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Jim Chanos


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I thought this was a great piece. Sometimes it pays to sit on your A$$ and just think about what's going on in the world. It's very similar to Baupost's letter earlier this year about the excesses in valuation and undemanding capital in Uber, Netflix and even Tesla.

 

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Guest cherzeca

I thought this was a great piece. Sometimes it pays to sit on your A$$ and just think about what's going on in the world. It's very similar to Baupost's letter earlier this year about the excesses in valuation and undemanding capital in Uber, Netflix and even Tesla.

 

I used to have a rule...never watch the evening news.  yes, this dates me.  now, with twitter, etc, you are bombarded with "what's going on in the world".  and I am not even talking about finance...

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I thought this was a great piece. Sometimes it pays to sit on your A$$ and just think about what's going on in the world. It's very similar to Baupost's letter earlier this year about the excesses in valuation and undemanding capital in Uber, Netflix and even Tesla.

 

I used to have a rule...never watch the evening news.  yes, this dates me.  now, with twitter, etc, you are bombarded with "what's going on in the world".  and I am not even talking about finance...

 

Everything new is old, everything old is new - as they say:

 

You're right that news is bombarding both on TV and online - which means they need tons of news stories, every second of every day.

 

Now, good journalists don't grow on trees. So they have junior people, freelancers, even artificial intelligence (and trust me, the intelligence is surely artificial) writing these "news articles".

 

And so after reading some for a while, you realize it's just trash, so it becomes really easy to ignore because it's not really journalism, it's just tabloid-ism.

 

You can tell the decent stuff because it's usually published by a reputable source and is relatively long-form. And within the first few paragraphs you can usually figure out if the writer is a twit or not.

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I thought this was a great piece. Sometimes it pays to sit on your A$$ and just think about what's going on in the world. It's very similar to Baupost's letter earlier this year about the excesses in valuation and undemanding capital in Uber, Netflix and even Tesla.

 

Klarman has been bearish for 10 years.

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I thought this was a great piece. Sometimes it pays to sit on your A$$ and just think about what's going on in the world. It's very similar to Baupost's letter earlier this year about the excesses in valuation and undemanding capital in Uber, Netflix and even Tesla.

 

Klarman has been bearish for 10 years.

 

 

You are being way to kind to Seth Klarman

He has been bearish for closer to 20 years and at some point that’s no longer called being early it’s called being wrong

https://valuehunter.files.wordpress.com/2009/03/klarman_cash.pdf

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I thought this was a great piece. Sometimes it pays to sit on your A$$ and just think about what's going on in the world. It's very similar to Baupost's letter earlier this year about the excesses in valuation and undemanding capital in Uber, Netflix and even Tesla.

Klarman has been bearish for 10 years.

You are being way to kind to Seth Klarman

He has been bearish for closer to 20 years and at some point that’s no longer called being early it’s called being wrong

https://valuehunter.files.wordpress.com/2009/03/klarman_cash.pdf

If you follow this line of thinking and do not think this may have a consistency component, you may want to go back 30 years:

https://brianlangis.files.wordpress.com/2016/03/barrons-interview-seth-klarman-1991.pdf

Hat tip to Brian Langis who, i think, is a member here.

i don't want to defend Mr. Klarman and maybe his thought process is contaminated with "top" concerns but from reading him for a long time, i thought that he tended to accumulate cash when he did not find adequately priced opportunities. He has always said that he would underperform in bull markets and an argument could be made that we haven't had a true bear market for at least 40 years.

 

To LC, the opening poster:

Holding Fairfax Financial some years ago inevitably meant crossing Mr. Chanos' path and it is ironic that he comments about fraud.

If you are interested, i recently came across a relevant article (it's a great time to be a crook-type of report). i will not include here as it is too politically charged and people have sometimes difficulty fleshing out the tribal component but the substance is interesting. So, if interested, just ask through a PM.

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I think Klarman's main issue is that he came of age in the 70s - so he anchors to those valuations and feelings. The fact that he was so wrong about index funds (calling them a fad) in his book makes me question his reasoning ability. I mean, the book came out in 1991. It doesn't take a rocket scientist to realize that index funds have to do better than the average fund after fees.  I think he is a jerk for not republishing the book but I'm sure it's good marketing. bn

 

If the market tanks, Klarman will look good. If it keeps going up, he'll look bad. You can say the same thing about Hussman.

 

I do find it odd that Klarman who's been bearish for 10+ years was a buying in March/April. Buffett, who's been bullish for 10+ years was not.

 

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I thought this was a great piece. Sometimes it pays to sit on your A$$ and just think about what's going on in the world. It's very similar to Baupost's letter earlier this year about the excesses in valuation and undemanding capital in Uber, Netflix and even Tesla.

Klarman has been bearish for 10 years.

You are being way to kind to Seth Klarman

He has been bearish for closer to 20 years and at some point that’s no longer called being early it’s called being wrong

https://valuehunter.files.wordpress.com/2009/03/klarman_cash.pdf

If you follow this line of thinking and do not think this may have a consistency component, you may want to go back 30 years:

https://brianlangis.files.wordpress.com/2016/03/barrons-interview-seth-klarman-1991.pdf

Hat tip to Brian Langis who, i think, is a member here.

i don't want to defend Mr. Klarman and maybe his thought process is contaminated with "top" concerns but from reading him for a long time, i thought that he tended to accumulate cash when he did not find adequately priced opportunities. He has always said that he would underperform in bull markets and an argument could be made that we haven't had a true bear market for at least 40 years.

 

To LC, the opening poster:

Holding Fairfax Financial some years ago inevitably meant crossing Mr. Chanos' path and it is ironic that he comments about fraud.

If you are interested, i recently came across a relevant article (it's a great time to be a crook-type of report). i will not include here as it is too politically charged and people have sometimes difficulty fleshing out the tribal component but the substance is interesting. So, if interested, just ask through a PM.

Well I guess he would know ....  ;D

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