I copied this passage into my notebook and flip back to it every now and then.
There’s a lesson in *Margin of Safety*:
Seth Klarman says risk isn’t volatility; it’s the possibility of permanent loss. The crypto market’s daily 30% swings aren’t risk—going to zero is. Once you understand the difference, short-term volatility won’t scare you into selling at the bottom.
Take today’s $ETH , for example: it’s now at 2,305, down 1.10% over the past 24 hours. This market action perfectly illustrates the point above. It’s no coincidence—it’s human nature repeating itself in the markets.
Looking back, every pitfall is spelled out in that sentence.
Scale back your position first.
#ETH #投资哲学 #交易心态 #Crypto
There’s a lesson in *Margin of Safety*:
Seth Klarman says risk isn’t volatility; it’s the possibility of permanent loss. The crypto market’s daily 30% swings aren’t risk—going to zero is. Once you understand the difference, short-term volatility won’t scare you into selling at the bottom.
Take today’s $ETH , for example: it’s now at 2,305, down 1.10% over the past 24 hours. This market action perfectly illustrates the point above. It’s no coincidence—it’s human nature repeating itself in the markets.
Looking back, every pitfall is spelled out in that sentence.
Scale back your position first.
#ETH #投资哲学 #交易心态 #Crypto