Seth Klarman

Klarman argues that investors who demand certainty before acting will always be too late, and that the ability to act decisively under uncertainty—with appropriate risk controls—is the defining skill of great investing.

In the aftermath of the worst financial crisis in 75 years, Klarman reflects on how Baupost's conservative positioning and margin-of-safety discipline allowed them not just to survive but to find extraordinary opportunities while others were forced to sell.