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.
Core ideas
Idea 1
Estimate value instead of forecasting short-term price.
Idea 2
Demand a margin of safety.
Idea 3
Prioritize avoiding permanent loss.
Idea 4
Wait for price and quality to align.