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Seth Klarman Will Return Money To Investors At The End Of The Year


dcollon

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seems strange that he first returned capital in 2010?  I was expecting 2005-2007 rather than that.

 

yeah he's been bearish since 2010. I won't be surprised if he's proven right in the next couple of years. He was bearish in 2007…and bullish around Feb 2009, I believe.

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As someone else stated, he is size sensitive. He has stated he doesn't want to be over 25bn if opportunities are hard to find. If really hard maybe smaller.

 

Another thing to note is that in many respects things are harder (and likely to get further harder in terms of ability to hedge and find cheap tail protection. He did very well shorting subprime etc. but those avenues are largely gone now. Having those super levered cheap hedges facilitated a larger gross notional book. Not the case today.

 

But overall he is most certainly bearish. He has been on the record in may or so saying this is the toughest (most manipulated) market he has ever seen. There is a transcript somewhere of his speech. Well worth a read. Articulate and sobering.

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  • 2 months later...

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