Oct 3, 2017
The Baupost Group, a Boston-based hedge fund managed by billionaire Seth Klarman, owns nearly a billion dollars of Puerto Rican debt.
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The Baupost Group, a Boston-based hedge fund managed by billionaire Seth Klarman, owns nearly a billion dollars of Puerto Rican debt.
Seth Klarman: Value
“This discussion would not be complete without noting that while we remain value investors to the core at Baupost, our definition of value is not the one often taught in business schools. The academic view of investing divides the equity universe into ‘value stocks’ and ‘growth stocks.’ Value stocks are then defined as the low-multiple part of the market: low price-earnings multiples, low…
Seth Klarman: We deal in probabilities
“We don’t deal in absolutes. We deal in probabilities.” —Seth Klarman.
Seth Klarman: We work really hard
“We work really hard never to get confused with what we know from what we think or hope or wish.” —Seth Klarman.
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Seth Klarman, geboren am 21. Mai 1957, ist einer der einflussreichsten und angesehensten Value-Investoren der heutigen Zeit. Er ist der Gründer und CEO der Baupost Group, einem der erfolgreichsten Hedgefonds weltweit. Klarman ist bekannt für seinen konservativen, disziplinierten und langfristigen Investmentansatz, der viele Investoren inspiriert hat. In diesem Artikel werfen wir einen detaillierten Blick auf Klarmans Leben, seine Investmentphilosophie und seine Relevanz für heutige Value-Investoren.
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Seth Klarman: When to sell or buy
“There is only one valid rule for selling: all investments are for sale at the right price. Decisions to sell, like decisions to buy, must be based upon underlying business value. Exactly when to sell — or buy — depends on the alternative opportunities that are available. Should you hold for partial or complete value realization, for example? It would be foolish to hold out for an extra fraction…
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Seth Klarman: Inefficient markets
“Markets are inefficient because of human nature—innate, deep-rooted, permanent. People don’t consciously choose to invest with emotion—they simply can’t help it…. In short, we believe market efficiency is a fine academic theory that is unlikely ever to bear meaningful resemblance to the real world of investing.” —Seth Klarman.
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Seth Klarman: Biggest fear
“For years, when someone asked me what my biggest fear was as an investor in managing my portfolio, my answer was that it was buying too soon on the way down from often very overvalued levels. I knew a market collapse was possible. And sometimes, I imagined that I was back in 1930 after the market had peaked the year before, and then dropped 30%. Surely, there would’ve been some tempting bargains…
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