Monthly Archives: March 2011

Seth Klarman, My Brother from Another Mother

Posted on March 5, 2011 by Ray Galkowski, CFA

Based on this excerpt from Seth Klarman’s 2010 annual letter, I think Klarman and I share some DNA. I have written similar sentiments in my communications for several years. Much of the investment business is centered around asset-gathering activities. In … Continue reading →

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Howard Marks’s Latest Memo and New Book

Posted on March 4, 2011 by Ray Galkowski, CFA

Howard Marks has a new book coming out according to his latest memo, which can be found in the resources section in the right hand margin. But, I knew that already because I am scheduled to review the book for … Continue reading →

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Excerpts from Seth Klarman’s 2010 Letter to Limited Partners

Posted on March 4, 2011 by Ray Galkowski, CFA

Readers of this blog know that I believe Seth Klarman, portfolio manager at the hedge fund Baupost Group, is one of the greatest investors of our generation. We share so many of the same views as Klarman that I consider us the … Continue reading →

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Accounting for Value by Stephen Penman

Posted on March 2, 2011 by Ray Galkowski, CFA

Yesterday, I received a copy of Accounting for Value written by Stephen Penman. His last name is appropriate because he writes well. There are not many accountants who can write about the relationship between value investing and the principles of … Continue reading →

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