Why are the best investors are usually extremely defensive ones?

Summary

• The post discusses the defensive investing styles of legendary investors like Warren Buffett, Charlie Munger, and Seth Klarman.
• The author asks a philosophical question about whether being defensive is a prerequisite for investing success or a byproduct of accumulating wealth.
• Quality assessment: General discussion/noise. There is no specific due diligence, financial analysis, or actionable data provided.