In his now out of print book, Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor, Seth Klarman declared that avoiding loss should be the primary goal of every investor.
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But this does not mean that investors should always try and avoid taking a loss on every investment.
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Instead, Klarman explained that "don't lose money," signifies that over several years "an investment portfolio should not be exposed to appreciable loss...
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