A curated list of the best quotes from Seth Klarman's 2008 Preface to the sixth edition of Benjamin Graham's book, Security Analysis . On Technology "In an era of rapid technological change, investors must be ever vigilant, even with regard to companies that are not involved in technology but are simply affected by it. In short, today's good businesses may not be tomorrow's." "Good businesses are generally considered those with strong barriers to entry, limited capital requirements, reliable customers, low risk of technological obsolescence, abundant growth possibilities, and thus significant and growing free cash flow." On Alternative Investments "In recent years, some people have attempted to expand the definition of an investment to include any asset that has recently-or might soon-appreciate in price: art, rare stamps, or a wine collection. Because these items have no as