marginofsafety
If anything, the past few years has reminded us that the future is unknown and events can take turns you would never expect. Businesses have set-backs, economies have downturns and even the best investors make mistakes. Because of this, leaving some room for error makes eminent sense. Almost a century ago, Ben Graham first proposed the concept of Margin of Safety in his seminal book, ‘Security Analysis.’ Ever since, the term has been indoctrinated into the investing lexicon of the world’s most successful investors. Q3 2021 hedge fund letters, conferences and more Like most things investing how...
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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 ...
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RV Capital letter to investors for the year ended December 31, 2020, discussing the correct place to apply margin of safety. Q3 2020 hedge fund letters, conferences and more Dear Co-Investors, The NAV of Business Owner was €872.11 as of 30 December 2020. The NAV increased 17.3% since the start of the year and 779.0% since inception on 30 September 2008. The compound annual growth rate since inception is 19.4%. The Development of our CompaniesI described the development of our companies in my half-year letter with a particular focus on the impact of Covid-19, so I will keep my comments here sho...
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Whitney Tilson’s email to investors discussing the highest expected return bet he has seen in a while pays off; margin of safety; I raised $17,750 for KIPP; Berkshire Hathaway’s third-quarter earnings; Biden’s ‘more predictable’ presidency; Biden’s day 1 agenda; Doug Kass’ amazing prediction.Q3 2020 hedge fund letters, conferences and moreThe Highest Expected Return Bet I've Seen In A While1) In my recent e-mail on October 29 I wrote about...The highest expected return bet I've seen in a while – an opportunity to make 54% in six days...Just buy Joe Biden to win the election at $0.65 cents "per...
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Man Sues Ben Graham’s Dead Body For Writing Useless Book On Valuations That Are Meaningless In Today’s MarketQ2 2020 hedge fund letters, conferences and moreMack Daniels Sues Ben Graham's Dead BodyWishing that he never read The Intelligent Investor, Mack Daniels is suing Ben Graham’s dead body for writing a useless book on valuation that is meaningless in today’s market. “I read The Intelligent Investor over 20 times,” Mack stated violently. “What a complete waste of time.”Mack Daniels, 35, was your everyday man. He drove a red pickup truck. Had a wife with large ones. And hung out with the bo...
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