Chris Bloomstran, Semper Augustus – Buffett, Berkshire, & Investing During The Energy Transition | #410
The Meb Faber Show - Better Investing
Investing in Risk Management
If your process centers around the intrinsic value of what you are on any given day, everything you own is going to trade some discount or premium to that assessed value. I've had some energy businesses that went into post two thousand and 15 peak, an oil north of a hundred dollars. And they were spending so much money that there was no way to get an economic return on the capital that was spent. So even if you liked the thing that you had, you don't want to get taken out on the stretcher. Risk is not volatility for me, risk is permanent loss of capital.
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