How important is this Margin of Safety concept to the Chou Funds? Can it absorb mistakes?
The Fund’s annual returns over 15 years (and since inception) have demonstrated that this concept is so profound and powerful that in spite of making a number of investment decisions the manager wished later he had made differently, being blindsided by unpredictable events and getting snookered by unscrupulous management, the Funds still managed to achieve very satisfactory long term returns.
