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Klarman Holding 50 Percent Cash


indythinker85

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That was a good read, very fascinating. I think he's right and I think he's on to something. Should it come to life, it may present some great buying opportunities. I swear Prem said the same thing at last year's shareholder meeting with regards to global markets and there not being enough productivity to supplement growth.

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That was a good read, very fascinating. I think he's right and I think he's on to something. Should it come to life, it may present some great buying opportunities. I swear Prem said the same thing at last year's shareholder meeting with regards to global markets and there not being enough productivity to supplement growth.

 

Except that Klarman and Prem believe in precisely opposite things. Klarman is betting on hyper-inflation and Prem is betting on deflation.

 

My personal view is that neither is right now likely. My only worry is Janet Yellen. I think she is an idiot. A really stupid idiot. And it scares me that she is running the Fed. Luckily there are other Fed governors. But she really scares me.

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That was a good read, very fascinating. I think he's right and I think he's on to something. Should it come to life, it may present some great buying opportunities. I swear Prem said the same thing at last year's shareholder meeting with regards to global markets and there not being enough productivity to supplement growth.

 

Except that Klarman and Prem believe in precisely opposite things. Klarman is betting on hyper-inflation and Prem is betting on deflation.

 

My personal view is that neither is right now likely. My only worry is Janet Yellen. I think she is an idiot. A really stupid idiot. And it scares me that she is running the Fed. Luckily there are other Fed governors. But she really scares me.

 

What made you think she is bad?

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That was a good read, very fascinating. I think he's right and I think he's on to something. Should it come to life, it may present some great buying opportunities. I swear Prem said the same thing at last year's shareholder meeting with regards to global markets and there not being enough productivity to supplement growth.

 

Except that Klarman and Prem believe in precisely opposite things. Klarman is betting on hyper-inflation and Prem is betting on deflation.

 

My personal view is that neither is right now likely. My only worry is Janet Yellen. I think she is an idiot. A really stupid idiot. And it scares me that she is running the Fed. Luckily there are other Fed governors. But she really scares me.

 

Can you post anything from Klarman from the last year or 2 about him being worried about hyperinflation?  Sorry if it's a link already in thread, I just do not remember him saying that.

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From his speech at Jim Grant's conference:

 

“There will be a day when the world looks very different, so when we rack our brains – how we might protect ourselves – we’re looking for cheap optionality. Rates will be higher at some point,” he said, according to a transcript of the speech. “I don’t know where rates would be if not for all this QE and bond buying and expansion of the Fed balance sheet. So what we come up with over and over is gold, the one place you probably want exposure.”
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“I don’t know where rates would be if not for all this QE and bond buying and expansion of the Fed balance sheet. So what we come up with over and over is gold, the one place you probably want exposure.”

 

Are treasury prices (rates) more influenced by the incremental purchase of new issues or by the willingness to hold the currently outstanding stock? I don't know the answer for sure, but one of these has been more correct over the past several years.

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anyone find it funny that Klarman was more bearish in 2010 than he is now (returning money then vs raising in March) but Buffett is way more bearish now?

 

https://www.marketwatch.com/story/baupost-returning-some-money-to-investors-2010-11-10

 

Do you have a link to Klarman's recent musings?

 

I do find it interesting to see Munger and Buffett signaling in their respective ways (Munger more overtly, Buffett more covertly) a real concern.

 

From Munger's 4/17 WSJ interview:

 

“I do think, sooner or later, we’ll have an economy back, which will be a moderate economy. It’s quite possible that never again—not again in a long time—will we have a level of employment again like we just lost. We may never get that back for all practical purposes. I don’t know.”

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