Seth Klarman – Top 10 Holdings Q12019

Johnny HopkinsStock ScreenerLeave 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: “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

Seth Klarman: The Proper Wiring for a Long-Term Investor

Johnny HopkinsInvesting Strategy, Seth KlarmanLeave a Comment

In Seth Klarmans’ latest shareholder letter he writes successful investing is like being a successful relief pitcher, saying: Consider the plight of a relief pitcher. Historically undervalued, unappreciated, often used interchangeably with other relievers, and, until recently, low on the major league pay scale. Required to be ready throughout most … Read More

Seth Klarman: How To Increase The Likelihood Of Achieving Sustainable Gains With Limited Downside Risk Over The Long-Run

Johnny HopkinsInvesting Strategy, Seth KlarmanLeave a Comment

In his latest Baupost Sharholder Letter, Seth Klarman provides some great advice for investors on how to increase the likelihood of achieving sustainable gains with limited downside risk over the long-run saying: “We believe another key element in portfolio management is curtailing the duration (the weighted average life) of one’s … Read More

Seth Klarman: One Of Society’s Most Vexing Problems Is The Relentlessly Short-Term Orientation That Manifests Itself In Investing

Johnny HopkinsInvesting Strategy, Seth KlarmanLeave a Comment

We’ve just been reading Seth Klarman’s latest speech at the Harvard Business School. During the speech Klarman provides some great insights into the problems with a short-term orientation in investing. Here’s an excerpt from the speech: Consider corporate time horizons. It’s a choice to attempt to maximize corporate results over … Read More

How Does Seth Klarman Implement His Value Investing Strategy Differently To Many Other Value Investors

Johnny HopkinsInvesting Strategy, Seth KlarmanLeave a Comment

Last week @NeckarValue tweeted a link to a great interview with Seth Klarman at Barron’s titled – “Value Hunter in a Sky-High Market”. The article provided a number of great value investing insights by Klarman and how he implements his value investing strategy differently to a lot of other value investors. Here’s … Read More

Seth Klarman Protege David Abrams Says “Value Investing Is The E = mc² Of Money And Investing”

Johnny HopkinsDavid Abrams, Investing Strategy, Seth KlarmanLeave a Comment

One of our favorite investors to follow here at The Acquirer’s Multiple is Seth Klarman’s protege David Abrams. Abrams typically shuns the public limelight so it’s difficult to find interviews where he shares his investing strategy. The WSJ did a great story on him back in 2014 titled – Hedge-Fund World’s … Read More

Seth Klarman: Successful Value Investing Requires A Multi-Strategy Approach

Johnny HopkinsSeth Klarman, Stock ScreenerLeave a Comment

Back in 2008 Columbia Business School celebrated the 75th anniversary of the publication of Benjamin Graham and David Dodd’s Security Analysis. The anniversary celebration, hosted by the Heilbrunn Center for Graham & Dodd Investing, consisted of a symposium featuring contributors to the sixth edition of Security Analysis, including David Abrams, Bruce … Read More

Seth Klarman: Interplanetary Visitors Would Question Our Intelligence If They Examined The Behavior Of Financial Market Participants

Johnny HopkinsSeth KlarmanLeave a Comment

One of the best book’s ever written on investing is Margin of Safety, by Seth Klarman. In one passage in particular Klarman illustrates how interplanetary visitors would question the intelligence of human beings if they examined the behavior of financial market participants. Here is an excerpt from that book: If interplanetary visitors … Read More

Seth Klarman: Mainstream Investing Has It Backwards

Johnny HopkinsSeth KlarmanLeave a Comment

Some years ago Seth Klarman gave a fantastic speech at the MIT Sloan Investment Management Club. During his speech Klarman suggested that the mainstream approach to investing has is backwards saying: “Right at the core, the mainstream has it backwards. Warren Buffett often quips that the first rule of investing is … Read More

Seth Klarman: Investing Requires A Degree Of Arrogance Tempered With The Humility Of Knowing We Could Be Wrong

Johnny HopkinsSeth KlarmanLeave a Comment

Several years ago Jason Zweig did a great interview with Seth Klarman titled – Opportunities for Patient Investors, which was published by the CFA Institute. While the entire interview provides a number of value investing insights, one answer in particular provides a unique insight into Klarman’s psychology towards investing saying: “In … Read More