Seth Klarman’s version of Ben Horowitz’ "The hard thing about hard things"

According to Klarman, the hard thing about hard things is that

“As long as I’ve been alive, there are structural imbalances. Most of the time they don’t matter. Once in a while they really matter. That’s what hard, that if you run a portfolio to to be fine in an upward market, if you’re in the game, you will have exposures that you wish you didn’t have in a worse market.” – from The Graham + Dodd Luncheon Symposium Transcript from Oct. 2008