Barbell Strategy

at extremes of safety and risk, avoid the mediocre middle.

The core idea

at extremes of safety and risk, avoid the mediocre middle.

have an edge in some domains and not others — and the boundary between the two i

equals future cash flows discounted to present value.

below intrinsic value to protect against errors and the unforeseen.

is profiting from a price difference for the same or equivalent asset across mar

upside is a payoff structure where the best-case gain is large relative to the w

of capital is the minimum return a company or project must earn to justify using