Seeking Alpha Seeking Alpha Portfolio App for iPad  Seth
Klarman, the author of the legendary investment work "Margin of
Safety" that only ran one print edition (and thus the book sells
for over $1,000 on websites like Ebay and Amazon), often
encouraged investors to think like investors instead of
speculators. While Warren Buffett has his analogy that
encourages investors to pretend that the stock market has closed
for five to ten years, Klarman encourages investors to only buy
assets that would generate good returns by measuring the
business performance in relation to the price paid (instead of
worrying about market fluctuations in either direction).  In
particular, Klarman pointed out how ridiculous the market for
thirty-year Treasuries has become because no one actually goes
through with holding them for thirty years:  For still another
example of speculation on Wall Street, consider the U.S.
government bond market in which traders buy and sell billions of
dollars' worth of thirty-year U.S. Treasury bonds