Spekulatius Posted February 1, 2022 Share Posted February 1, 2022 1 hour ago, boilermaker75 said: When I got a pdf copy of the book I started reading it with great anticipation. It has been a while so I don't remember much except that I was disappointed. I didn't see what all the fuss was about with this book. It's not that great of a book. Greenblatt's books are much better, imo. Link to comment Share on other sites More sharing options...
thepupil Posted February 1, 2022 Share Posted February 1, 2022 1 minute ago, Spekulatius said: It's not that great of a book. Greenblatt's books are much better, imo. agreed. Link to comment Share on other sites More sharing options...
MattR Posted February 2, 2022 Share Posted February 2, 2022 12 hours ago, Spekulatius said: It's not that great of a book. Greenblatt's books are much better, imo. Greenblatt and Lynch have the best investment books IMO. They contain wisdoms, no matter how often you read them and they don't go out of date. Link to comment Share on other sites More sharing options...
Vish_ram Posted February 2, 2022 Share Posted February 2, 2022 On 2/1/2022 at 12:54 PM, ValueArb said: When your investment manager is driving a Ferrari, you don't need the license plate for proof he's done very well. Last year was horrendous (-15% for P3 fund, +1.5% for P4). Underperforming S&P by 55% cumulative over last 15% years and yet staying in the business is an achievement in itself. Link to comment Share on other sites More sharing options...
RadMan24 Posted February 2, 2022 Share Posted February 2, 2022 On 2/1/2022 at 2:57 PM, stahleyp said: It sells for $2,500. It's got to be worth that or else all of these smart people wouldn't buy it, right? It's just because there are limited copies and its no longer in print. However, going to the library is free. Several universities and established libraries have a copy. Or, at least they did 10 years ago. Link to comment Share on other sites More sharing options...
Longnose Posted February 2, 2022 Share Posted February 2, 2022 1 hour ago, RadMan24 said: It's just because there are limited copies and its no longer in print. However, going to the library is free. Several universities and established libraries have a copy. Or, at least they did 10 years ago. https://www.valuewalk.com/books/seth-klarmans-recommended-books/ "The book is out of print,is one of the most stolen books from libraries, and sells for thousands of dollars online." Someone mentioned in one of the earlier comments that you can find pdf's of the book online if you look hard enough. I read it years ago. My opinion was its a simpler easier to digest version of Graham's "The Intelligent Investor". To a new learner its likely quite valuable. To someone who understands markets already its not gonna blow your mind. Link to comment Share on other sites More sharing options...
CorpRaider Posted February 3, 2022 Share Posted February 3, 2022 (edited) I agree with that conclusion Longnose. At first I was like wow this book is terrible/basic. But as I thought about it more, if you have not already encountered most of the ideas (and you paid $9.99) it would have been much more impactful. I still thought there were some decent parts after I reflected on it (However, I currently haven't the faintest idea what they were ). Edited February 3, 2022 by CorpRaider Link to comment Share on other sites More sharing options...
Guest Posted February 3, 2022 Share Posted February 3, 2022 I'm pretty sure the only reason this book gets the attention it does is because of the price tag. If Lynch was a better marketer, he would let his book be out of print too. Link to comment Share on other sites More sharing options...
NnnnotSoSmart Posted February 3, 2022 Share Posted February 3, 2022 8 hours ago, stahleyp said: I'm pretty sure the only reason this book gets the attention it does is because of the price tag. If Lynch was a better marketer, he would let his book be out of print too. I'd bet Lynch has made more money on his books (plural) than Seth made on his one out of print book. Link to comment Share on other sites More sharing options...
Guest Posted February 4, 2022 Share Posted February 4, 2022 25 minutes ago, NnnnotSoSmart said: I'd bet Lynch has made more money on his books (plural) than Seth made on his one out of print book. There's money from book sales...and then there's money for marketing mystique. So the right answer is fuzzy. Link to comment Share on other sites More sharing options...
thowed Posted February 4, 2022 Share Posted February 4, 2022 The latest letter was on Reddit yesterday if anyone's interested. Haven't read it yet. Link to comment Share on other sites More sharing options...
thepupil Posted February 4, 2022 Share Posted February 4, 2022 (edited) It's almost as if...the organization has always been about preserving capital...while taking different risks than a 100% stock portfolio or 60/40 https://twitter.com/NeckarValue/status/1489380335817314308/photo/1 Edited February 4, 2022 by thepupil Link to comment Share on other sites More sharing options...
Guest Posted February 4, 2022 Share Posted February 4, 2022 21 minutes ago, thepupil said: It's almost as if...the organization has always been about preserving capital...while taking different risks than a 100% stock portfolio or 60/40 https://twitter.com/NeckarValue/status/1489380335817314308/photo/1 That's fair, I guess. I don't really know how to judge outperformance on something like that though. I also think it's in poor taste for him to crap on index funds in his book and then...also underperform them for very long stretches. I also don't understand why institutions would need to worry about "wrenching downside volatility" when their mandates are for decades. Link to comment Share on other sites More sharing options...
thepupil Posted February 4, 2022 Share Posted February 4, 2022 (edited) 24 minutes ago, stahleyp said: That's fair, I guess. I don't really know how to judge outperformance on something like that though. I also think it's in poor taste for him to crap on index funds in his book and then...also underperform them for very long stretches. I also don't understand why institutions would need to worry about "wrenching downside volatility" when their mandates are for decades. the first bolded par is my point. people invest in stuff for reasons other than beating the S&P500. Outperformance is not the be-all end all (and there are certainlty periods in their history where they outperformed) for the record, i don't really like Baupost. regarding the 2nd point, that's a very long and complex discussion. But to simplify it, the greater your withdrawal rate and the greater % of budget or whatever is dependent on investments, the more volatility sensitive. jus think of a 25 year old's 401k as the ultimate volatility loving "institition"....it has huge percentage inflows and an almost infinite time horizon...the 25 year olds budget/revenue is 0% from investments the most volatility hating "institution" has net outflows and is solely dependent on investments to pay the bills. (excess) volatility destroys the long term purchasing power of that type of institution Edited February 4, 2022 by thepupil Link to comment Share on other sites More sharing options...
thepupil Posted February 5, 2022 Share Posted February 5, 2022 I think this is relevant…roughly even split between 240 votes “the more wealthy I get the (more/less)risk I take” based on my very comprehensive and authoritative survey Baupost’s TAM is 1/2 of wealthy people/institutions. No wonder they manage so much Link to comment Share on other sites More sharing options...
randomep Posted February 5, 2022 Share Posted February 5, 2022 On 1/31/2022 at 8:23 PM, Gregmal said: Yea I mean my main thing is like yo stop making excuses. Start being accountable to your investors. Klarman and Einhorn and all these guys have enough capital to go activist. Or make bids. To do SOMETHING. Yet they’re lazy and sit on their asses and put up horrible numbers insisting on doing it their way. I don’t think there’s anything admirable about a one dimensional investor. That’s what makes Buffett so amazing. Tepper too. Ackman as well. Look at how they evolve constantly. great point here....... Link to comment Share on other sites More sharing options...
ValueArb Posted February 6, 2022 Share Posted February 6, 2022 On 2/2/2022 at 2:40 PM, Vish_ram said: Last year was horrendous (-15% for P3 fund, +1.5% for P4). Underperforming S&P by 55% cumulative over last 15% years and yet staying in the business is an achievement in itself. I never said the Ferrari was proof his clients did well. "Where are the customer's Ferraris" is a good title for a next book. Link to comment Share on other sites More sharing options...
ValueMaven Posted February 7, 2022 Share Posted February 7, 2022 fyi - was able to get my hands on the full letter. It's floating around now if you look Link to comment Share on other sites More sharing options...
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