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

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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”

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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

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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

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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

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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

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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

Seth Klarman: “A Margin Of Safety Is Necessary As Investors Are Human And Do Make Mistakes”

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Seth Klarman wrote an investing classic called – Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor. There’s one passage in particular in which Klarman encapsulates his entire value investing strategy saying, “A margin of safety is necessary because valuation is an imprecise art, the future is unpredictable, … Read More

Seth Klarman – Value Opportunities Still Exist In Firms Being Attacked By The Likes Of Amazon

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Good news for value investors as the WSJ reports that Seth Klarman at Baupost is still finding value opportunities in firms being attacked by the likes of Amazon, saying: “Increasing technological disruption is already pushing some securities well below our assessment of underlying value,” writes Mr. Klarman, “as legitimate concerns … Read More

Great Investors Focus On Absolute-Performance Rather Than Relative-Performance – Seth Klarman

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Earlier this month The Washington Post published an article titled – Warren Buffett’s $100 Billion Problem. The article was reporting on the $100 Billion that Berkshire has accumulated in cash over the years, stating: Warren Buffett celebrated his 87th birthday a few days ago, but the bigger number in his life … Read More