Seth Klarman – Permanently "Risk-off"

I suppose a little bit more of Klarman is never enough. So here is an excerpt of his 2012 year end letter. The first part is composed by macroeconomic bearish tidbits. In my view, the best part is the last one, in which he rapidly mention what to focus on. Easy to say, hard to do – that’s why we need processes.

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