Tag Archive

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

In his book – Margin of Safety, Seth Klarman explains why major money management firms focus on large-capitalization securities, as analyzing smaller companies isn’t justifiable due to the modest investment amounts involved. For instance, a manager of a $1 billion portfolio may invest $50 million in each of twenty stocks, … Read More

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

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

In his 1997 Baupost Group Letter, Seth Klarman says you aren’t human if you aren’t scared you’ve made a gigantic mistake when purchasing a stock. Here’s an excerpt from the letter: In investing, nothing is certain. The best investments we have ever made, that in retrospect seem like free money, … Read More

In his 1995 Baupost Group Letter, Seth Klarman concluded that it is not possible to reliably predict when difficult times will occur and that the cost of performing well in bad times can mean relative underperformance in good times. Here’s an excerpt from the letter: Dangerous lessons are being learned … Read More

In his book Margin of Safety Seth Klarman discusses portfolio liquidity. Portfolio liquidity is important, but it can be illusory, and investors should be aware of the correlation between liquidity and investment fashion. Here’s an excerpt from the book: In times of general market stability the liquidity of a security … Read More

During his recent interview with Capital Allocators, Seth Klarman explained why the market will regularly tell you you’re an idiot! Here’s an excerpt from the interview: Klarman: Bill Ackman once said to me that value investing in a classical sense is like watching paint dry, but I bring a hairblower. … Read More

During his recent interview with Grant’s Current Yield Podcast, Seth Klarman discussed risk, and the scary notion that exists today that risk is a good thing. Here’s an excerpt from the interview: Klarman: I think that along with the everything bubble has been pretty much a draining out from the … Read More

During his recent interview with CNBC, Seth Klarman explains why investors should forget about the definitions of growth stocks and value stocks. Here’s an excerpt from the interview: Klarman: The academic definition of value is buy the stock that’s cheapest by the numbers. But I don’t think that’s what Graham … Read More

During his recent interview with CNBC, Seth Klarman recommended investors focus on the most inefficient pockets in the world. Here’s an excerpt from the interview: Klarman: I think that markets can become more efficient, and there’s a question in my mind about once a market becomes more efficient, whether it … Read More

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

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

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

In his book Margin Of Safety, Seth Klarman discusses why the avoidance of loss is the surest way to ensure a profitable outcome. Here’s an excerpt from the book: While no one wishes to incur losses, you couldn’t prove it from an examination of the behavior of most investors and … Read More

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

In his latest 2021 Year-End Letter, Seth Klarman explained why the wiring we all have as humans can trip us up. Here’s an excerpt from the letter: A sound investment process benefits from the scar tissue of past mistakes, a front-of-mind awareness of the very many things that can go … Read More

In his latest 2021 Year End Letter, Seth Klarman discusses why investors must maintain their bearings when others are not. Here’s an excerpt from the letter: Of course, consistent market gains are intoxicating; if a bull market could have a brain scan, we’d see all quadrants brightly lit up. With … Read More

This article on Markets Insider has 11 of the best quotes from Seth Klarman’s latest Annual Letter. Here are three of our favourites which illustrate the sentiment of current investor psychology: 1. “We see today’s market as characterized by stretched valuations, deep complacency, and a host of looming risks.” 2. … Read More