"Investment success requires an appropriate mind-set," Seth Klarman declared in his now out of print book, The Margin of Safety, Risk-Averse Value Investing Strategies for the Thoughtful Investor.
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The value investor went on to add, "Investing is serious business, not entertainment. If you participate in the financial markets at all, it is crucial to do so as an investor, not as a speculator, and to be certain that you understand the difference."
Understanding the difference between an investor and a speculator is, as Klarman wrote in his book,...
