Tag Archives: Seth Klarman

The Market and the Economy Mid-Year 2014: A Top-Down View

I have excerpted part of PAR’s semi-annual letter that PAR sent to clients on July 7, 2014, and I have pasted it below. No one knows where the market is going to end up in the near term, but over the … Continue reading

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What is the Effect of a Label? Smart Beta Makes Bill Sharpe “Sick”

Bill Sharpe gave us the Sharpe Ratio to help determine whether an active investment manager is “beating” the market after adjusting for the risk that the manager assumed. Sharpe is from the Efficient Market school of academia, which believes that markets are … Continue reading

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Howard Marks: The Top-Ten Qualities that Make Warren Buffett Different from Most Investors

The following are bullet points reproduced (and numbered by order of appearance) from Howard Marks’s Forward to the third edition of The Warren Buffett Way, by Robert G. Hagstrom. Marks writes a couple of paragraphs to elaborate on each bullet point, … Continue reading

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Mohnish Pabrai Has Not Made an Investment in a New Idea in Over 18 Months

Forbes once identified Mohnish as one of the investment managers who could assume the value-investing guru mantle from Buffett. In his 2013 Annual Letter, Pabrai wrote that he has not found a new idea in which to invest in over eighteen … Continue reading

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Seth Klarman is Sitting on a Mountain of Cash

“…around 50% of our assets are in cash, and that’s a very high absolute number, now around $14 billion and rising…”–Seth Klarman I recently came across this quote from Seth Klarman of the Baupost Group, which he said during a … Continue reading

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Wisdom from Jean-Marie Eveillard (and Seth Klarman)

JME reflects on a conversation he had with Seth Klarman at a wedding. I love that he uses the term “genuine” value investors to distinguish them from the imposters. I have been using the term “true” value investors, but I may switch … Continue reading

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Typical Story of an Unknown Value Investor with Little AUM

The NYSSA linked to a story in Smart Money that I had to share. It is a story of a fund manager who seeks to buy companies that are trading at a discount to their intrinsic value and that have excellent long-term prospects; in other … Continue reading

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Part I of my Notes from The CFA Institute’s Conference: “Security Analysis and the Search for Value”

The CFA Institute conducted a conference on value investing in New York on November 29 and 30. The program was excellent. I am posting some of my notes and some of my favorite quotes from the presentations to give you … Continue reading

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Seth Klarman Interviewed by Charlie Rose November 1, 2011

An Interview with Seth Klarman and Charlie Rose from Facing History and Ourselves on Vimeo Continue reading

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Expert Opinion: What is it Worth? Montana, Brady, and Tebow

I am absolutely fascinated with the Tim Tebow story. Not the one about the vilified, overtly Christian athlete. No, I am fascinated with the countless stories of athletes like Tebow that experts said could not be successful, and then end up having one success … Continue reading

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