From the editor-in-chief...
May 27, 2022
2 minutes
Merryn Somerset Webb editor@moneyweek.com
In his very good book on investing, Margin of Safety, Seth Klarman tells the story of a California speculative mania – in sardines. The fish had disappeared from their usual waters off Monterey, the shortage pushed up prices, and before long there was an enthusiastic trade under way in tinned sardines. The “you-can’tgo-wrong-with-sardines” story spread. Prices soared. Then
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