Capitalist Letters

Capitalist Letters

Share this post

Capitalist Letters
Capitalist Letters
#2 Investing 101: How To Think About Fair Value?

#2 Investing 101: How To Think About Fair Value?

If I were to pick only two central concepts in investing, they would be fair value and margin of safety. Understanding fair value will help you avoid permanent loss of capital.

Oguz Erkan's avatar
Oguz Erkan
Sep 25, 2024
∙ Paid
17

Share this post

Capitalist Letters
Capitalist Letters
#2 Investing 101: How To Think About Fair Value?
3
4
Share

I have thought about fair value since I started investing when I was in law school.

All my life, I haven’t seen one sentence that reflects the essence of fair value better than this:

“It’s not worth it.”

This was the subject of the sentence:

It was autumn 2022 and iPhone 14 had just been launched. I was talking to a friend and we both were using iPhone 11.

…

This post is for paid subscribers

Already a paid subscriber? Sign in
© 2025 Oguz Erkan
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share