--- title: "12 Way Quotes By Seth Klarman" description: "12 Way quotes by Seth Klarman. Plus more from Seth Klarman and more Way sayings from other authors." image: "https://sms4smile.com/quotes/i/dea/seth-klarman-1979_focus_the-way-to-maximize-outcome-is-to-focus_2927632.png" --- > [The way to maximize outcome is to focus on the process.](https://sms4smile.com/quotes/seth-klarman/the-way-to-maximize-outcome-is-to-focus-on-the-process/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/dea/seth-klarman-1979_focus_the-way-to-maximize-outcome-is-to-focus_2927632.png) > [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/) [Image](https://sms4smile.com/quotes/i/15c/seth-klarman-1979_avoidance_the-avoidance-of-loss-is-the-surest-way_240878.png) > [Sometimes buying early on the way down looks like being wrong, but it isn't.](https://sms4smile.com/quotes/seth-klarman/sometimes-buying-early-on-the-way-down-looks-like-being-wrong-but-it/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/ea2/seth-klarman-1979_being-wrong_sometimes-buying-early-on-the-way-down-l_1907263.png) > [There is an old saying, "How did you go bankrupt?" And the answer is, "Gradually, and then suddenly." The impending fiscal crisis…](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/) [Image](https://sms4smile.com/quotes/i/1a7/seth-klarman-1979_answers_there-is-an-old-saying-how-did-you-go-ba_147935.png) > [In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict…](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/) [Image](https://sms4smile.com/quotes/i/4be/seth-klarman-1979_all-time_in-a-rising-market-everyone-makes-money_158908.png) > [You must buy on the way down. There is far more volume on the way down than on the way back up,…](https://sms4smile.com/quotes/seth-klarman/you-must-buy-on-the-way-down-there-is-far-more-volume-on-the-way-down/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/16b/seth-klarman-1979_be-prepared_you-must-buy-on-the-way-down-there-is-fa_2707231.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) > [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) > [Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands. By having confidence in…](https://sms4smile.com/quotes/seth-klarman/successful-investors-tend-to-be-unemotional-allowing-the-greed-and/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/bf2/seth-klarman-1979_allowing_successful-investors-tend-to-be-unemotio_2446259.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) > [While no one wishes to incur losses, you couldn't prove it from an examination of the behavior of most investors and speculators.…](https://sms4smile.com/quotes/seth-klarman/while-no-one-wishes-to-incur-losses-you-couldn-t-prove-it-from-an/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/22e/seth-klarman-1979_avoidance_while-no-one-wishes-to-incur-losses-you_983343.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 Way ## 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/way/seth-klarman/#itemlist", "name": "12 Way Quotes By Seth Klarman", "numberOfItems": 12, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "The way to maximize outcome is to focus on the process.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": 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"https://sms4smile.com/quotes/seth-klarman/sometimes-buying-early-on-the-way-down-looks-like-being-wrong-but-it/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/ea2/seth-klarman-1979_being-wrong_sometimes-buying-early-on-the-way-down-l_1907263.png", "contentUrl": "https://sms4smile.com/quotes/i/ea2/seth-klarman-1979_being-wrong_sometimes-buying-early-on-the-way-down-l_1907263.png", "url": "https://sms4smile.com/quotes/i/ea2/seth-klarman-1979_being-wrong_sometimes-buying-early-on-the-way-down-l_1907263.png", "width": 1080, "height": 1080, "caption": "“Sometimes buying early on the way down looks like being wrong, but it isn't.” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 4, "item": { "@type": "Quotation", "text": "There is an old saying, \"How did you go bankrupt?\" And the answer is, \"Gradually, and then suddenly.\" The impending fiscal crisis in the United States will make its appearance in the same way.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/there-is-an-old-saying-how-did-you-go-bankrupt-and-the-answer-is/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/1a7/seth-klarman-1979_answers_there-is-an-old-saying-how-did-you-go-ba_147935.png", "contentUrl": "https://sms4smile.com/quotes/i/1a7/seth-klarman-1979_answers_there-is-an-old-saying-how-did-you-go-ba_147935.png", "url": "https://sms4smile.com/quotes/i/1a7/seth-klarman-1979_answers_there-is-an-old-saying-how-did-you-go-ba_147935.png", "width": 1080, "height": 1080, "caption": "“There is an old saying, \"How did you go bankrupt?\" And the answer is, \"Gradually, and then suddenly.\" The…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 5, "item": { "@type": "Quotation", "text": "In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the market will do, one must follow a value philosophy at all times.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/in-a-rising-market-everyone-makes-money-and-a-value-philosophy-is/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/4be/seth-klarman-1979_all-time_in-a-rising-market-everyone-makes-money_158908.png", "contentUrl": "https://sms4smile.com/quotes/i/4be/seth-klarman-1979_all-time_in-a-rising-market-everyone-makes-money_158908.png", "url": "https://sms4smile.com/quotes/i/4be/seth-klarman-1979_all-time_in-a-rising-market-everyone-makes-money_158908.png", "width": 1080, "height": 1080, "caption": "“In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 6, "item": { "@type": "Quotation", "text": "You must buy on the way down. There is far more volume on the way down than on the way back up, and far less competition among buyers. It is almost always better to be too early than too late, but you must be prepared for price markdowns on what you buy.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/you-must-buy-on-the-way-down-there-is-far-more-volume-on-the-way-down/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/16b/seth-klarman-1979_be-prepared_you-must-buy-on-the-way-down-there-is-fa_2707231.png", "contentUrl": "https://sms4smile.com/quotes/i/16b/seth-klarman-1979_be-prepared_you-must-buy-on-the-way-down-there-is-fa_2707231.png", "url": "https://sms4smile.com/quotes/i/16b/seth-klarman-1979_be-prepared_you-must-buy-on-the-way-down-there-is-fa_2707231.png", "width": 1080, "height": 1080, "caption": "“You must buy on the way down. There is far more volume on the way down than on the way back up, and far less…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "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": 8, "item": { "@type": "Quotation", "text": "Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests itself in several ways - fully invested posture at all times, the use of leverage, and a market centric orientation that makes it difficult to stand apart from the crowd and take a long term perspective.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/pressure-to-produce-over-the-short-term-a-gun-to-the-head-of-everyone/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/a50/seth-klarman-1979_all-time_pressure-to-produce-over-the-short-term_1157670.jpg", "contentUrl": "https://sms4smile.com/quotes/i/a50/seth-klarman-1979_all-time_pressure-to-produce-over-the-short-term_1157670.jpg", "url": "https://sms4smile.com/quotes/i/a50/seth-klarman-1979_all-time_pressure-to-produce-over-the-short-term_1157670.jpg", "width": 1080, "height": 1080, "caption": "“Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands. By having confidence in their own analysis and judgement, they respond to market forces not with blind emotion but with calculated reason. Successful investors, for example, demonstrate caution in frothy markets and steadfast conviction in panicky ones. Indeed, the very way an investor views the market and it’s price fluctuations is a key factor in his or her ultimate investment success or failure.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/successful-investors-tend-to-be-unemotional-allowing-the-greed-and/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/bf2/seth-klarman-1979_allowing_successful-investors-tend-to-be-unemotio_2446259.jpg", "contentUrl": "https://sms4smile.com/quotes/i/bf2/seth-klarman-1979_allowing_successful-investors-tend-to-be-unemotio_2446259.jpg", "url": "https://sms4smile.com/quotes/i/bf2/seth-klarman-1979_allowing_successful-investors-tend-to-be-unemotio_2446259.jpg", "width": 1080, "height": 1080, "caption": "“Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "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.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/short-term-performance-envy-causes-many-of-the-shortcomings-that-lock/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/36b/seth-klarman-1979_able_short-term-performance-envy-causes-many_3085796.png", "contentUrl": "https://sms4smile.com/quotes/i/36b/seth-klarman-1979_able_short-term-performance-envy-causes-many_3085796.png", "url": "https://sms4smile.com/quotes/i/36b/seth-klarman-1979_able_short-term-performance-envy-causes-many_3085796.png", "width": 1080, "height": 1080, "caption": "“Short-term performance envy causes many of the shortcomings that lock most investors into a perpetual cycle…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 11, "item": { "@type": "Quotation", "text": "While no one wishes to incur losses, you couldn't prove it from an examination of the behavior of most investors and speculators. The speculative urge that lies within most of us is strong; the prospect of a free lunch can be compelling, especially when others have already seemingly partaken. It can be hard to concentrate on potential losses while others are greedily reaching for gains and your broker is on the phone offering shares in the latest \"hot\" initial public offering. Yet the avoidance of loss is the surest way to ensure a profitable outcome.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/while-no-one-wishes-to-incur-losses-you-couldn-t-prove-it-from-an/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/22e/seth-klarman-1979_avoidance_while-no-one-wishes-to-incur-losses-you_983343.jpg", "contentUrl": "https://sms4smile.com/quotes/i/22e/seth-klarman-1979_avoidance_while-no-one-wishes-to-incur-losses-you_983343.jpg", "url": "https://sms4smile.com/quotes/i/22e/seth-klarman-1979_avoidance_while-no-one-wishes-to-incur-losses-you_983343.jpg", "width": 1080, "height": 1080, "caption": "“While no one wishes to incur losses, you couldn't prove it from an examination of the behavior of most…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 12, "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/way/seth-klarman/#webpage", "url": "https://sms4smile.com/quotes/about/way/seth-klarman/", "name": "Way Quotes by Seth Klarman", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/way/seth-klarman/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/dea/seth-klarman-1979_focus_the-way-to-maximize-outcome-is-to-focus_2927632.png" }, "description": "12 Way quotes by Seth Klarman. 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