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.
Quotes
Practical lesson: estimate value instead of forecasting short-term price.
Practical lesson: demand a margin of safety.
Practical lesson: prioritize avoiding permanent loss.
Practical lesson: wait for price and quality to align.
These are practical paraphrases, not verbatim quotations.