Sorry if I ranted but I went on for "over 6 sentences" because I am sensitive to this cliche of investors/speculators as nonproductive blood suckers. It was one

Sorry if I ranted but I went on for "over 6 sentences" because I am sensitive to this cliche of investors/speculators as nonproductive blood suckers. It was one of the images that was used in a certain historical catastrophe where I live (Germany). It's also a very popular image today, risking throwing the baby (capitalism) out with the bathwater (corruption, greed, ...). Regarding 2, I also like the quote. But the article misquotes it by leaving out the crucial part: independent valuation, based on economic fundamentals. I think you overestimate people's "implicit judgement". Many if not most people buy because the price recently went up, and vice versa, without reference to fundamentals or doing their homework. Leaving out the valuation part makes it read as if Klarman was simply inverting the trend-followers. But not so, the point was doing independent research and acting only when price deviates sufficiently far from one's own judgment.