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.
Mental models
Model 1
Use this model to estimate value instead of forecasting short-term price.
Model 2
Use this model to demand a margin of safety.
Model 3
Use this model to prioritize avoiding permanent loss.
Model 4
Use this model to wait for price and quality to align.