What it is
Some values don’t sit still. Seth Klarman points out that even if you gathered every possible fact about a business, its true value would still be uncertain, because it moves with credit, interest rates, and a hundred other things. So the question changes from “how do I get certain?” to “how do I act well without certainty?”
How it shows up for me
I learned it with money, the hard way. Today I’d rather build a margin for being wrong than spend another week pretending a spreadsheet can tell me the future.
It helps outside money too. Parenting, work, health: most of the important stuff is uncertain all the way down.