Some people responding to an earlier tweet aren't understanding margin of safety. Preserving capital doesn't mean "live like a pauper."
"You are happier when you have financial security. Don't go overboard on delayed gratification. You don’t save by not going to a movie." WEB
"You are happier when you have financial security. Don't go overboard on delayed gratification. You don’t save by not going to a movie." WEB
“Margin of safety can be restated as a discount to expected value. Expected value is a function of the weighted probability of potential outcomes.” Michael Mauboussin people.stern.nyu.edu/adamodar/pdfil… "It is available for absorbing the effect of miscalculations or worse than average luck."
“One of the recurrent themes of this book is that the future is unpredictable.” “[You] must be prepared for any eventuality.” Seth Klarman novelinvestor.com/seth-klarman-r…
