Seth Klarman: We Like Twisted, Damaged, Blemished Apples

In his now out-of-print book, Margin of Safety: Risk-averse Value Investing Strategies for the Thoughtful Investor, Seth Klarman opined that value investing could be a “very lonely undertaking.” He went on to add that value investors may often experience “poor, even horrendous” performance compared to the rest of the market at times. If you’re looking for value stocks, and exclusive access to value-focused hedge fund managers, check out Hidden Value Stocks. However, in the long run, “the value approach works so successfully that few, if any, advocates of the philosophy ever abandon it.” Q2 2023 hedge fund letters, conferences and…