--- title: "Meaning & Key Takeaway of: As Graham, Dodd and Buffett have all…" description: "\"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 ..." image: "https://sms4smile.com/quotes/i/0df/seth-klarman-1979_buffett_as-graham-dodd-and-buffett-have-all-said_1549804.png" --- # As Graham, Dodd and Buffett have all said, you should… ![“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.” quote by Seth Klarman](https://sms4smile.com/quotes/i/0df/seth-klarman-1979_buffett_as-graham-dodd-and-buffett-have-all-said_1549804.png) [Download](https://sms4smile.com/quotes/i/0df/seth-klarman-1979_buffett_as-graham-dodd-and-buffett-have-all-said_1549804.png) [Open image](https://sms4smile.com/quotes/i/0df/seth-klarman-1979_buffett_as-graham-dodd-and-buffett-have-all-said_1549804.png) > “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.” [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Investors should be selective, waiting for opportunities that match their criteria rather than acting impulsively; patience is a strategic choice. **In simple terms:** Wait for the right chance, don’t chase every opportunity. Key Takeaway Choose patience over panic. Themes investment patience decision‑making risk management Mood cautious analytical Type advisory strategic When to use this quote - stock selection - real‑estate deals - venture capital - personal finance - portfolio rebalancing Key Concepts value investing opportunity cost behavioral finance Questions to Reflect On - Are your criteria too narrow? - How do you balance patience with timely action? A Different Perspective Patience can lead to missed opportunities if criteria are too rigid. ★ ★ ★ ★ ★ No ratings yet [Decision](https://sms4smile.com/quotes/about/decision/) [Investing](https://sms4smile.com/quotes/about/investing/) [Opportunity](https://sms4smile.com/quotes/about/opportunity/) ## Related quotes > [What's nice about investing is you don't have to swing at every pitch.](https://sms4smile.com/quotes/warren-buffett/what-s-nice-about-investing-is-you-don-t-have-to-swing-at-every-pitch/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [You can watch videos and hit off the tee, stuff like that, but at the same time, it's you against the pitcher. I just…](https://sms4smile.com/quotes/nelson-cruz/you-can-watch-videos-and-hit-off-the-tee-stuff-like-that-but-at-the/) Nelson Cruz > [You don't swing at any pitch. You swing at the ones you can hit.](https://sms4smile.com/quotes/barry-lyga/you-don-t-swing-at-any-pitch-you-swing-at-the-ones-you-can-hit/) [Barry Lyga](https://sms4smile.com/quotes/author/barry-lyga/) > [What distracts us will begin to define us. We don't need to swing at every pitch.](https://sms4smile.com/quotes/bob-goff/what-distracts-us-will-begin-to-define-us-we-don-t-need-to-swing-at/) [Bob Goff](https://sms4smile.com/quotes/author/bob-goff/) > [I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And when I…](https://sms4smile.com/quotes/seth-klarman/i-think-buffett-is-a-better-investor-than-me-because-he-has-a-better/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [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…](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/) > [Warren Buffett is right when he says you should invest as if the market is going to be closed for the next five years.…](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/) > [To value investors the concept of indexing is at best silly and at worst quite hazardous. Warren Buffett has observed that "in any sort…](https://sms4smile.com/quotes/seth-klarman/to-value-investors-the-concept-of-indexing-is-at-best-silly-and-at/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [Right at the core, the mainstream has it backwards. Warren Buffett often quips that the first rule of investing is to not lose money,…](https://sms4smile.com/quotes/seth-klarman/right-at-the-core-the-mainstream-has-it-backwards-warren-buffett/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed…](https://sms4smile.com/quotes/seth-klarman/as-buffett-has-often-observed-value-investing-is-not-a-concept-that/) [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/) > [If you look at anyone who has achieved great success and wealth, people like Warren Buffett, Oprah Winfrey, or Lance Armstrong, they have all…](https://sms4smile.com/quotes/robert-kiyosaki/if-you-look-at-anyone-who-has-achieved-great-success-and-wealth/) [Robert Kiyosaki](https://sms4smile.com/quotes/author/robert-kiyosaki/) > [All capitalists should be like Warren Buffett, and he says he should be taxed more.](https://sms4smile.com/quotes/ed-asner/all-capitalists-should-be-like-warren-buffett-and-he-says-he-should/) [Ed Asner](https://sms4smile.com/quotes/author/ed-asner/) > [I admire people like Warren Buffett that are donating so much money to charity.](https://sms4smile.com/quotes/bethenny-frankel/i-admire-people-like-warren-buffett-that-are-donating-so-much-money/) [Bethenny Frankel](https://sms4smile.com/quotes/author/bethenny-frankel/) > [The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill you. And…](https://sms4smile.com/quotes/charlie-munger/the-great-lesson-in-microeconomics-is-to-discriminate-between-when/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) ## 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/) [Explore all 193 Seth Klarman quotes ](https://sms4smile.com/quotes/author/seth-klarman/) ## More Buffett quotes > [The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill you. And…](https://sms4smile.com/quotes/charlie-munger/the-great-lesson-in-microeconomics-is-to-discriminate-between-when/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [I admire people like Warren Buffett that are donating so much money to charity.](https://sms4smile.com/quotes/bethenny-frankel/i-admire-people-like-warren-buffett-that-are-donating-so-much-money/) [Bethenny Frankel](https://sms4smile.com/quotes/author/bethenny-frankel/) > [All capitalists should be like Warren Buffett, and he says he should be taxed more.](https://sms4smile.com/quotes/ed-asner/all-capitalists-should-be-like-warren-buffett-and-he-says-he-should/) [Ed Asner](https://sms4smile.com/quotes/author/ed-asner/) > [If you look at anyone who has achieved great success and wealth, people like Warren Buffett, Oprah Winfrey, or Lance Armstrong, they have all…](https://sms4smile.com/quotes/robert-kiyosaki/if-you-look-at-anyone-who-has-achieved-great-success-and-wealth/) [Robert Kiyosaki](https://sms4smile.com/quotes/author/robert-kiyosaki/) > [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/) > [Warren Buffett pays taxes on a smaller percentage of his billions in income than his cleaning lady.](https://sms4smile.com/quotes/eric-alterman/warren-buffett-pays-taxes-on-a-smaller-percentage-of-his-billions-in/) [Eric Alterman](https://sms4smile.com/quotes/author/eric-alterman/) > [If there are still honest-smart men and women within those old and noble traditions, they should think carefully, observe and diagnose the illness. They…](https://sms4smile.com/quotes/david-brin/if-there-are-still-honest-smart-men-and-women-within-those-old-and/) [David Brin](https://sms4smile.com/quotes/author/david-brin/) > [ There's a clarity that comes with great ideas: You can \[easily and simply\] explain why something's a great business, how and why it's cheap,… ](https://sms4smile.com/quotes/joel-greenblatt/there-s-a-clarity-that-comes-with-great-ideas-you-can-easily-and/) [Joel Greenblatt](https://sms4smile.com/quotes/author/joel-greenblatt/) > [Wal-Mart, with its legendary focus on customer value in terms of price, is innovating in sustainability. Now, we're beginning to see the mirror image,…](https://sms4smile.com/quotes/james-m-strock/wal-mart-with-its-legendary-focus-on-customer-value-in-terms-of-price/) [James M Strock](https://sms4smile.com/quotes/author/james-m-strock/) > [I love whenever they downgrade a hurricane to a tropical depression, because I always think of a tropical depression as how I feel three…](https://sms4smile.com/quotes/andy-kindler/i-love-whenever-they-downgrade-a-hurricane-to-a-tropical-depression/) [Andy Kindler](https://sms4smile.com/quotes/author/andy-kindler/) > [Buffett's uncommon urge to chronicle made him a unique character in American life, not only a great capitalist but the Great Explainer of American…](https://sms4smile.com/quotes/roger-lowenstein/buffett-s-uncommon-urge-to-chronicle-made-him-a-unique-character-in/) [Roger Lowenstein](https://sms4smile.com/quotes/author/roger-lowenstein/) > [Vladimir Putin is the wealthiest man on the planet, for sure. But this is different to the wealth of a Bill Gates or a…](https://sms4smile.com/quotes/garry-kasparov/vladimir-putin-is-the-wealthiest-man-on-the-planet-for-sure-but-this/) [Garry Kasparov](https://sms4smile.com/quotes/author/garry-kasparov/) > [As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed…](https://sms4smile.com/quotes/seth-klarman/as-buffett-has-often-observed-value-investing-is-not-a-concept-that/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [If P=NP, then the world would be a profoundly different place than we usually assume it to be. There would be no special value…](https://sms4smile.com/quotes/scott-aaronson/if-p-np-then-the-world-would-be-a-profoundly-different-place-than-we/) [Scott Aaronson](https://sms4smile.com/quotes/author/scott-aaronson/) > [Good for Warren Buffett that he can afford to do that! Some people, sometimes, need to finance a purchase or rent a car, and…](https://sms4smile.com/quotes/elizabeth-warren/good-for-warren-buffett-that-he-can-afford-to-do-that-some-people/) [Elizabeth Warren](https://sms4smile.com/quotes/author/elizabeth-warren/) Browse all 73 Buffett quotes ```json { "@context": "https://schema.org", "@graph": [ { "@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. 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