Seth Klarman: Top Buys, Top Sells (Q1 2020)

Johnny HopkinsSeth KlarmanLeave a Comment

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

Seth Klarman: How To Hedge Your Portfolio

Johnny HopkinsSeth KlarmanLeave a Comment

In Seth Klarman’s Book Margin of Safety he provides some great examples of how investors can hedge their portfolios, depending on what they’re currently holding. Here’s an excerpt from the book: Market risk—the risk that the overall stock market could decline—cannot be reduced through diversification but can be limited by … Read More

Seth Klarman: Top 10 Holdings (Q4 2019)

Johnny HopkinsSeth KlarmanLeave a Comment

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

Seth Klarman: A Country Full Of Well-Trained Investors Would Make The Same Kind Of Mistakes That Investors Have Been Making Forever

Johnny HopkinsSeth KlarmanLeave a Comment

In 2004 Louis Lowenstein wrote a paper titled – Searching for Rational Investors in a Perfect Storm in which Lowenstein attempted to measure the performance of 10 value managers through the turbulent market period of 1999-2003. Here’s an excerpt from the abstract: I decided to see how a group of ten … Read More

Seth Klarman: “Value Investing Is At Its Core The Marriage Of A Contrarian Streak And A Calculator.”

Johnny HopkinsSeth KlarmanLeave a Comment

We’ve just been re-reading Michael Mauboussin’s book – The Success Equation. There’s a great passage in the book with discusses investor psychology, and some of the findings of Daniel Kahneman and Amos Tversky. There’s also an great explanation of one of Seth Klarman’s most famous investing quotes: “Value investing is … Read More