Protecting Against Upside Risk

Note: Today’s write-up is a bit outside the box, but I think it’s an interesting thought exercise. For me, the conclusion brings to mind the famous Munger quote: “All I want to know is where I’m going to die so I’ll never go there.”

In “Margin of Safety”, Seth Klarman wrote the following:

“One of the recurrent themes of this book is that the future is unp…