--- title: "Meaning & Key Takeaway of: Nowhere does it say that investors should…" description: "\"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 ret..." image: "https://sms4smile.com/quotes/i/e13/seth-klarman-1979_backseat_nowhere-does-it-say-that-investors-shoul_1351831.jpg" --- # Nowhere does it say that investors should strive to make… ![“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…” quote by Seth Klarman](https://sms4smile.com/quotes/i/e13/seth-klarman-1979_backseat_nowhere-does-it-say-that-investors-shoul_1351831.jpg) [Download](https://sms4smile.com/quotes/i/e13/seth-klarman-1979_backseat_nowhere-does-it-say-that-investors-shoul_1351831.jpg) [Open image](https://sms4smile.com/quotes/i/e13/seth-klarman-1979_backseat_nowhere-does-it-say-that-investors-shoul_1351831.jpg) > “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.” [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 must prioritize risk management over chasing profit, especially before crises, to stay clear‑headed and seize opportunities. **In simple terms:** Risk control before profit chasing is essential. Key Takeaway Maintain risk discipline before crises. Themes risk management investment strategy crisis planning long‑term focus opportunity seeking Mood cautious strategic Type advisory analytical When to use this quote - portfolio construction - crisis preparedness - opportunity identification - selling decisions - risk assessment Key Concepts hedging capital preservation behavioral finance Questions to Reflect On - How do you balance risk protection with growth goals? - When should you adjust hedges during market stress? A Different Perspective Risk‑averse investors may miss high‑return chances if too cautious. ★ ★ ★ ★ ★ No ratings yet [Clear thinking](https://sms4smile.com/quotes/about/clear-thinking/) [Conservative](https://sms4smile.com/quotes/about/conservative/) [Consideration](https://sms4smile.com/quotes/about/consideration/) [Crisis](https://sms4smile.com/quotes/about/crisis/) [Customer](https://sms4smile.com/quotes/about/customer/) [Dollars](https://sms4smile.com/quotes/about/dollars/) [Financial crisis](https://sms4smile.com/quotes/about/financial-crisis/) [Focus](https://sms4smile.com/quotes/about/focus/) [Investing](https://sms4smile.com/quotes/about/investing/) [Investors](https://sms4smile.com/quotes/about/investors/) [Long term](https://sms4smile.com/quotes/about/long-term/) [New Opportunities](https://sms4smile.com/quotes/about/new-opportunities/) [New opportunity](https://sms4smile.com/quotes/about/new-opportunity/) [Opportunity](https://sms4smile.com/quotes/about/opportunity/) [Portfolios](https://sms4smile.com/quotes/about/portfolios/) [Profit](https://sms4smile.com/quotes/about/profit/) [Risk](https://sms4smile.com/quotes/about/risk/) [Thinking](https://sms4smile.com/quotes/about/thinking/) ## Related quotes > [Democracy was regarded as entering into a crisis in the 1960s. The crisis was that large segments of the population were becoming organized and…](https://sms4smile.com/quotes/noam-chomsky/democracy-was-regarded-as-entering-into-a-crisis-in-the-1960s-the/) [Noam Chomsky](https://sms4smile.com/quotes/author/noam-chomsky/) > [A reactionary is fixed on the past and wanting to return to it; a conservative wishes to adapt what is best in the past…](https://sms4smile.com/quotes/roger-scruton/a-reactionary-is-fixed-on-the-past-and-wanting-to-return-to-it-a/) [Roger Scruton](https://sms4smile.com/quotes/author/roger-scruton/) > [I have a hankering to go back to the Orient and discard my necktie. Neckties strangle clear thinking.](https://sms4smile.com/quotes/lin-yutang/i-have-a-hankering-to-go-back-to-the-orient-and-discard-my-necktie/) [Lin Yutang](https://sms4smile.com/quotes/author/lin-yutang/) > [Nostalgia is one of the great enemies of clear thinking about the family. The disruption of families in the nineteenth century through death, separation,…](https://sms4smile.com/quotes/joseph-featherstone/nostalgia-is-one-of-the-great-enemies-of-clear-thinking-about-the/) Joseph Featherstone > [“What I want to do is to help you, the individual, to cross the stream of suffering, confusion and conflict, through deep and complete…](https://sms4smile.com/quotes/jiddu-krishnamurti/what-i-want-to-do-is-to-help-you-the-individual-to-cross-the-stream/) [Jiddu Krishnamurti](https://sms4smile.com/quotes/author/jiddu-krishnamurti/) > [“social media addict? This is a very real problem—so much so that researchers from Norway developed a new instrument to measure Facebook addiction called…](https://sms4smile.com/quotes/caroline-leaf/social-media-addict-this-is-a-very-real-problem-so-much-so-that/) [Caroline Leaf](https://sms4smile.com/quotes/author/caroline-leaf/) > [Good design is a lot like clear thinking made visual.](https://sms4smile.com/quotes/edward-tufte/good-design-is-a-lot-like-clear-thinking-made-visual/) [Edward Tufte](https://sms4smile.com/quotes/author/edward-tufte/) > [Healing is the result of clear thinking.](https://sms4smile.com/quotes/ernest-holmes/healing-is-the-result-of-clear-thinking/) [Ernest Holmes](https://sms4smile.com/quotes/author/ernest-holmes/) > [“These, then, are the two points I wanted to make. First, that human beings, all over the earth, have this curious idea that they…](https://sms4smile.com/quotes/c-s-lewis-2/these-then-are-the-two-points-i-wanted-to-make-first-that-human/) [C.S. Lewis](https://sms4smile.com/quotes/author/c-s-lewis-2/) > [“You will have relatively less problems to solve, if you don't confuse problems with inconveniences.”](https://sms4smile.com/quotes/amit-kalantri/you-will-have-relatively-less-problems-to-solve-if-you-don-t-confuse/) [Amit Kalantri](https://sms4smile.com/quotes/author/amit-kalantri/) > [“You hear, O LORD, the desire of the afflicted; you encourage them, and you listen to their cry. . . . PSALM 10:17 OCTOBER 1 As long…](https://sms4smile.com/quotes/norman-vincent-peale/you-hear-o-lord-the-desire-of-the-afflicted-you-encourage-them-and/) [Norman Vincent Peale](https://sms4smile.com/quotes/author/norman-vincent-peale/) > [Clear thinking becomes clear writing; one can't exist without the other.](https://sms4smile.com/quotes/william-zinsser/clear-thinking-becomes-clear-writing-one-can-t-exist-without-the-other/) [William Zinsser](https://sms4smile.com/quotes/author/william-zinsser/) > [“the typical response to scarcity is a lapse in clear thinking. Assess products and services solely on the basis of their price and benefits.…](https://sms4smile.com/quotes/rolf-dobelli/the-typical-response-to-scarcity-is-a-lapse-in-clear-thinking-assess/) [Rolf Dobelli](https://sms4smile.com/quotes/author/rolf-dobelli/) > [“Ever since puberty I have believed in the value of two things: kindness and clear thinking. At first these two remained more or less…](https://sms4smile.com/quotes/bertrand-russell/ever-since-puberty-i-have-believed-in-the-value-of-two-things/) [Bertrand Russell](https://sms4smile.com/quotes/author/bertrand-russell/) > [It is certainly true that principles cannot be more securely founded than on experience and consciously clear thinking.](https://sms4smile.com/quotes/albert-einstein/it-is-certainly-true-that-principles-cannot-be-more-securely-founded/) [Albert Einstein](https://sms4smile.com/quotes/author/albert-einstein/) ## 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 Backseat quotes > [I've spread my legs in the backseat in a creative sense quite a few times.](https://sms4smile.com/quotes/stephen-king/i-ve-spread-my-legs-in-the-backseat-in-a-creative-sense-quite-a-few/) [Stephen King](https://sms4smile.com/quotes/author/stephen-king/) > [“It was what she'd been doing in every aspect of her life lately, wanting to hole up in the backseat and not be asked…](https://sms4smile.com/quotes/cara-mckenna/it-was-what-she-d-been-doing-in-every-aspect-of-her-life-lately/) [Cara McKenna](https://sms4smile.com/quotes/author/cara-mckenna/) > [The backseat produced the sexual revolution.](https://sms4smile.com/quotes/jerry-rubin/the-backseat-produced-the-sexual-revolution/) [Jerry Rubin](https://sms4smile.com/quotes/author/jerry-rubin/) > [In New York there is always something to look at, but it is all infinitely more interesting through a window in the backseat of…](https://sms4smile.com/quotes/anna-godbersen/in-new-york-there-is-always-something-to-look-at-but-it-is-all/) [Anna Godbersen](https://sms4smile.com/quotes/author/anna-godbersen/) > [“Don't give the front seat of your life to those whom you should give the back seat. Don't give the back seat to those…](https://sms4smile.com/quotes/paul-bamikole/don-t-give-the-front-seat-of-your-life-to-those-whom-you-should-give/) [Paul Bamikole](https://sms4smile.com/quotes/author/paul-bamikole/) > [And when I'm in my car I'm laid back I got an 8-track and a spare tire in the backseat But that's flat](https://sms4smile.com/quotes/skee-lo/and-when-i-m-in-my-car-i-m-laid-back-i-got-an-8-track-and-a-spare/) Skee-Lo > [Has anybody here ever been driving along in their car, smoking a cigarette, and you flick it out the window, and you drive for…](https://sms4smile.com/quotes/doug-benson/has-anybody-here-ever-been-driving-along-in-their-car-smoking-a/) [Doug Benson](https://sms4smile.com/quotes/author/doug-benson/) > [A sparrow lay dead on the backseat. She had found her way through a hole in the windscreen, tempted by some seat-sponge for her…](https://sms4smile.com/quotes/arundhati-roy/a-sparrow-lay-dead-on-the-backseat-she-had-found-her-way-through-a/) [Arundhati Roy](https://sms4smile.com/quotes/author/arundhati-roy/) > [Look, if you're driving down the highway at 120 miles an hour, I'd rather be behind the wheel than in the backseat.](https://sms4smile.com/quotes/mark-wahlberg/look-if-you-re-driving-down-the-highway-at-120-miles-an-hour-i-d/) [Mark Wahlberg](https://sms4smile.com/quotes/author/mark-wahlberg/) > [Intimacy doesn't have all that much to do with backseats of cars. Real intimacy is brushing your teeth together.](https://sms4smile.com/quotes/gabrielle-zevin/intimacy-doesn-t-have-all-that-much-to-do-with-backseats-of-cars-real/) [Gabrielle Zevin](https://sms4smile.com/quotes/author/gabrielle-zevin/) > [Now there's a backseat lover. That's always under cover and I talk til my daddy say.](https://sms4smile.com/quotes/run-dmc/now-there-s-a-backseat-lover-that-s-always-under-cover-and-i-talk-til/) [Run DMC](https://sms4smile.com/quotes/author/run-dmc/) > [You're going from audition to audition, changing in the backseat, and all that fun stuff that's great to do at one time in your…](https://sms4smile.com/quotes/eva-mendes/you-re-going-from-audition-to-audition-changing-in-the-backseat-and/) [Eva Mendes](https://sms4smile.com/quotes/author/eva-mendes/) > [“I always get whiplash when I have sex in the backseat. Boy, I sure wish Grandmother would learn how to drive.”](https://sms4smile.com/quotes/jarod-kintz/i-always-get-whiplash-when-i-have-sex-in-the-backseat-boy-i-sure-wish/) [Jarod Kintz](https://sms4smile.com/quotes/author/jarod-kintz/) > [I'd like to have a kid, and I'd like to be driving around. I know a kid is going to be a big part…](https://sms4smile.com/quotes/adam-sandler/i-d-like-to-have-a-kid-and-i-d-like-to-be-driving-around-i-know-a-kid/) [Adam Sandler](https://sms4smile.com/quotes/author/adam-sandler/) > [I feel it's easier to sit in the backseat and go, "Oh, yeah, let's go there." You're not worried about getting to the destination.…](https://sms4smile.com/quotes/susan-sarandon/i-feel-it-s-easier-to-sit-in-the-backseat-and-go-oh-yeah-let-s-go/) [Susan Sarandon](https://sms4smile.com/quotes/author/susan-sarandon/) Browse all 97 Backseat quotes ```json { "@context": "https://schema.org", "@graph": [ { "@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" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/seth-klarman/nowhere-does-it-say-that-investors-should-strive-to-make-every-last/", "about": { "@type": "Thing", "name": "Backseat" }, "@id": "https://sms4smile.com/quotes/seth-klarman/nowhere-does-it-say-that-investors-should-strive-to-make-every-last/#quotation", "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": "BreadcrumbList", "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": "Seth Klarman", "item": "https://sms4smile.com/quotes/author/seth-klarman/" }, { "@type": "ListItem", "position": 4, "name": "Nowhere does it say that investors...", "item": "https://sms4smile.com/quotes/seth-klarman/nowhere-does-it-say-that-investors-should-strive-to-make-every-last/" } ], "@id": "https://sms4smile.com/quotes/seth-klarman/nowhere-does-it-say-that-investors-should-strive-to-make-every-last/#breadcrumb" }, { "@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 } } ] } ```