More Accuracy – RV Capital
In my 2020 Investor letter, I discussed the concept of “Margin of Safety” i.e., paying less for a security than it is worth, and its implications for investing. This memo is intended as a follow-up to that discussion. Q4 2020 hedge fund letters, conferences and more As a recap, I argued that whilst the concept of margin of safety itself is sound and important, the way it has historically been implemented by investors has led them astray. They gave too little thought to the future, based on the assumption that an investment would take care of itself if the margin of safety were great enough. I ...