Quote of the day by Seth Klarman: “Most investors are primarily oriented toward return, how much they can make, and pay little attention to risk, how much they can lose.”

Seth Klarman’s philosophy highlights a crucial investing truth: most investors chase returns while neglecting risk. This return-first mindset leads to costly mistakes, as true wealth creation depends on protecting capital, maintaining a margin of safety, and recognising that the biggest threat is permanent loss—not short-term volatility or missed upside.