Tag Archive

In his book, Margin Of Safety, Seth Klarman discusses the greatest challenge for value investors. Here’s an excerpt from the book: Value investing is the discipline of buying securities at a significant discount from their current underlying values and holding them until more of their value is realized. The element … Read More

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

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 this presentation to Bruce Greenwald’s class, Value Investing With Legends, in March 2018 Seth Klarman discussed the competitive edges that his firm had developed in order to be successful investors. Here’s an excerpt from that presentation: One of the things that has not changed, that gives me great optimism … Read More

In his latest letter to investors, Seth Klarman discussed the possible longer-term ramifications of the COVID-19 Pandemic and included a list of eight changes to the future as we know it saying: For most of the last century, a reasonable approach to assessing a company’s future prospects was to expect … Read More

According to his latest Form 4, filed 07/27/2020, Seth Klarman has further increased his stake in Viasat Inc by 2,556,891 shares, at an average price of $39.11, totalling $100,000,007. This takes his total position in Viasat Inc to 16,288,959 shares.

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 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

Here’s an article from Yahoo Finance which reports that Seth Klarman at Baupost has spent $1.5 Billion buying assets in recent weeks, and is seeking more capital for his hedge fund. Here’s an excerpt from the article: The value investor told clients this week that Baupost Group has spent about $1.5 … 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 provides some great insights into the reasons why investors should not target desired rates of return, saying: Choosing to avoid loss is not a complete investment strategy; it says nothing about what to buy and sell, about which risks are acceptable and … Read More

In Seth Klarman’s book Margin of Safety he provides some great insights into how investors can calculate a company’s present-value saying: At times when interest rates are unusually low, however, investors are likely to find very high multiples being applied to share prices. Investors who pay these high multiples are … Read More

In 2008 Seth Klarman did a great interview with the Harvard Business School to discuss his value investing philosophy, why he believes it continues to work and, why it’s madness to set return targets. Here’s an excerpt from the interview: Q. Did you ever waver in your investment style? A. … 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 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

In his 2004 Baupost Shareholder Letter, Seth Klarman made his thoughts clear on the inability of most investors to sit on the sidelines and hold cash when markets are expensive, saying: “In short, investors remain the consummate yield gluttons, seeking high return without regard for the likelihood of actually achieving … Read More