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Notes from Seth Klarman’s Recent Speech 5/17/2009

May 21, 2010
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When Seth Klarman speaks it is always worth listening. Not only is Klarman one of the greatest value investors of history but he also seldom speaks. For a man who runs one of the largest hedge funds in the world he is virtually unknown.

His record is almost unmatched producing approximately 20% returns for over 25 years.

His discipline is unrivaled. Klarman is willing to hold cash, sometimes up to 50% of his money is in cash. He can patiently wait for years as the market goes into a frenzy and wait until it comes crashing and then search for bargains.

Seth Klarman recently spoke about a variety of topics including his thoughts on short selling, Benjamin Graham, future stock market returns(which he expects to be about zero), holding cash, and his recommended reading list.

His list includes:

The Intelligent Investor by Benjamin Graham

You Can Be a Stock Market Genius by Joel Greenblatt

The Aggressive Conservative Investor by Martin J. Whitman

Too Big to Fail by Andrew Ross Sorkin

Kudos to Dah Hui Lau of dahhuilaudavid.blogspot.com for putting this together.

Scribd documents look hard to read but they really are not. Just click on the full screen tab and you will see it is just as easy as reading a book.

Seth Klarman Notes 170510 (CFA Institute)

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