Margin of Safety (Seth Klarman)

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      Lesson summary:

      Seth Klarman, a renowned investor with billions of dollars under management, wrote a book called “Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor,” which has gained popularity among sophisticated investors. The book is out of print and expensive to obtain. In his book, Klarman emphasises the difference between value investors and speculators, with value investors focusing on business cash flows and speculators on price movements. He criticises the misconception that price volatility alone determines investment risk. Klarman discusses three methods of valuing stocks: liquidation or breakup value, stock market value, and discounted cash flow analysis. He advises investors to seek a margin of safety by investing when the value is significantly higher than the current price. Klarman also explores the decision of holding cash, highlighting the opportunity costs associated with being fully invested. Finally, he suggests an 80/20 approach to investing, spending more time exploring various opportunities rather than extensive research on individual stocks.

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