A big thanks to Jay at Marketfolly who brings us this great collection of essays by famed value investor Seth Klarman of Baupost Group. The letters arenin sequence and cover a time period that was noticeably difficult for Klarman. Not surprisingly, a persistent melt-up in equities (as we saw from 1995-2000) can be difficult for a fund manager whose primary focus is on value and risk management. But Klarman never loses his way. His skepticism and prudence ultimately pays off as the markets collapsed in the 2000’s. There’s a lot to learn by watching a great investor navigate an entire investment cycle:
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.
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