Wed, Feb 25, 2009
Below is a neat Feb 23 article published in Value Investor Insight written by Seth Klarman.
The document is a bit hard to read but valuable lessons in value investing. Maybe it’s called “value” investing because we are always trying to learn valuable lessons that traders and speculators never consider.
Also consider reading this article by Vitaliy Katsenelson on The Pain of Mean Reversion.
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[...] at the excellent blog, Old School Value, and I came across an article filled with excerpts from Klarman’s Baupost Group annual letter. Here are a couple things that caught my eye: “Robert Rubin once observed that some [...]
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February 25th, 2009 at 2:28 pm
To read Klarman makes me think that the most basic principle of investing is–be able to daily master your psyche.
The interesting thing is that you get a similar impression from a day-trading speculator like Jesse Livermore.
Wide Moat’s last blog post..The Moat of Coca Cola
February 25th, 2009 at 9:15 pm
I’m always amazed at the intellect of the man and how he is able to articulate his thoughts so clearly. I’ve never met or seen the guy but through his writings he sure seems calm and composed.
Where can I get some of that?