Seth Klarman interview at Harvard Business School 2006
Seth Klarman is a renowned value investor and the author of the influential book "Margin of Safety." His principles are fundamental to the field of value investing.
Here's a brief overview of Klarman's margin of safety principles:
* Primacy of Safety: Klarman emphasizes that avoiding losses should be the primary goal of every investor.
* Significant Discount: He advocates for purchasing securities at a substantial discount to their intrinsic value, providing a cushion against potential losses.
* Focus on Downside Risk: Klarman believes that investors should prioritize understanding and mitigating downside risks before considering potential returns.
* Uncertainty and Imprecision: He acknowledges the inherent uncertainty in valuation and the importance of building in a margin of safety to account for analytical errors.
* Disciplined Approach: Klarman emphasizes the need for a disciplined and patient approach to investing, avoiding impulsive decisions and staying focused on long-term value.
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