Seth Klarman: Managing Portfolio Liquidity

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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)

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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)

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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

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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

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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