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The Oracle of Boston - Seth Klarman
Jul 7th 2012 | Boston

A scanned version of “Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor” has been circulating around trading floors. One hedgie likens Mr Klarman's book to the movie “Casablanca”: it has become a classic......Mr Klarman still runs Baupost like a family office. He is extremely risk averse; his primary goal is not stellar returns but preservation of capital.......He has deliberately maintained a sticky investor base composed almost entirely of endowments, foundations and families, which understand his investment philosophy and will not redeem after a few negative quarters.
Boston  hedge_funds  investors  investing  margin_of_safety  Seth_Klarman  value_investing/investors  books  Baupost  family_office 
january 2019 by jerryking
A Quiet Giant of Investing Weighs In on Trump
FEB. 6, 2017 | The New York Times | Andrew Ross Sorkin

In his letter, Mr. Klarman sets forth a countervailing view to the euphoria that has buoyed the stock market since Mr. Trump took office, describing “perilously high valuations.”

“Exuberant investors have focused on the potential benefits of stimulative tax cuts, while mostly ignoring the risks from America-first protectionism and the erection of new trade barriers,” he wrote.

“President Trump may be able to temporarily hold off the sweep of automation and globalization by cajoling companies to keep jobs at home, but bolstering inefficient and uncompetitive enterprises is likely to only temporarily stave off market forces,” he continued. “While they might be popular, the reason the U.S. long ago abandoned protectionist trade policies is because they not only don’t work, they actually leave society worse off.”

In particular, Mr. Klarman appears to believe that investors have become hypnotized by all the talk of pro-growth policies, without considering the full ramifications. He worries, for example, that Mr. Trump’s stimulus efforts “could prove quite inflationary, which would likely shock investors.”.....“The big picture for investors is this: Trump is high volatility, and investors generally abhor volatility and shun uncertainty,” he wrote. “Not only is Trump shockingly unpredictable, he’s apparently deliberately so; he says it’s part of his plan.”

While Mr. Klarman clearly is hoping for the best, he warned, “If things go wrong, we could find ourselves at the beginning of a lengthy decline in dollar hegemony, a rapid rise in interest rates and inflation, and global angst.”...In his recent letter, he explained for the first time his decision to say something publicly. “Despite my preference to stay out of the media,” he wrote, “I’ve taken the view that each of us can be bystanders, or we can be upstanders. I choose upstander.”....How Mr. Klarman wants investors to behave in the age of Trump remains an open question. But here’s a hint: At the top of his letter, he included three quotations. One was attributed to Thomas Jefferson: “In matters of style, swim with the current; in matters of principle, stand like a rock.”
Seth_Klarman  investors  hedge_funds  Donald_Trump  investing  ETFs  value_investing/investors  money_management  Andrew_Sorkin  countervailing  the_big_picture  nobystanders  Thomas_Jefferson  quotes  stylish  principles  uncompetitive 
february 2017 by jerryking
Wall Street legend aims to strike pay dirt in Ontario
Jul. 11 2011| The Globe and Mail | by MARTIN MITTELSTAEDT.

Mr. Klarman’s Baupost Group has taken a position that is more down to earth, literally. It’s invested in Highland Companies, Ontario’s largest potato grower, which recently proposed developing a mega quarry on part of its sprawling spud lands....There are no publicly traded spud growers in Canada. Commodity futures exist for potatoes, but that’s a field or gamblers and speculators.
Seth_Klarman  potatoes  agribusiness  agriculture  farming  Wall_Street  gurus  Ontario 
june 2012 by jerryking
The Intelligent Investor: You Should Be Worried -
* MAY 22, 2010

Legendary Investor Is More Worried Than Ever

Seth_Klarman  value_investing/investors  Jason_Zweig  worrying 
may 2010 by jerryking
Investing secrets that you won't find at your local bookstore
Saturday, August 12, 2006 G&M column by AVNER MANDELMAN.
Distills the investment thesis of Seth Klarman who runs about
$5.5-billion (U.S.), and who, around 1991, authored the hard-to-find
investment book Margin of Safety. Klarman was hired out of Harvard
Business School to manage a $27 million fund that, as of early this
year, had grown to $14 billion. He is also the author of one of the more
expensive books in the world, Margin of Safety. An out-of-print guide
to value investing, it sells for as much as $2,500 per copy on the Web.
Baupost  book_reviews  investing  Avner_Mandelman  stocks  Seth_Klarman  margin_of_safety 
march 2009 by jerryking
Margin of safety
Margin of safety : risk-averse value investing strategies for
the thoughtful investor / Seth A. Klarman.
“ If Benjamin Graham were alive today, he might, at first blush, be more
impressed by the appreciated value of Seth Klarman's book Margin of
Safety, than with the performance of his investment fund ….that's at
first blush. Seth Klarman is a value investor and Portfolio Manager of
the investment partnership The Baupost Group, and when Klarman first
published Margin of Safety it had an original cover price of $25. The
book is now out of print, and today sells on eBay for $1,145 [that was
in 2005]. That's an increase of 4580%.
Baupost  books  investors  investing  Avner_Mandelman  Seth_Klarman  risk-aversion  Benjamin_Graham  value_investing/investors  margin_of_safety 
march 2009 by jerryking

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