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Charlie Rose Interviews Seth Klarman


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I like how Klarman acknowledges the necessity of arrogance and humility coupled when buying a security (I know more than most who are selling, but... I could be wrong).

 

I also like how this charity that Seth and his wife support is all about history. It is an interesting comment on the intellectual underpinnings of success as a value investor.

 

Great interview. But how could you miss with Charlie Rose interviewing Seth Klarman.

 

Thanks a ton for sharing this.

 

Paul

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I found it interesting that he called BofA a "crappy" business at ~26min. I wonder why...

 

 

I think he doesn't like black boxes.  Also, I don't think Warren buys attractive securities in unattractive industries/businesses anymore -- remember that after US Air and Solomon Brothers, he vowed never to do that again.

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http://www.businessinsider.com/12-brilliant-insights-from-hedge-fund-manager-seth-klarman-2011-11

 

Summary of some pts from interview with some intersting pictures.

 

Moore, check out slide 3:

"Investing is the intersection of economics and psychology...

The economics, the valuation of the business, is not hard.  The psychology -- How much do you buy? Do you buy it at this price? Do you wait for a lower price? What do you do when it looks like the world might end? Those are the harder things."

He said with time and experiences those things can be learned, but you also have to have the right psychological make up in the first place, he added."

Klarman seems to be saying what you say in other posts re younger investors.

 

 

 

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Great interview. But i didn't knew, his book only sold about 5,000 copies... lol

 

I'm the lucky owner of the actual hardcopy, and only paid some years ago... something below or around $200, a real bargain.  ::)

 

Guy Spier, who is also an owner of it, seems to hide it at a secret place... as he couldn't find it on his book shelf in his Zurich office. ;D

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Hey Peter_Burke-

 

Have you watched this video?

 

http://www.bengrahaminvesting.ca/Resources/Video_Presentations/Guest_Speakers/2009/Klarman_2009.htm

 

It's been a while since I watched it, but it may be more of what you are looking for.

 

Let me know what you think.

 

That's excellent! Thank you for posting it! Anymore like that, either from Klarman or from other greats?

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Hey Liberty-

 

Here you go!

 

http://www.bengrahaminvesting.ca/Resources/videos.htm

 

Watsa, Chou, Whitman, Schloss, Kahn, Hawkins, Cundill and many more.

 

It is probably one of the finest collections on the web,

 

Buckeye

 

Thank you, I had put that in my bookmarks a while ago but had forgotten about it until I refound it earlier today after asking here. I definitely won't forget about it a second time! Thanks for the link :)

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http://www.businessinsider.com/12-brilliant-insights-from-hedge-fund-manager-seth-klarman-2011-11

 

Summary of some pts from interview with some intersting pictures.

 

Moore, check out slide 3:

"Investing is the intersection of economics and psychology...

The economics, the valuation of the business, is not hard.  The psychology -- How much do you buy? Do you buy it at this price? Do you wait for a lower price? What do you do when it looks like the world might end? Those are the harder things."

He said with time and experiences those things can be learned, but you also have to have the right psychological make up in the first place, he added."

Klarman seems to be saying what you say in other posts re younger investors.

 

I thought Klarman was something like 50% cash right now because he is worried about the macro?    This is pretty much the opposite of what Moore has been saying.

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http://www.businessinsider.com/12-brilliant-insights-from-hedge-fund-manager-seth-klarman-2011-11

 

Summary of some pts from interview with some intersting pictures.

 

Moore, check out slide 3:

"Investing is the intersection of economics and psychology...

The economics, the valuation of the business, is not hard.  The psychology -- How much do you buy? Do you buy it at this price? Do you wait for a lower price? What do you do when it looks like the world might end? Those are the harder things."

He said with time and experiences those things can be learned, but you also have to have the right psychological make up in the first place, he added."

Klarman seems to be saying what you say in other posts re younger investors.

 

I thought Klarman was something like 50% cash right now because he is worried about the macro?    This is pretty much the opposite of what Moore has been saying.

 

I don t know for sure about that, you could be right. I don t know a whole lot about Klarman + his portfolio, macro investing etc. I assumed he focused on the securities + individual opportunities.

 

I was just thinking that as you get older you will have a better feel and probably a different perspective regarding allocation of capital, and the psychology involved.

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