of investing is "Don't lose money," and the second rule is, "Never forget…](https://sms4smile.com/quotes/seth-klarman/warren-buffett-likes-to-say-that-the-first-rule-of-investing-is-don-t/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/961/seth-klarman-1979_avoiding_warren-buffett-likes-to-say-that-the-fir_2579925.jpg) > [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) > [Successful investors like stocks better when they’re going down. When you go to a department store or a supermarket, you like to…](https://sms4smile.com/quotes/seth-klarman/successful-investors-like-stocks-better-when-they-re-going-down-when/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/eb7/seth-klarman-1979_college_successful-investors-like-stocks-better_620854.png) ## Other authors on Should ## 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/should/seth-klarman/#itemlist", "name": "18 Should Quotes By Seth Klarman", "numberOfItems": 18, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing due to over-reaction.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/if-only-one-word-is-to-be-used-to-describe-what-baupost-does-that/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/0ca/seth-klarman-1979_customer_if-only-one-word-is-to-be-used-to-descri_1216787.png", "contentUrl": "https://sms4smile.com/quotes/i/0ca/seth-klarman-1979_customer_if-only-one-word-is-to-be-used-to-descri_1216787.png", "url": "https://sms4smile.com/quotes/i/0ca/seth-klarman-1979_customer_if-only-one-word-is-to-be-used-to-descri_1216787.png", "width": 1080, "height": 1080, "caption": "“If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/why-should-the-immediate-opportunity-set-be-the-only-one-considered/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/d07/seth-klarman-1979_fertile_why-should-the-immediate-opportunity-set_2814069.png", "contentUrl": "https://sms4smile.com/quotes/i/d07/seth-klarman-1979_fertile_why-should-the-immediate-opportunity-set_2814069.png", "url": "https://sms4smile.com/quotes/i/d07/seth-klarman-1979_fertile_why-should-the-immediate-opportunity-set_2814069.png", "width": 1080, "height": 1080, "caption": "“Why should the immediate opportunity set be the only one considered, when tomorrow's may well be…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 3, "item": { "@type": "Quotation", "text": "Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/value-investors-should-completely-exit-a-security-by-the-time-it/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/6c3/seth-klarman-1979_customer_value-investors-should-completely-exit-a_1728663.png", "contentUrl": "https://sms4smile.com/quotes/i/6c3/seth-klarman-1979_customer_value-investors-should-completely-exit-a_1728663.png", "url": "https://sms4smile.com/quotes/i/6c3/seth-klarman-1979_customer_value-investors-should-completely-exit-a_1728663.png", "width": 1080, "height": 1080, "caption": "“Value investors should completely exit a security by the time it reaches full value; owning overvalued…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 4, "item": { "@type": "Quotation", "text": "Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/ratings-agencies-are-highly-conflicted-unimaginative-dupes-they-are/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/c73/seth-klarman-1979_adverse_ratings-agencies-are-highly-conflicted-u_248048.png", "contentUrl": "https://sms4smile.com/quotes/i/c73/seth-klarman-1979_adverse_ratings-agencies-are-highly-conflicted-u_248048.png", "url": "https://sms4smile.com/quotes/i/c73/seth-klarman-1979_adverse_ratings-agencies-are-highly-conflicted-u_248048.png", "width": 1080, "height": 1080, "caption": "“Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 5, "item": { "@type": "Quotation", "text": "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/ultimately-nothing-should-be-more-important-to-investors-than-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/8a2/seth-klarman-1979_ability_ultimately-nothing-should-be-more-import_172428.png", "contentUrl": "https://sms4smile.com/quotes/i/8a2/seth-klarman-1979_ability_ultimately-nothing-should-be-more-import_172428.png", "url": "https://sms4smile.com/quotes/i/8a2/seth-klarman-1979_ability_ultimately-nothing-should-be-more-import_172428.png", "width": 1080, "height": 1080, "caption": "“Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 6, "item": { "@type": "Quotation", "text": "People should be highly sceptical of anyone's including their own, ability to predict the future, and instead pursue strategies that can survive whatever may occur.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/people-should-be-highly-sceptical-of-anyone-s-including-their-own/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/f75/seth-klarman-1979_ability_people-should-be-highly-sceptical-of-any_795636.png", "contentUrl": "https://sms4smile.com/quotes/i/f75/seth-klarman-1979_ability_people-should-be-highly-sceptical-of-any_795636.png", "url": "https://sms4smile.com/quotes/i/f75/seth-klarman-1979_ability_people-should-be-highly-sceptical-of-any_795636.png", "width": 1080, "height": 1080, "caption": "“People should be highly sceptical of anyone's including their own, ability to predict the future, and…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "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": 8, "item": { "@type": "Quotation", "text": "As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria and if you don't find them, patiently wait. Deciding not to panic is still a decision.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/as-graham-dodd-and-buffett-have-all-said-you-should-always-remember/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/0df/seth-klarman-1979_buffett_as-graham-dodd-and-buffett-have-all-said_1549804.png", "contentUrl": "https://sms4smile.com/quotes/i/0df/seth-klarman-1979_buffett_as-graham-dodd-and-buffett-have-all-said_1549804.png", "url": "https://sms4smile.com/quotes/i/0df/seth-klarman-1979_buffett_as-graham-dodd-and-buffett-have-all-said_1549804.png", "width": 1080, "height": 1080, "caption": "“As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "One of the biggest challenges in investing is that the opportunity set available today is not the complete opportunity set that should be considered. Limiting your opportunity set to the one immediately at hand would be like limiting your spouse to the students you met in high school", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/one-of-the-biggest-challenges-in-investing-is-that-the-opportunity/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/19d/seth-klarman-1979_available_one-of-the-biggest-challenges-in-investi_2816806.png", "contentUrl": "https://sms4smile.com/quotes/i/19d/seth-klarman-1979_available_one-of-the-biggest-challenges-in-investi_2816806.png", "url": "https://sms4smile.com/quotes/i/19d/seth-klarman-1979_available_one-of-the-biggest-challenges-in-investi_2816806.png", "width": 1080, "height": 1080, "caption": "“One of the biggest challenges in investing is that the opportunity set available today is not the complete…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "text": "At Baupost, we constantly ask: 'What should we work on today?' We keep calling and talking. We keep gathering information. You never have perfect information. So you work, work and work. Sometimes we thumb through ValuLine. How you fill your inbox is very important.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/at-baupost-we-constantly-ask-what-should-we-work-on-today-we-keep/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/9fb/seth-klarman-1979_asks_at-baupost-we-constantly-ask-what-should_2148631.png", "contentUrl": "https://sms4smile.com/quotes/i/9fb/seth-klarman-1979_asks_at-baupost-we-constantly-ask-what-should_2148631.png", "url": "https://sms4smile.com/quotes/i/9fb/seth-klarman-1979_asks_at-baupost-we-constantly-ask-what-should_2148631.png", "width": 1080, "height": 1080, "caption": "“At Baupost, we constantly ask: 'What should we work on today?' We keep calling and talking. We keep…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 11, "item": { "@type": "Quotation", "text": "The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially dangerous during periods of market exuberance. The concept of \"private market value\" as an anchor to the proper valuation of a business can also be greatly skewed during ebullient times and should always be considered with a healthy degree of skepticism.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/the-latest-trade-of-a-security-creates-a-dangerous-illusion-that-its/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/275/seth-klarman-1979_anchors_the-latest-trade-of-a-security-creates-a_1048933.png", "contentUrl": "https://sms4smile.com/quotes/i/275/seth-klarman-1979_anchors_the-latest-trade-of-a-security-creates-a_1048933.png", "url": "https://sms4smile.com/quotes/i/275/seth-klarman-1979_anchors_the-latest-trade-of-a-security-creates-a_1048933.png", "width": 1080, "height": 1080, "caption": "“The latest trade of a security creates a dangerous illusion that its market price approximates its true…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 12, "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": 13, "item": { "@type": "Quotation", "text": "Warren Buffett is right when he says you should invest as if the market is going to be closed for the next five years. The fundamental principles of value investing, if they make sense to you, can allow you to survive and prosper when everyone else is rudderless. We have a proven map with which to navigate. It sounds kind of crazy, but in times of turmoil in the market. I’ve felt a sort of serenity in knowing that if I’ve checked and rechecked my work, one plus one still equals two regardless of where a stock trades right after I buy it.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/warren-buffett-is-right-when-he-says-you-should-invest-as-if-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/c2e/seth-klarman-1979_buffett_warren-buffett-is-right-when-he-says-you_1824450.png", "contentUrl": "https://sms4smile.com/quotes/i/c2e/seth-klarman-1979_buffett_warren-buffett-is-right-when-he-says-you_1824450.png", "url": "https://sms4smile.com/quotes/i/c2e/seth-klarman-1979_buffett_warren-buffett-is-right-when-he-says-you_1824450.png", "width": 1080, "height": 1080, "caption": "“Warren Buffett is right when he says you should invest as if the market is going to be closed for the next…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 14, "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": 15, "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": 16, "item": { "@type": "Quotation", "text": "Warren Buffett likes to say that the first rule of investing is \"Don't lose money,\" and the second rule is, \"Never forget the first rule.\" I too believe that avoiding loss should be the primary goal of every investor. This does not mean that investors should never incur the risk of any loss at all. Rather \"don't lose money\" means that over several years an investment portfolio should not be exposed to appreciable loss of principal.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/warren-buffett-likes-to-say-that-the-first-rule-of-investing-is-don-t/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/961/seth-klarman-1979_avoiding_warren-buffett-likes-to-say-that-the-fir_2579925.jpg", "contentUrl": "https://sms4smile.com/quotes/i/961/seth-klarman-1979_avoiding_warren-buffett-likes-to-say-that-the-fir_2579925.jpg", "url": "https://sms4smile.com/quotes/i/961/seth-klarman-1979_avoiding_warren-buffett-likes-to-say-that-the-fir_2579925.jpg", "width": 1080, "height": 1080, "caption": "“Warren Buffett likes to say that the first rule of investing is \"Don't lose money,\" and the second rule is…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 17, "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": 18, "item": { "@type": "Quotation", "text": "Successful investors like stocks better when they’re going down. When you go to a department store or a supermarket, you like to buy merchandise on sale, but it doesn’t work that way in the stock market. In the stock market, people panic when stocks are going down, so they like them less when they should like them more. When prices go down, you shouldn’t panic, but it’s hard to control your emotions when you’re overextended, when you see your net worth drop in half and you worry that you won’t have enough money to pay for your kids’ college.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/successful-investors-like-stocks-better-when-they-re-going-down-when/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/eb7/seth-klarman-1979_college_successful-investors-like-stocks-better_620854.png", "contentUrl": "https://sms4smile.com/quotes/i/eb7/seth-klarman-1979_college_successful-investors-like-stocks-better_620854.png", "url": "https://sms4smile.com/quotes/i/eb7/seth-klarman-1979_college_successful-investors-like-stocks-better_620854.png", "width": 1080, "height": 1080, "caption": "“Successful investors like stocks better when they’re going down. When you go to a department store or a…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/should/seth-klarman/#webpage", "url": "https://sms4smile.com/quotes/about/should/seth-klarman/", "name": "Should Quotes by Seth Klarman", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/should/seth-klarman/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/0ca/seth-klarman-1979_customer_if-only-one-word-is-to-be-used-to-descri_1216787.png" }, "description": "18 Should quotes by Seth Klarman. Plus more from Seth Klarman and more Should sayings from other authors.", "breadcrumb": { "@id": "https://sms4smile.com/quotes/about/should/seth-klarman/#breadcrumb" } }, { "@type": "BreadcrumbList", "@id": "https://sms4smile.com/quotes/about/should/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": "Should", "item": "https://sms4smile.com/quotes/about/should/" }, { "@type": "ListItem", "position": 5, "name": "Seth Klarman", "item": "https://sms4smile.com/quotes/about/should/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 } } ] } ```