---
title: "23 Term Quotes By Seth Klarman"
description: "23 Term quotes by Seth Klarman. Plus more from Seth Klarman and more Term sayings from other authors."
image: "https://sms4smile.com/quotes/i/279/seth-klarman-1979_edges_the-single-greatest-edge-an-investor-can_2631650.png"
---

> [The single greatest edge an investor can have is a long-term orientation.](https://sms4smile.com/quotes/seth-klarman/the-single-greatest-edge-an-investor-can-have-is-a-long-term/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/279/seth-klarman-1979_edges_the-single-greatest-edge-an-investor-can_2631650.png)

> [There are no long-term lessons - ever.](https://sms4smile.com/quotes/seth-klarman/there-are-no-long-term-lessons-ever/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/ecd/seth-klarman-1979_lessons_there-are-no-long-term-lessons-ever-1205_1205939.png)

> [Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.](https://sms4smile.com/quotes/seth-klarman/individual-and-institutional-investors-alike-frequently-demonstrate/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/fe5/seth-klarman-1979_business_individual-and-institutional-investors-a_381622.png)

> [Be indifferent if you lose your short term clients, remember they are your own worst enemy](https://sms4smile.com/quotes/seth-klarman/be-indifferent-if-you-lose-your-short-term-clients-remember-they-are/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/54b/seth-klarman-1979_clients_be-indifferent-if-you-lose-your-short-te_2468840.png)

> [Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.](https://sms4smile.com/quotes/seth-klarman/having-clients-with-a-long-term-orientation-is-crucial-nothing-else/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/bac/seth-klarman-1979_clients_having-clients-with-a-long-term-orientat_812846.png)

> [All investors must come to terms with the relentless continuity of the investment process.](https://sms4smile.com/quotes/seth-klarman/all-investors-must-come-to-terms-with-the-relentless-continuity-of/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/c8b/seth-klarman-1979_continuity_all-investors-must-come-to-terms-with-th_2860398.png)

> [The government can indefinitely control both short-term and long-term interest rates.](https://sms4smile.com/quotes/seth-klarman/the-government-can-indefinitely-control-both-short-term-and-long-term/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/a6b/seth-klarman-1979_customer_the-government-can-indefinitely-control_1322527.png)

> [If an asset has cash flow or the likelihood of cash flow in the near term and is not purely dependment on…](https://sms4smile.com/quotes/seth-klarman/if-an-asset-has-cash-flow-or-the-likelihood-of-cash-flow-in-the-near/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/aa7/seth-klarman-1979_amount_if-an-asset-has-cash-flow-or-the-likelih_765836.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)

> [It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to…](https://sms4smile.com/quotes/seth-klarman/it-is-always-easiest-to-run-with-the-herd-at-times-it-can-take-a-deep/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/ef4/seth-klarman-1979_components_it-is-always-easiest-to-run-with-the-her_3024715.jpg)

> [When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to…](https://sms4smile.com/quotes/seth-klarman/when-managers-are-afraid-of-redemptions-they-get-liquid-we-all-saw/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/154/seth-klarman-1979_cash_when-managers-are-afraid-of-redemptions_2570740.jpg)

> [The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by standing against the prevailing winds -…](https://sms4smile.com/quotes/seth-klarman/the-strategy-of-buying-what-s-in-favor-is-a-fool-s-errand-ensuring/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/cf3/seth-klarman-1979_buying_the-strategy-of-buying-what-s-in-favor-i_1794434.png)

> [Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able…](https://sms4smile.com/quotes/seth-klarman/value-investing-requires-a-great-deal-of-hard-work-unusually-strict/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/406/seth-klarman-1979_able_value-investing-requires-a-great-deal-of_3125496.png)

> [Frequent comparative ranking can only reinforce a short-term investment perspective. It is understandably difficult to maintain a long-term view when, faced with…](https://sms4smile.com/quotes/seth-klarman/frequent-comparative-ranking-can-only-reinforce-a-short-term/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/805/seth-klarman-1979_attractiveness_frequent-comparative-ranking-can-only-re_3193903.jpg)

> [Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably…](https://sms4smile.com/quotes/seth-klarman/do-not-accept-principal-risk-while-investing-short-term-cash-the/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/128/seth-klarman-1979_accepting_do-not-accept-principal-risk-while-inves_1784291.png)

> [Occasionally we are asked whether it would make sense to modify our investment strategy to perform better in today's financial climate. Our…](https://sms4smile.com/quotes/seth-klarman/occasionally-we-are-asked-whether-it-would-make-sense-to-modify-our/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/b53/seth-klarman-1979_answers_occasionally-we-are-asked-whether-it-wou_360258.jpg)

> [Nowhere does it say that investors should strive to make every last dollar of potential profit; consideration of risk must never take…](https://sms4smile.com/quotes/seth-klarman/nowhere-does-it-say-that-investors-should-strive-to-make-every-last/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/e13/seth-klarman-1979_backseat_nowhere-does-it-say-that-investors-shoul_1351831.jpg)

> [To achieve long-term success over many financial market and economic cycles, observing a few rules is not enough. Too many things change…](https://sms4smile.com/quotes/seth-klarman/to-achieve-long-term-success-over-many-financial-market-and-economic/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/0d8/seth-klarman-1979_achieve_to-achieve-long-term-success-over-many-f_1032818.jpg)

> [Short-term performance envy causes many of the shortcomings that lock most investors into a perpetual cycle of underachievement. Watch your competitors not…](https://sms4smile.com/quotes/seth-klarman/short-term-performance-envy-causes-many-of-the-shortcomings-that-lock/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/36b/seth-klarman-1979_able_short-term-performance-envy-causes-many_3085796.png)

> [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)

> [The government - the ultimate short-term-oriented player - cannot withstand much pain in the economy or the financial markets. Bailouts and rescues…](https://sms4smile.com/quotes/seth-klarman/the-government-the-ultimate-short-term-oriented-player-cannot/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/c47/seth-klarman-1979_advantage_the-government-the-ultimate-short-term-o_792225.jpg)

> [Below, we itemize some of the quite different lessons investors seem to have learned as of late 2009 - false lessons, we…](https://sms4smile.com/quotes/seth-klarman/below-we-itemize-some-of-the-quite-different-lessons-investors-seem/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/273/seth-klarman-1979_approach_below-we-itemize-some-of-the-quite-diffe_905131.png)

> [Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests…](https://sms4smile.com/quotes/seth-klarman/pressure-to-produce-over-the-short-term-a-gun-to-the-head-of-everyone/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/a50/seth-klarman-1979_all-time_pressure-to-produce-over-the-short-term_1157670.jpg)

## Other authors on Term

## 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/)

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                        "@type": "Quotation",
                        "text": "The government can indefinitely control both short-term and long-term interest rates.",
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                        "text": "If an asset has cash flow or the likelihood of cash flow in the near term and is not purely dependment on what a future buyer might pay, then it's an investment. If an asset's value is totally dependent on the amount a future buyer might pay, then its purchase is speculation.",
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                        "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.",
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                        "text": "It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to stand apart from it. Yet distancing yourself from the crowd is an essential component of long-term investment success.",
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                        "text": "When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to huge net cash in 2008, when the right thing to do in terms of value would have been to do the opposite.",
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                        "text": "The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by standing against the prevailing winds - selectively, but resolutely - can an investor prosper over time. But for a while, a value investor typically underperforms.",
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                        "text": "Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.",
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                        "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.",
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                        "text": "Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably leads to the incurrence of greater risk, which increases the likelihood of losses and severe illiquidity at precisely the moment when cash is needed to cover expenses, to meet commitments, or to make compelling long-term investments.",
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                        "text": "Occasionally we are asked whether it would make sense to modify our investment strategy to perform better in today's financial climate. Our answer, as you might guess, is: No! It would be easyfor us to capitulate to the runaway bull market in growth and technology stocks. And foolhardy. And irresponsible. And unconscionable. It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to stand apart from it. Yet distancing yourself from the crowd is an essential component of long-term investment success.",
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                        "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.",
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                        "text": "To achieve long-term success over many financial market and economic cycles, observing a few rules is not enough. Too many things change too quickly in the investment world for that approach to succeed. It is necessary instead to understand the rationale behind the rules in order to appreciate why they work when they do and don't when they don't.",
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                        "text": "Short-term performance envy causes many of the shortcomings that lock most investors into a perpetual cycle of underachievement. Watch your competitors not out of jealousy but out of respect and focus your efforts not on replicating others' portfolios but on looking for opportunities where they are not. The only way for investors to significantly outperform is to periodically stand far apart from the crowd, something few are willing, or able, to do.",
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                        "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.",
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                        "text": "The government - the ultimate short-term-oriented player - cannot withstand much pain in the economy or the financial markets. Bailouts and rescues are likely to occur, though not with sufficient predictability for investors to comfortably take advantage. The government will take enormous risks in such interventions, especially if the expenses can be conveniently deferred to the future. Some of the price-tag is in the form of back- stops and guarantees, whose cost is almost impossible to determine.",
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                        "@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.",
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