Tag Archives: Seth Klarman

Interesting reads 19 Oct 2013 – Seth Klarman, Warren Buffett, Bruce Greenwald


1. Patience and Capacity to Suffer – Lessons from a Legendary Value Investor – http://bit.ly/1cV8v7W
Seth Klarman’s Baupost Group vastly underperformed the S&P index from 1995 to 1999 – that is during the tech boom. What Seth Klarman has to say in his letters to shareholders during this period.

2. Free Equity Research Reports India – http://bit.ly/16gqdRb
An useful article on anyone looking for equity research reports. These google groups provides lots of information about markets and research reports.

3. An Interview With Bruce Greenwald, Value Investing Guru – http://bit.ly/H1KzSL
A youtube video on Bruce Greenwald’s interview on investing.

4. How Warren Buffett Thinks About Risk Management – http://bit.ly/1c2e8l8
A short and simple article on how Warren Buffett thinks about Risk Management. Also, how he initially decided not to invest in his friends startup and later decided to invest. Find a link to an hour long video with Alice Schroeder.

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Interesting reads 21 Sept 2013 – Warren Buffett, Seth Klarman


1. This is How Buffett Interprets Financial Statements – http://bit.ly/LdKYiH
A short excerpt from the famous book ‘Warren Buffett and the Interpretation of Financial Statements’. A brief on how he interprets 3 key accounting statements.

2. How Do I Make Money in the Stock Market? – http://bit.ly/1exaOhT
Three key points that are important for making money in the stock market – Avoiding businesses using obsolete technology, Avoid businesses with high debt, Avoid businesses that shrink in competitive advantages. Also this article has a few links to very useful posts

3. Seth Klarman’s 3 Method for valuing a business – http://bit.ly/1b1aAPF
This article briefs the 3 key methods of Seth Klarman when valuing the business. Dicounted Cash flow, Liquidation or Net Net working capital and Market Value – in case of close end funds – Also highlights importance of using which one and when. In my opinion we can mix and match and use all or more than one for each valuation

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Interesting reads 18 Sept 2013 – Seth Klarman, Tom Russo


1. Learning from Superinvestors: The Wisdom of Tom Russo – http://bit.ly/18o1Ta6
Tom Russo sharing his thoughts on investing and shares his investment tenets. He certainly is an admirer of Warren Buffett. Also, in this article he gives out 4 key points that he looks for in a business. Also, a nice note on Nestle – http://bit.ly/19eSfHT
2. How the US Created a Monster in the Federal Reserve – http://bit.ly/17xYrg7
An interesting article on formation of the Federal Reserve in the US, and also few pointers on Gold standard, and some misconceptions on having or not having this standard
3. How to Research and Determine the Growth Rate of a Company – http://bit.ly/TjJ2aA
Jae Jun on factors that should influence our thoughts while determining the growth rate of a company – True that it should pass the qualitative metrics prior to even thinking about quantitative metrics. Also, the importance of FCF in determining the growth rate
4. Seth Klarman on the Painful Decision to Hold Cash – http://bit.ly/17JzoqG
Seth Klarman’s text on holding cash and the dilemma that any one would have making decisions.

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Interesting reads 13 Sept 2013 – Larry Sarbit, Seth Klarman, Margin of Safety


1. The Four Pillars of Successful Business Investing – http://bit.ly/15p4dRS
This article focuses on Larry Sarbit – Chief Investment Officer of Sarbit Advisory Services from Canada and his investment tenets – Four important pillars of successful business investing – Most of these are already heard from other great investors, but, worth reading again from his perspective
2. The Importance of Paying a Bargain Price – http://bit.ly/180pUnr
Another article on Larry Sarbit – on buying at a bargain price – a detailed look at Margin of safety from his perspective – Also has an interview video embedded from youtube
3. Margin of Safety. Not Used Enough. – http://bit.ly/1d9Gt5V
A simple and nice article on Margin of Safety – Definitions from various sources and especially I like the graphical representation
4. Seth Klarman’s Investment Framework – http://bit.ly/TWrbKv
An article that distills Seth Klarman’s investment framework – Risk and Downside check, Margin of Safety, Bottom up approach, Importance of research and Developing a framework for investing

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Interesting reads 23 Aug 2013 – When to sell stocks, Competitive Advantages, Carl Icahn’s investment strategy


1. Nuggets of Advice on Selling Stocks from Investing Greats – http://bit.ly/185LAiD
Excellent collection of quotes from various investing great minds like Warren Buffett, Benjamin Graham, Seth Klarman, Sir John Templeton, George Soros and various others. The one I like the most is from Seth Klarman, for his simple statement about risk.
2. Investing In An Age Of Transient Competitive Advantages: A Book Review – http://bit.ly/1d5c6AN
Columnist John M.Mason reviews the book “The End of Competitive Advantage,” by Rita Gunther McGrath, published by the Harvard Business Review Press in 2013. In this article he also talks about his investing approach – durable competitive advantages, how he measures it and market share of the company in an industry.
3. How To Invest Like Carl Icahn – http://bit.ly/19MDvGz
An interesting article on Carl Icahn’s career and his investment strategies, his big wins and his current portfolio. Even though we as normal retail investors dont have the financial strength to take his investment approach, it is a good read to understand how great investors think and execute.

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Interesting reads 17 Aug 2013 – Seth Klarman, Berkshire, Inverted Questions, History of Rupee


How to Invest Like Seth Klarman – http://bit.ly/146VfrQ
Seth Klarman as we all know a famous hedge fund manager who has managed to deliver more than 20% annualised returns for the past 3 decades. Author of ‘Margin of Safety’ a book that is out of print and auctioned at $1000 per copy. What are the traits for investing like him? This article gives few pointers.

Value Investing: Why Doesn’t Everyone Do It? – http://bit.ly/14uWMU2
Why Value Investing is not being practiced by a lot of people? Simple reason, it is boring, less of action and thrill. You will not trade frequently, You will not churn money in and out. It takes a lot of patience, even for a very long time, waiting for your stock picks to be noticed by markets, patience to sit on cash for a long time and it may even be painful as you may be travelling on opposite direction of most others.

Invert, always Invert. 5 Inverted Questions for Maximum Investing Success – http://bit.ly/1bFsMux
Jae Jun from OSV talks about what Charlie Munger took from Carl Jacobi the 19th century German mathematician, and applied to investing. Asking the right questions in an inverted manner before investing may prove to be useful. A good read.

Should Berkshire Hathaway Go Private? – http://bit.ly/1cF7BwE
Larry Cunningham – author of one of the best books ever about Warren Buffett, ‘Essays of Warren Buffett: Lessons for Corporate America’ writes an interesting article with pros and cons of assuming should Berkshire go private.

The volatile journey of Indian rupee since independence – http://bit.ly/16nIomZ
As the rupee against the dollar has weakend upto Rs.62 this week, this article ponders over the history of the Rupee VS Dollar since Indian Independence. Starting at almost being equal in 1947, the rupee has very slowly depreciated and suddenly moved down since 1993.

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Warren Buffett and Klarman on Investing and Economy


  1. 7 Secrets of Investing the Warren Buffett Way
  2. 12 simple lessons to learn from Warren Buffett
  3. Klarman: Economy ‘House of Cards’, ‘Will Eventually Implode’

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