Key Takeaways
Mischaracterizing The “Mount Rushmore of Investors” - Ben Graham, Warren Buffett and Charlie Munger. They didn’t view themselves, nor did they refer to themselves as value investors, yet this phrase has become the default terminology for their approach.
If we can redefine what investing means… We can redefine market participation. It’s that big.
What Stands In The Way? Questioning core definitions is mentally exhausting. Why make the effort? Buying into a market narrative is just easier for the average market participant, but…
The Larger Reason is Intellectual Oversight. Highly brilliant minds like Seth Klarman devote vast amounts of time to financial thought, research and analysis yet they fail to draw the final, obvious conclusion that fundamentally, “value investing” is a misnomer.
Shorthand is convenient, but… The consistent high-volume use of the redundant term by thought leaders legitimizes the underlying logical fallacy.
Bottom line: Once the definition of investing is qualified, a vacuum is created, hoovering everything in its path, including Bitcoin and other purely speculative tools. Klarman and others created that vacuum, flipped the switch, filled the bag space and then walked away. The public is left standing there, trying to operate a machine they never asked for.
