--- title: "13 Wells Quotes By Seth Klarman" description: "13 Wells quotes by Seth Klarman. Plus more from Seth Klarman and more Wells sayings from other authors." image: "https://sms4smile.com/quotes/i/248/seth-klarman-1979_decades_investing-today-may-well-be-harder-than_2343103.png" --- > [Investing today may well be harder than it has been at any time in our three decades of existence,](https://sms4smile.com/quotes/seth-klarman/investing-today-may-well-be-harder-than-it-has-been-at-any-time-in/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/248/seth-klarman-1979_decades_investing-today-may-well-be-harder-than_2343103.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) > [Be sure that you are well compensated for illiquidity - especially illiquidity without control - because it can create particularly high opportunity…](https://sms4smile.com/quotes/seth-klarman/be-sure-that-you-are-well-compensated-for-illiquidity-especially/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/c9d/seth-klarman-1979_cost_be-sure-that-you-are-well-compensated-fo_2504637.png) > [The cost of performing well in bad times can be relative underperformance in good times.](https://sms4smile.com/quotes/seth-klarman/the-cost-of-performing-well-in-bad-times-can-be-relative/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/577/seth-klarman-1979_bad-time_the-cost-of-performing-well-in-bad-times_1205926.png) > [Investors frequently benefit from making decisions with less than perfect knowledge and are well rewarded for bearing the risk of uncertainty. The…](https://sms4smile.com/quotes/seth-klarman/investors-frequently-benefit-from-making-decisions-with-less-than/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/051/seth-klarman-1979_benefits_investors-frequently-benefit-from-making_1692253.png) > [While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk…](https://sms4smile.com/quotes/seth-klarman/while-it-might-seem-that-anyone-can-be-a-value-investor-the-essential/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/698/seth-klarman-1979_aversion_while-it-might-seem-that-anyone-can-be-a_2367510.jpg) > [Selling, in particular, can be a challenge; many investors are tempted to become more optimistic when a security is performing well. This…](https://sms4smile.com/quotes/seth-klarman/selling-in-particular-can-be-a-challenge-many-investors-are-tempted/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/d72/seth-klarman-1979_challenges_selling-in-particular-can-be-a-challenge_1008961.png) > [The government can always rescue the markets or interfere with contract law whenever it deems convenient with little or no apparent cost.…](https://sms4smile.com/quotes/seth-klarman/the-government-can-always-rescue-the-markets-or-interfere-with/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/922/seth-klarman-1979_believe_the-government-can-always-rescue-the-mar_2391773.jpg) > [We suppose that could be considered a hedged position for the awards committee, one that would never occur in the hard sciences…](https://sms4smile.com/quotes/seth-klarman/we-suppose-that-could-be-considered-a-hedged-position-for-the-awards/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/70f/seth-klarman-1979_awards_we-suppose-that-could-be-considered-a-he_1975079.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) > [Rather, risk is a perception in each investor's mind that results from analysis of the probability and amount of potential loss from…](https://sms4smile.com/quotes/seth-klarman/rather-risk-is-a-perception-in-each-investor-s-mind-that-results-from/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/e79/seth-klarman-1979_amount_rather-risk-is-a-perception-in-each-inve_1258715.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) > [Value investors will not invest in businesses that they cannot readily understand or ones they find excessively risky. Hence few value investors…](https://sms4smile.com/quotes/seth-klarman/value-investors-will-not-invest-in-businesses-that-they-cannot/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Image](https://sms4smile.com/quotes/i/5e1/seth-klarman-1979_assets_value-investors-will-not-invest-in-busin_3095052.png) ## Other authors on Wells ## 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/wells/seth-klarman/#itemlist", "name": "13 Wells Quotes By Seth Klarman", "numberOfItems": 13, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "Investing today may well be harder than it has been at any time in our three decades of existence,", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/investing-today-may-well-be-harder-than-it-has-been-at-any-time-in/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/248/seth-klarman-1979_decades_investing-today-may-well-be-harder-than_2343103.png", "contentUrl": "https://sms4smile.com/quotes/i/248/seth-klarman-1979_decades_investing-today-may-well-be-harder-than_2343103.png", "url": "https://sms4smile.com/quotes/i/248/seth-klarman-1979_decades_investing-today-may-well-be-harder-than_2343103.png", "width": 1080, "height": 1080, "caption": "“Investing today may well be harder than it has been at any time in our three decades of existence,” — 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": "Be sure that you are well compensated for illiquidity - especially illiquidity without control - because it can create particularly high opportunity costs.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/be-sure-that-you-are-well-compensated-for-illiquidity-especially/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/c9d/seth-klarman-1979_cost_be-sure-that-you-are-well-compensated-fo_2504637.png", "contentUrl": "https://sms4smile.com/quotes/i/c9d/seth-klarman-1979_cost_be-sure-that-you-are-well-compensated-fo_2504637.png", "url": "https://sms4smile.com/quotes/i/c9d/seth-klarman-1979_cost_be-sure-that-you-are-well-compensated-fo_2504637.png", "width": 1080, "height": 1080, "caption": "“Be sure that you are well compensated for illiquidity - especially illiquidity without control - because it…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 4, "item": { "@type": "Quotation", "text": "The cost of performing well in bad times can be relative underperformance in good times.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/the-cost-of-performing-well-in-bad-times-can-be-relative/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/577/seth-klarman-1979_bad-time_the-cost-of-performing-well-in-bad-times_1205926.png", "contentUrl": "https://sms4smile.com/quotes/i/577/seth-klarman-1979_bad-time_the-cost-of-performing-well-in-bad-times_1205926.png", "url": "https://sms4smile.com/quotes/i/577/seth-klarman-1979_bad-time_the-cost-of-performing-well-in-bad-times_1205926.png", "width": 1080, "height": 1080, "caption": "“The cost of performing well in bad times can be relative underperformance in good times.” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 5, "item": { "@type": "Quotation", "text": "Investors frequently benefit from making decisions with less than perfect knowledge and are well rewarded for bearing the risk of uncertainty. The time other investors spend delving into the last unanswered detail may cost them the chance to buy into situations at prices so low they offer a margin of safety despite the incomplete information", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/investors-frequently-benefit-from-making-decisions-with-less-than/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/051/seth-klarman-1979_benefits_investors-frequently-benefit-from-making_1692253.png", "contentUrl": "https://sms4smile.com/quotes/i/051/seth-klarman-1979_benefits_investors-frequently-benefit-from-making_1692253.png", "url": "https://sms4smile.com/quotes/i/051/seth-klarman-1979_benefits_investors-frequently-benefit-from-making_1692253.png", "width": 1080, "height": 1080, "caption": "“Investors frequently benefit from making decisions with less than perfect knowledge and are well rewarded…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 6, "item": { "@type": "Quotation", "text": "While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk aversion-may well be genetically determined.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/while-it-might-seem-that-anyone-can-be-a-value-investor-the-essential/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/698/seth-klarman-1979_aversion_while-it-might-seem-that-anyone-can-be-a_2367510.jpg", "contentUrl": "https://sms4smile.com/quotes/i/698/seth-klarman-1979_aversion_while-it-might-seem-that-anyone-can-be-a_2367510.jpg", "url": "https://sms4smile.com/quotes/i/698/seth-klarman-1979_aversion_while-it-might-seem-that-anyone-can-be-a_2367510.jpg", "width": 1080, "height": 1080, "caption": "“While it might seem that anyone can be a value investor, the essential characteristics of this type of…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "item": { "@type": "Quotation", "text": "Selling, in particular, can be a challenge; many investors are tempted to become more optimistic when a security is performing well. This temptation must be resisted; tax considerations aside, when a security reaches full valuation, there is no longer a reason to own it.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/selling-in-particular-can-be-a-challenge-many-investors-are-tempted/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/d72/seth-klarman-1979_challenges_selling-in-particular-can-be-a-challenge_1008961.png", "contentUrl": "https://sms4smile.com/quotes/i/d72/seth-klarman-1979_challenges_selling-in-particular-can-be-a-challenge_1008961.png", "url": "https://sms4smile.com/quotes/i/d72/seth-klarman-1979_challenges_selling-in-particular-can-be-a-challenge_1008961.png", "width": 1080, "height": 1080, "caption": "“Selling, in particular, can be a challenge; many investors are tempted to become more optimistic when a…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "The government can always rescue the markets or interfere with contract law whenever it deems convenient with little or no apparent cost. (Investors believe this now and, worse still, the government believes it as well. We are probably doomed to a lasting legacy of government tampering with financial markets and the economy, which is likely to create the mother of all moral hazards. The government is blissfully unaware of the wisdom of Friedrich Hayek: \"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.\")", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/the-government-can-always-rescue-the-markets-or-interfere-with/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/922/seth-klarman-1979_believe_the-government-can-always-rescue-the-mar_2391773.jpg", "contentUrl": "https://sms4smile.com/quotes/i/922/seth-klarman-1979_believe_the-government-can-always-rescue-the-mar_2391773.jpg", "url": "https://sms4smile.com/quotes/i/922/seth-klarman-1979_believe_the-government-can-always-rescue-the-mar_2391773.jpg", "width": 1080, "height": 1080, "caption": "“The government can always rescue the markets or interfere with contract law whenever it deems convenient…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "We suppose that could be considered a hedged position for the awards committee, one that would never occur in the hard sciences such as physics and chemistry, where a prize shared among three with divergent views would be an embarrassing mistake or a bad joke. While a Nobel Prize might well be the culmination of a life’s work, shouldn’t the work accurately describe the real world?", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/we-suppose-that-could-be-considered-a-hedged-position-for-the-awards/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/70f/seth-klarman-1979_awards_we-suppose-that-could-be-considered-a-he_1975079.png", "contentUrl": "https://sms4smile.com/quotes/i/70f/seth-klarman-1979_awards_we-suppose-that-could-be-considered-a-he_1975079.png", "url": "https://sms4smile.com/quotes/i/70f/seth-klarman-1979_awards_we-suppose-that-could-be-considered-a-he_1975079.png", "width": 1080, "height": 1080, "caption": "“We suppose that could be considered a hedged position for the awards committee, one that would never occur…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "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.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/frequent-comparative-ranking-can-only-reinforce-a-short-term/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/805/seth-klarman-1979_attractiveness_frequent-comparative-ranking-can-only-re_3193903.jpg", "contentUrl": "https://sms4smile.com/quotes/i/805/seth-klarman-1979_attractiveness_frequent-comparative-ranking-can-only-re_3193903.jpg", "url": "https://sms4smile.com/quotes/i/805/seth-klarman-1979_attractiveness_frequent-comparative-ranking-can-only-re_3193903.jpg", "width": 1080, "height": 1080, "caption": "“Frequent comparative ranking can only reinforce a short-term investment perspective. It is understandably…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 11, "item": { "@type": "Quotation", "text": "Rather, risk is a perception in each investor's mind that results from analysis of the probability and amount of potential loss from an investment. If an exploratory oil well proves to be a dry hole, it is called risky. If a bond defaults or a stock plunges in price, they are called risky. But if the well is a gusher, the bond matures on schedule, and the stock rallies strongly, can we say they weren't risky when the investment after it is concluded than was known when it was made.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/rather-risk-is-a-perception-in-each-investor-s-mind-that-results-from/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/e79/seth-klarman-1979_amount_rather-risk-is-a-perception-in-each-inve_1258715.jpg", "contentUrl": "https://sms4smile.com/quotes/i/e79/seth-klarman-1979_amount_rather-risk-is-a-perception-in-each-inve_1258715.jpg", "url": "https://sms4smile.com/quotes/i/e79/seth-klarman-1979_amount_rather-risk-is-a-perception-in-each-inve_1258715.jpg", "width": 1080, "height": 1080, "caption": "“Rather, risk is a perception in each investor's mind that results from analysis of the probability and…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 12, "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": "ListItem", "position": 13, "item": { "@type": "Quotation", "text": "Value investors will not invest in businesses that they cannot readily understand or ones they find excessively risky. Hence few value investors will own the shares of technology companies. Many also shun commercial banks, which they consider to have unanalyzable assets, as well as property and casualty insurance companies, which have both unanalyzable assets and liabilities.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "url": "https://sms4smile.com/quotes/seth-klarman/value-investors-will-not-invest-in-businesses-that-they-cannot/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/5e1/seth-klarman-1979_assets_value-investors-will-not-invest-in-busin_3095052.png", "contentUrl": "https://sms4smile.com/quotes/i/5e1/seth-klarman-1979_assets_value-investors-will-not-invest-in-busin_3095052.png", "url": "https://sms4smile.com/quotes/i/5e1/seth-klarman-1979_assets_value-investors-will-not-invest-in-busin_3095052.png", "width": 1080, "height": 1080, "caption": "“Value investors will not invest in businesses that they cannot readily understand or ones they find…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/wells/seth-klarman/#webpage", "url": "https://sms4smile.com/quotes/about/wells/seth-klarman/", "name": "Wells Quotes by Seth Klarman", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/wells/seth-klarman/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/248/seth-klarman-1979_decades_investing-today-may-well-be-harder-than_2343103.png" }, "description": "13 Wells quotes by Seth Klarman. Plus more from Seth Klarman and more Wells sayings from other authors.", "breadcrumb": { "@id": "https://sms4smile.com/quotes/about/wells/seth-klarman/#breadcrumb" } }, { "@type": "BreadcrumbList", "@id": "https://sms4smile.com/quotes/about/wells/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": "Wells", "item": "https://sms4smile.com/quotes/about/wells/" }, { "@type": "ListItem", "position": 5, "name": "Seth Klarman", "item": "https://sms4smile.com/quotes/about/wells/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 } } ] } ```