Money and Finance
Via ValueWalk:
- Charlie Munger On What Makes Investment Hard
From Poor Charlie's Almanack:What makes investment hard...is that it's easy to see that some companies have better businesses than others. But the price of the stock goes up so high that, all of a sudden, the question of which stock is the...
- Bill Ackman On Hiring...
An interesting answer from his interview with Graham & Doddsville:G&D: You mentioned some of the larger private equity firms as being places where you look for talent. Do you have a preference for people who have looked at businesses on the private...
- Howard Marks' Crystal Ball Proved Accurate
Link to article: Howard Marks' Crystal Ball Proved Accurate Ten years ago, veteran investor and writer Howard Marks sent a contrarian -- and prescient -- memo to clients of his firm, Oaktree Capital Management, assessing the state of the hedge...
- John Mauldin's Outside The Box: Seth Klarman: Investors Downplaying Risk “never Turns Out Well”
Link to: Seth Klarman: Investors Downplaying Risk “Never Turns Out Well”Today’s Outside the Box is unusual in that it isn’t an original document but rather a summary of a client letter from one of the greatest investors of our generation, Seth...
- Seth Klarman Interview
Biggest mistakes?There are too many examples that we could say, “Ah, that was right in our sweet spot, and we should have had it.” All investors need to learn how to be at peace with their decisions. We as a firm are always going to buy too soon and...
Money and Finance
Seth Klarman Q2 letter excerpts
Via ValueWalk:
Our team is continually improving at knowing where to look for opportunity. Our analysts are doing some really creative work thinking about structural changes in some companies and industries, which has led to several new public equity investments. Pulling threads on existing stock investments has led to a few others...I view it as a substantial positive that our team has the background, talent, and drive to source opportunity in new areas of the markets, generally with very favorable results. I am also pleased that this old dog (your Portfolio Manager) is still open (I’m always cautious but open) to learning a few new tricks.
...
With investment bankers and hedge fund executives canvassing Europe today to bet on recovery, you have the increasingly common circumstance of proliferating “opportunity funds,” absent only the investment opportunity. Some clients of hedge funds today are, in a sense, disintermediating themselves, funding new entities to bid higher for the same sort of assets their other, more disciplined managers are already bidding more judiciously for. The discipline problem in this case is not that of the legacy managers; it may just be that of the clients.
- Charlie Munger On What Makes Investment Hard
From Poor Charlie's Almanack:What makes investment hard...is that it's easy to see that some companies have better businesses than others. But the price of the stock goes up so high that, all of a sudden, the question of which stock is the...
- Bill Ackman On Hiring...
An interesting answer from his interview with Graham & Doddsville:G&D: You mentioned some of the larger private equity firms as being places where you look for talent. Do you have a preference for people who have looked at businesses on the private...
- Howard Marks' Crystal Ball Proved Accurate
Link to article: Howard Marks' Crystal Ball Proved Accurate Ten years ago, veteran investor and writer Howard Marks sent a contrarian -- and prescient -- memo to clients of his firm, Oaktree Capital Management, assessing the state of the hedge...
- John Mauldin's Outside The Box: Seth Klarman: Investors Downplaying Risk “never Turns Out Well”
Link to: Seth Klarman: Investors Downplaying Risk “Never Turns Out Well”Today’s Outside the Box is unusual in that it isn’t an original document but rather a summary of a client letter from one of the greatest investors of our generation, Seth...
- Seth Klarman Interview
Biggest mistakes?There are too many examples that we could say, “Ah, that was right in our sweet spot, and we should have had it.” All investors need to learn how to be at peace with their decisions. We as a firm are always going to buy too soon and...