Seth Klarman: Liquidity Can Be Illusory

Johnny HopkinsSeth KlarmanLeave a Comment

In his book – Margin of Safety, Seth Klarman discusses why liquidity can be illusory. Here’s an excerpt from the book: Liquidity can be illusory. As Louis Lowenstein has stated, “In the stock market, there is liquidity for the individual but not for the whole community. The distributable profits of … Read More

Seth Klarman Top 10 Holdings (Q2 2021)

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: Managing Portfolio Liquidity

Johnny HopkinsSeth KlarmanLeave a Comment

In his book Margin of Safety, Seth Klarman discusses managing the portfolio liquidity cycle. Here’s an excerpt from that book: When your portfolio is completely in cash, there is no risk of loss. There is also, however, no possibility of earning a high return. The tension between earning a high … Read More

Seth Klarman’s Top 10 Holdings (Q1 2021)

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: 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