The key to value investing, Seth Klarman wrote in his now-out-of-print book, The Margin of Safety, is finding bargains, where investors can buy a dollar for fifty cents.
Today, value investing is often attacked for being out of touch with our world, with technology driving the agenda. But as Klarman explained in his book, value investing’s core principle is a conservative analysis of underlying value and the patience to wait for a sufficient discount. This requires discipline and the ability to stand apart from the crowd.
Q2 2023 hedge fund letters, conferences and more
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