Seth Klarman letter to investors

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#1
Seth Klarman needs no introduction if you are already a value investor. Ranks with the likes of WB. He just wrote a letter to his investors and IMHO is a must read for us all. Here is the link or you can read it in Today's paper: http://www.todayonline.com/world/wall-st...-justified

Couple of things I find it worth noting;

1. for those ETF fans, read what he says. I agree with him that ETF is an abuse tool for lazy investors and although it works before has now become ineffective to the point that it can be detrimental to investors. With this comes opportunities for non ETF investors.

2. going forward how to invest is insightful of what may come with his Thomas Jefferson quote:

"In matters of style, swim with the current; in matters of principle, stand like a rock.” 

My interpretation of what he is saying is that there will be momentum trades for flavor of the day to take advantage off but there is also fundamentals to buy into for long term investing.

Thousand likes for his insightful tots.
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#2
"In matters of style, swim with the current; in matters of principle, stand like a rock.”

waos.... honest statement for an unbreakable life... Smile

give it a mega-like! Big Grin
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 
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#3
hi Jacmar,
I clicked into this thread immediately, hoping to read the actual letter, because yesterday specuvestor had already shared the original commentary coming from NYT (written by Andrew Ross Sorkin, whom himself is a very good writer) under the thread "Index Investing" - It seems like this is also the similar commentary referenced from NYT. The message is actually not new, similar to what we had discussed in VB for index/ETF investing, but of course, Seth Klarman, illuminates and flavors it much better than any of us.

Seems like the actual article hasn't been leaked out by Baupost HNW clients yet. Smile

I will close your thread by the end of the day, unless someone manages to post the actual letter here.
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#4
(09-02-2017, 12:29 PM)weijian Wrote: I will close your thread by the end of the day, unless someone manages to post the actual letter here.

Challenge accepted.

https://www.docdroid.net/nGPzU1Q/baupost...r.pdf.html

I have downloaded the pdf. If the link becomes invalid, feel free to pm me for the pdf.
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#5
hi yeokiwi,
You just took 10mins to come out with it Smile Thanks!

How about a 2nd challenge? (P.S. Do you have a copy of his book?)
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#6
(09-02-2017, 12:49 PM)weijian Wrote: hi yeokiwi,
You just took 10mins to come out with it Smile Thanks!

How about a 2nd challenge? (P.S. Do you have a copy of his book?)

Finding pdf, like investment, requires both skill and luck. Big Grin (but google did all the work though...)

I thought I have the pdf somewhere. I suppose you mean margin of safety.

Need some times to dig. Probably tonight  Tongue
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#7
(09-02-2017, 12:49 PM)weijian Wrote: hi yeokiwi,
You just took 10mins to come out with it Smile Thanks!

How about a 2nd challenge? (P.S. Do you have a copy of his book?)

Challenge accepted. I will PM to u the copy. don't want to post it here as I don't know if there is a copyright issue...9.3MB
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#8
Many thanks for the letter. I was trying to find it yesterday but was unable to do so.
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#9
Book confirmed copyrighted. Respect IP leh. You don't want people to copy your investment ideas
without permission. Right?
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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#10
(09-02-2017, 06:06 PM)opmi Wrote: Book confirmed copyrighted. Respect IP leh. You don't want people to copy your investment ideas
without permission. Right?

I think the book is out of print and it is one of the most stolen books in the library.

https://www.amazon.com/Margin-Safety-Ris...+of+safety

The price of respecting the IP is US$1400.
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