Seth Klarman is one of the all-time greats in the world of value investing. His book, Margin Of Safety is probably not as well known as the Intelligent Investor, written by Benjamin Graham, but it is just as valuable.
Klarman’s style of investing is based on the simple principle that investors should be seeking to minimize the chances of a permanent capital impairment at all costs.
For some investors, this approach might not make that much sense. After all, investments that have a low risk of failure tend to be relatively unexciting. But, Klarman’s approach should be a core part of all investment strategies.
His returns speak for themselves. His hedge fund, the Boston-based Baupst, has achieved annual returns of around 20%, with...
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