Klar@man letter

[nickenumbers]

Great quote from his letter-

 

"In October...stocks plunged indiscriminately...  We did what we usually do amidst market turmoil, which is to re-check our analysis, prioritize our opportunities, and buy.

 

Tide Market...  When the tide goes out, it takes everything with it, and an investor must adjust in real time to the rapidly changing prices while considering the possibility of a deterioration in fundamentals.  [price declines unrelated to fundamentals vs. price declines anticipatory of fundamental erosion]..  "

 

 

AMEN SETH

[Guest]

How is he finding bargains now (even with the selloff) when it was so hard in 2010?  :o

 

Keep in mind he was managing about $10 billion or so less back then too.

[Spekulatius]

16.2% since inception.

 

That sounds like an extremely impressive number for what I understand is a multi-billion dollar fully-hedged cigar butt flipping fund...

 

Most of the time the returns are front loaded and when the AUM get larger due to funds flowing in, Th returns become subpar. I wonder about dollar weighted returns with these hedge funds.

 

It's a solid record. I think it's especially solid given that he holds large amounts of cash and his risk aversion. The overall performance numbers (strictly speaking on performance) are good but not crazy good.

 

I believe it's lower now.

 

I know someone who had the numbers.  He made the majority of his returns in 2002-2003 and in 2008.

 

He killed it during crashes, but outside of that it's been middling.  I'm not really sure they're a cigar butt fund either.  I know they're heavy into debt, and heavy into private investments.