Been revisiting Klarman's Margin of Safety.
Still the best reminder that the real edge isn't finding the next hot trade — it's knowing what you don't know.
Most people chase returns. The best investors chase survival first.
Price is what you pay. Value is what you get. The gap between them is your margin of safety.
Simple concept. Hard to practice when everyone around you is getting rich faster.
Still the best reminder that the real edge isn't finding the next hot trade — it's knowing what you don't know.
Most people chase returns. The best investors chase survival first.
Price is what you pay. Value is what you get. The gap between them is your margin of safety.
Simple concept. Hard to practice when everyone around you is getting rich faster.
