Value investing1991
Margin of Safety
Seth Klarman
Presents a conservative value investing mindset focused on permanent capital loss, buying below value, and discipline in euphoric markets.
Checklist
Do I have a rule to estimate value instead of forecasting short-term price?
Do I have a rule to demand a margin of safety?
Do I have a rule to prioritize avoiding permanent loss?
Do I have a rule to wait for price and quality to align?
Write down what would invalidate the thesis.
Set a review date before acting.