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Margin of Safety in Modern Markets
- Consider "return of capital" as much as "return on capital".
- Invest at low valuations and avoid high valuations, even if the market suggests otherwise.
The Fed Put and Risk Perception
- Investors are currently rewarded for buying dips, encouraged by the perceived "Fed put".
- This behavior is unsustainable; risk exists and should be considered.
A Value Investor's Mindset
- Value investors must hold firm to their analysis, even when the market disagrees.
- View price drops as opportunities to buy more, turning lemons into lemonade.