Seth Klarman 2016 year-end letter

I have access to the 2016 year-end letter that Seth Klarman has shared with Limited Partners and stuff. How important is Trump’s presidency that Seth divided the year between “Before” (44 weeks) and “After” Trump to share his view of the year. The first one was dominated by tepid economic growth, low-interest rate, rich valuationsContinue reading “Seth Klarman 2016 year-end letter”

Notes Chapter 3: Margin of Safety

The great majority of institutional investors are plagued with a short-term, relative-performance orientation and lack the long-term perspective that retirement and endowment funds deserve. [Taking about institutional investors] Hundreds of billions of other people’s hard-earned dollars are routinely whipped from investment to investment based on little or no in-deph research or analysis. You probably wouldContinue reading “Notes Chapter 3: Margin of Safety”

Notes Chapter 2: Margin of Safety

  What is good for Wall Street is not necessarily good for investors, and vice versa. Wall Street firms perform important functions for our economy: they raise capital for expanding businesses and (sometimes) provide liquidty to markets. Up-front fees clearly create a bias toward frequent, and not necessarily profitable, transactions. Investors even remotely tempted toContinue reading “Notes Chapter 2: Margin of Safety”

Notes: Margin of Safety

Seth Klarman is one of the best-known value investor. He run a company called The Baupost Group for 33 years. In this list published last January the assets under management areĀ $27 bn. I started his book, “Margin of Safety”, and I wanna to share my notes here, just to re-read it in the future. ChapterContinue reading “Notes: Margin of Safety”