Money and Finance
- Seth Klarman On Worrying About Asset Deflation...
From Seth Klarman, via Margin of Safety:Should investors worry about the possibility that business value may decline? Absolutely. Should they do anything about it? There are three responses that might be effective. First, since investors cannot predict...
- Seth Klarman: Adopt An Absolute-performance Orientation
From Margin of Safety:Most institutional and many individual investors have adopted a relative-performance orientation...They invest with the goal of outperforming either the market, other investors, or both and are apparently indifferent as to whether...
- Waiting For The Right Pitch
From Seth Klarman via Margin of Safety:Waiting for the Right PitchWarren Buffett uses a baseball analogy to articulate the discipline of value investors. A long-term-oriented value investor is a batter in a game where no balls or strikes are called, allowing...
- Hedging And The 1988-1990 Japanese Stock Market
Interesting lesson/piece of history, from Seth Klarman’s book Margin of Safety: “In the best of all worlds, an investment that has valuable hedging properties may also be an attractive investment on its own merits. By way of example, from mid-1988...
- Seth Klarman Letters: 1995 - Mid 2001
It is hard for me to overstate just how great these letters are. They are probably the best example I have ever seen of someone (and an entire firm) keeping his head cool and staying disciplined while just about everyone else was going crazy. A BIG thanks...
Money and Finance
Seth Klarman quote
From Margin of Safety(Source):
Investors should pay attention not only to whether but also to why current holdings are undervalued.It is critical to know why you have made an investment and to sell when the reason for owning it no longer applies. Look for investments with catalysts that may assist directly in the realization of underlying value.Give preference to companies having good managements with a personal financial stake in the business.Finally, diversify your holdings and hedge when it is financially attractive to do so.
- Seth Klarman On Worrying About Asset Deflation...
From Seth Klarman, via Margin of Safety:Should investors worry about the possibility that business value may decline? Absolutely. Should they do anything about it? There are three responses that might be effective. First, since investors cannot predict...
- Seth Klarman: Adopt An Absolute-performance Orientation
From Margin of Safety:Most institutional and many individual investors have adopted a relative-performance orientation...They invest with the goal of outperforming either the market, other investors, or both and are apparently indifferent as to whether...
- Waiting For The Right Pitch
From Seth Klarman via Margin of Safety:Waiting for the Right PitchWarren Buffett uses a baseball analogy to articulate the discipline of value investors. A long-term-oriented value investor is a batter in a game where no balls or strikes are called, allowing...
- Hedging And The 1988-1990 Japanese Stock Market
Interesting lesson/piece of history, from Seth Klarman’s book Margin of Safety: “In the best of all worlds, an investment that has valuable hedging properties may also be an attractive investment on its own merits. By way of example, from mid-1988...
- Seth Klarman Letters: 1995 - Mid 2001
It is hard for me to overstate just how great these letters are. They are probably the best example I have ever seen of someone (and an entire firm) keeping his head cool and staying disciplined while just about everyone else was going crazy. A BIG thanks...