Posted by splaw > 2013-10-20 11:51 | Report Abuse

Thanks KW Tan for sharing this article.Just need to know how to work out the value of price over the cash flow as stated in the article.Thanks again.

Posted by kcchongnz > 2013-10-20 16:24 | Report Abuse

Seth Klarman, one of the best in investing.

Focus on risk before you start thinking about returns

Research shows the pain of losing 50% of your money far outweighs the pleasure to be had from making a 50% return. To be successful as an investor you must focus your research on the risks of a company’s business model and its industry. Remember that the first rule of investment is not to lose money. Also remember – and this is particularly pertinent to technology companies – that today’s good business may not be tomorrow’s winner (see my colleague Tim Bennett’s points on the importance of economic moats for more on this).


You are buying a stake in a business, not a piece of paper

Investment success comes from buying the cash flows of businesses for less than they are worth. These cash flows come from the real world, not punting numbers on a computer screen. So focus on free cash flow rather than profits. And look at balance sheets to see risks like too much debt or big pension fund liabilities.

Posted by kcchongnz > 2013-10-20 16:56 | Report Abuse

Who wants the e-book "Margin of Safety" by Seth Klarman?

Posted by houseofordos > 2013-10-20 17:37 | Report Abuse

go to bookos website... lots of free book to download there..

Posted by wtclau > 2013-10-20 18:09 | Report Abuse

Hi kcchongnz, send one to me. My email wtclau@yahoo.com.sg

Posted by kcchongnz > 2013-10-20 18:17 | Report Abuse

Just found out that what house said, you can download from bookos

Posted by houseofordos > 2013-10-20 18:25 | Report Abuse

alternatively, can download here http://www.my10000dollars.com/MS.pdf

Posted by ahtan > 2013-10-20 21:14 | Report Abuse

thank you houseofordos!

Posted by wtclau > 2013-10-20 21:33 | Report Abuse

I got it thanks houseofordos.

Posted by GenghisHoe > 2014-02-15 09:05 | Report Abuse

Is it those websites recommended above already prohibited to download? Can anyone of you share the ebook "Margin of Safety" by Seth Klarman with me?

Posted by GenghisHoe > 2014-02-15 22:05 | Report Abuse

My email address: boaster_kokhoe@hotmail.com

Posted by GenghisHoe > 2014-02-17 20:18 | Report Abuse

Hi all, if anyone got the ebook of "Margin of Safety" by Seth Klarman please kindly share with me ya. TQVM!