Seth Klarman: Margin Of Safety – The Lending & Ownership Option

Seth Klarman: Margin Of Safety – The Lending & Ownership Option [klarman] Benjamin Graham, Warren Buffett, Seth Klarman, John Templeton, Howard Marks, John Neff, Walter Schloss, Max Heine, Michael Price, Peter Lynch, Wilbur Ross, and many other investment managers created wealth for themselves and their clients based on the belief that the market price for an investment will, at times, vary substantially from the intrinsic value of the investment. Knowing that superior returns are possible, as these individuals have shown over time, why do many investors today believe markets are so efficient that prices are always correct, and shun any…