Posts Tagged ‘Catalyst’

Soros’ Alchemy – Preface & Intro

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September 30, 2015

Dear Readers, apologies for the length of time since our last article. It’s been a busy year – got married, growing the business, grappling with a large position ruining otherwise healthy year-to-date performance – you know, all the usual life items. We have all experienced situations when the fundamentals of a business are moving in […]

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Klarman’s Margin of Safety: Ch.13 – Part 2

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January 8, 2014

This is a continuation in our series of portfolio construction & management highlights extracted from Seth Klarman’s Margin of Safety. In Chapter 13 (Portfolio Management and Trading) – Part 2 below, Klarman shares his thoughts on the illusory nature of liquidity, and the tricky task of knowing when to sell. Liquidity, Catalyst, When To Buy, When To […]

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Klarman’s Margin of Safety: Ch.13 – Part 1

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December 28, 2013

Many years ago, Seth Klarman wrote a book titled “Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor.” It is now out of print, and copies sell for thousands on eBay, etc. This marks our first installment of portfolio construction & management highlights extracted from this book. We begin this series not with […]

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Baupost Letters: 1999

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October 9, 2013

Continuation in our series on portfolio management and Seth Klarman, with ideas extracted from old Baupost Group letters. Our Readers know that we generally provide excerpts along with commentary for each topic. However, at the request of Baupost, we will not be providing any excerpts, only our interpretive summaries, for this series. Sizing, Catalyst, Expected […]

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Baupost Letters: 1998

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May 25, 2013

Continuation in our series on portfolio management and Seth Klarman, with ideas extracted from old Baupost Group letters. Our Readers know that we generally provide excerpts along with commentary for each topic. However, at the request of Baupost, we will not be providing any excerpts, only our interpretive summaries, for this series. Hedging, Opportunity Cost, […]

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Wisdom from Peter Lynch

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March 10, 2013

Previously, we summarized an interview with Michael F. Price & an interview with David E. Shaw from Peter J. Tanous’ book Investment Gurus. Below are highlight from yet another fantastic interview, this time with Peter Lynch, the legendary investor who ran Fidelity’s Magellan Fund from 1977-1990, compounding at ~30% annually during that period. When To Buy, Volatility, Catalyst […]

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Howard Marks’ Book: Chapter 11

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February 28, 2013

Continuation of portfolio management highlights from Howard Marks’ book, The Most Important Thing: Uncommon Sense for the Thoughtful Investor, Chapter 11 “The Most Important Thing Is…Contrarianism” Trackrecord, Clients, Mistakes, Redemptions, Patience “‘Once-in-a-lifetime’ market extremes seem to occur once every decade or so – not often enough for an investor to build a career around capitalizing on […]

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Howard Marks’ Book: Chapter 9

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February 7, 2013

Continuation of portfolio management highlights from Howard Marks’ book, The Most Important Thing: Uncommon Sense for the Thoughtful Investor, Chapter 9 “The Most Important Thing Is…Awareness of the Pendulum” Psychology, Risk, When To Buy, When To Sell As the title of this chapter gives away, much of Marks’ comments emphasize the importance of awareness of market […]

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Stanley Druckenmiller Wisdom – Part 3

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December 19, 2012

Here is Part 3 of portfolio management highlights extracted from an interview with Stanley Druckenmmiller in Jack D. Schwager’s book The New Market Wizards. Be sure to check out the juicy bits from Part 1 and Part 2. Druckenmiller is a legendary investor, and protégé of George Soros, who compounded capital ~30% annualized since 1986 before announcing in 2010 […]

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Buffett Partnership Letters: 1964 Part 3

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December 17, 2012

Continuation of our series on portfolio management and the Buffett Partnership Letters, please see our previous articles for more details. Historical Performance Analysis, Process Over Outcome, Psychology “…the workouts (along with controls) saved the day in 1962, and if we had been light in this category that year, our final results would have been much poorer, although […]

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Buffett Partnership Letters: 1963 Part 3

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August 30, 2012

Continuation in a series on portfolio management and the Buffett Partnership Letters, please see our previous articles for more details. Topics covered include: When To Buy, When To Sell, Activism, Catalyst, AUM When To Buy, Activism, Catalyst, Control “…controls develop from the general category. They results from situations where a cheap security does nothing price-wise […]

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Baupost Letters: 1995

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August 1, 2012

Here is the first installment of a series on portfolio management and Seth Klarman, with ideas extracted from old Baupost Group letters. Our Readers know that we generally provide excerpts along with commentary for each topic. However, at the request of Baupost, we will not be providing any excerpts for this series.   When To […]

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Buffett Partnership Letters: 1961 Part 3

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June 16, 2012

This post is a continuation in a series on portfolio management and the Buffett Partnership Letters. Please refer to the initial post in this series for more details. For those interested in Warren Buffett’s portfolio management style, I highly recommend the reading of the second 1961 letter in its entirety, and to check out our […]

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Buffett Partnership Letters: 1961 Part 1

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May 21, 2012

This post is a continuation in a series on portfolio management and the Buffett Partnership Letters. Please refer to the initial post in this series for more details. During 1961, Buffett started to write semi-annual letters because his clients told him the annual letter was “a long time between drinks.” The summary below is derived […]

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Buffett Partnership Letters: 1958 Part 1

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March 31, 2012

This post is a continuation in a series on portfolio management and the Buffett Partnership Letters. Please refer to the initial post in this series for more details. Volatility “…widespread public belief in the inevitability of profits from invest in stocks will led to eventual trouble…prices, not intrinsic value in my opinion, of even undervalued securities can be […]

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And it begins…with Michael F. Price

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March 9, 2012

Michael F. Price is going to kick off our inagural post. Well, sort of. I’d like to share the summary (mainly the categorized juicy portfolio management bits) of an interview with MFP in Peter J. Tanous’ book Investment Gurus. Sourcing, Creativity: Price discusses how competitive the traditional bankruptcy and restructuring game has become (this was 1997 […]

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