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

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Seth Klarman

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.

Einhorn’s FOF Re-positions Portfolio, Makes New Seed Investment In Year Marked By “Speculative Exuberance”

david einhorn, reading, valuewalk, internet, investment research, Greenlight Capital, hedge funds, Greenlight Masters, famous hedge fund owners, big value investors, websites, books, reading financials, investment analysis, shortselling, investment conferences, shorting, short biasIt has not just been rough year for David Einhorn's own fund. Einhorn's Greenlight Masters fund of hedge funds was down 3% net for the first half of 2020, matching the S&P 500's return for those six months. In his August letter to investors, which was reviewed by ValueWalk, the Greenlight Masters team noted that Read More

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 for putting this together.

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Seth Klarman Notes 170510 (CFA Institute)