Charlie Rose interviews Seth Klarman. The first 18 minutes is about "Facing History", his nonprofit organizaiton. Then they got to the book of "Margin of Safety". Klarman's view of Warren Buffett's three stages of investing: "Warren evolves three stages". He said he is still in the first stage.
1. Buy cigarbutts at good prices
2. Buy great companies at great prices
3. Buy great companies at so so prices.