Finally, the prospect of asset deflation places a heightened importance on the time frame of investments and on the presence of a catalyst for the realization of underlying value. So to summarize Klarman's points, we find that as investors, we need to obtain a favorable outcome even when we stress out the variables that could alter the result. Generally as investors, we make the mistake of falling into value traps because we tend to misuse or forget Klarman's three points.