“Over time and with a sizable portfolio, the margin-of-safety concept is critical. One of the things investors must deal with is how are they going to behave when they’re going through a rough spot, and if they buy with no margin of safety and they hit the rough spot, it can be very paralyzing for them. The margin of safety, the willingness to have some dry powder from time to time, can lead an investor to stay in a good psychological place when the markets get rocky.” —Seth Klarman
Links - 10/23/2022
Links - 10/23/2022
Links - 10/23/2022
“Over time and with a sizable portfolio, the margin-of-safety concept is critical. One of the things investors must deal with is how are they going to behave when they’re going through a rough spot, and if they buy with no margin of safety and they hit the rough spot, it can be very paralyzing for them. The margin of safety, the willingness to have some dry powder from time to time, can lead an investor to stay in a good psychological place when the markets get rocky.” —Seth Klarman