{"id":1639,"date":"2018-11-09T15:22:34","date_gmt":"2018-11-09T15:22:34","guid":{"rendered":"http:\/\/wdsinvest.com\/?p=1639"},"modified":"2026-02-17T21:47:57","modified_gmt":"2026-02-17T21:47:57","slug":"attention-to-detail-november-2018","status":"publish","type":"post","link":"https:\/\/wdsinvest.com\/fr\/attention-to-detail-november-2018\/","title":{"rendered":"Attention to Detail &#8211; November 2018"},"content":{"rendered":"<p><span style=\"text-decoration: underline;\">Seth Klarman\u2019s 3 Pillars of Investing (GuruFocus)<\/span><\/p>\n<p>Investment risk is not the same as volatility. This is a particularly topical axiom given the two market corrections we\u2019ve experienced so far in 2018, and it\u2019s one that\u2019s highlighted by this month\u2019s article (<a href=\"https:\/\/www.gurufocus.com\/news\/764935\/seth-klarmans-3-pillars-of-investing\">link<\/a>) which shares the three-pillar investment strategy of Seth Klarman, a prominent hedge fund investor. All three pillars shared by the author are important tenants of a value investment approach, but the first one, to maintain a \u201ckeen focus on risk\u201d, is the most important of the three (according to Klarman himself). But Klarman doesn\u2019t define risk as the mere fluctuation of a stock\u2019s price; by that definition, virtually every stock from Wal Mart to Microsoft is currently \u201chigh risk.\u201d Instead, Klarman defines risk as the probability of permanent capital impairment. Understanding this key distinction is paramount to the value investor; it not only helps shift attention from short-term noise to long-term fundamentals, but on a more behavioural level it can help us to better weather future downturns. In understanding the longevity and tenacity of your holdings, it becomes a lot easier to ignore the noise of the markets; after all, it takes a lot more than a few sell-offs to bring down a truly high-quality business.<\/p>\n<p><em>In the attention to details series, we lift the lid on what WDS does behind the scenes to invest well by sharing what we are reading. These are pieces that often articulate different aspects of our philosophy and ultimately our process. Check back regularly for a new article that is worth the read.\u00a0<\/em><\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Seth Klarman\u2019s 3 Pillars of Investing (GuruFocus) Investment risk is not the same as volatility. This is a particularly topical axiom given the two market corrections we\u2019ve experienced so far in 2018, and it\u2019s one that\u2019s highlighted by this month\u2019s article (link) which shares the three-pillar investment strategy of Seth<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-1639","post","type-post","status-publish","format-standard","hentry","category-investors-mindset"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Attention to Detail - November 2018 - Watson Di Primio Steel (WDS)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wdsinvest.com\/fr\/attention-to-detail-november-2018\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Attention to Detail - November 2018 - Watson Di Primio Steel (WDS)\" \/>\n<meta property=\"og:description\" content=\"Seth Klarman\u2019s 3 Pillars of Investing (GuruFocus) Investment risk is not the same as volatility. This is a particularly topical axiom given the two market corrections we\u2019ve experienced so far in 2018, and it\u2019s one that\u2019s highlighted by this month\u2019s article (link) which shares the three-pillar investment strategy of Seth [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wdsinvest.com\/fr\/attention-to-detail-november-2018\/\" \/>\n<meta property=\"og:site_name\" content=\"Watson Di Primio Steel (WDS)\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.linkedin.com\/company\/watson-di-primio-steel-wds-investment-management-ltd-\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-09T15:22:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-17T21:47:57+00:00\" \/>\n<meta name=\"author\" content=\"Richard Coffin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@wdsinvest\" \/>\n<meta name=\"twitter:site\" content=\"@wdsinvest\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Richard Coffin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/wdsinvest.com\\\/attention-to-detail-november-2018\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/wdsinvest.com\\\/attention-to-detail-november-2018\\\/\"},\"author\":{\"name\":\"Richard Coffin\",\"@id\":\"https:\\\/\\\/wdsinvest.com\\\/#\\\/schema\\\/person\\\/c9f9c7b6746ff469add60b674650c3ab\"},\"headline\":\"Attention to Detail &#8211; 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