Seth Klarman emphasizes the importance of a margin of safety in investing, advocating for a cautious approach that prioritizes capital preservation over potential gains. His strategy focuses on buying stocks at significant discounts to their intrinsic value, consistent with his training under Benjamin Graham, the father of value investing.
Klarman's approach has proven successful, yielding an average annual return of 20% over the past 30 years, and 15% for four decades, showcasing the effectiveness of his risk-averse investment strategies even amidst rising market levels.
In recent activity, Klarman revealed that despite the stock market's all-time highs, he identified several promising investment opportunities. His substantial investment in Dollar General represents a significant confidence in the stock, as it now accounts for a 5.6% position in his extensive portfolio.
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