Posts Tagged ‘Clients’

Klarman 1991 Interview with Barron’s

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June 15, 2015

This 1991 Barron’s interview with Seth Klarman offers some intriguing insights into how Baupost got its start, and the nature of Klarman’s initial client base and business structure. Baupost currently manages ~$32 Billion AUM (per latest firm ADV), whereas ~24 years ago that figure stood at $400mm, and ~33 years ago only $27mm. Time + compounding […]

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Howard Marks’ Book: Chapter 18

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October 7, 2014

Continuation of portfolio management highlights from Howard Marks’ book, The Most Important Thing: Uncommon Sense for the Thoughtful Investor, Chapter 18 “The Most Important Thing Is…Avoiding Pitfalls” Risk, Volatility “…trying to avoid losses is more important than striving or great investment successes. The latter can be achieved some of the time, but the occasional failures […]

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Elementary Worldly Wisdom – Part 1

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April 8, 2014

The following are portfolio management highlights extracted from a gem of a Munger speech given at USC 20 years ago in 1994. It’s long, but contains insights collected over many years by one of the world’s greatest investment minds. Caustically humorous, purely Munger, it is absolutely worth 20 minutes of your day between browsing ESPN […]

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PM Jar Exclusive Interview With Howard Marks – Part 2 of 5

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June 19, 2013

Below is Part 2 of PM Jar’s interview with Howard Marks, the co-founder and chairman of Oaktree Capital Management. In the excerpts below, Marks discusses his approach to the art of investing: transforming symmetrical inputs into asymmetric returns. Be sure to read Part 1: An Idea of What Is Enough. Part 2: Real World Considerations “You shouldn’t […]

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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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Consequences of Contrarian Actions

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May 9, 2013

Below are excerpts from a speech Bob Rodriguez of First Pacific Advisors gave in May 2009. Quite a few interesting lessons derived from his previous trials and tribulations in dealing with clients and redemptions during periods of contrarian actions and underperformance. Psychology “I believe I have found success because I have been deeply aware of […]

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Howard Marks’ Book: Chapter 13

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April 9, 2013

Continuation of portfolio management highlights from Howard Marks’ book, The Most Important Thing: Uncommon Sense for the Thoughtful Investor, Chapter 13 “The Most Important Thing Is…Patient Opportunism” Selectivity, Patience, Cash “…I want to…point out that there aren’t always great things to do, and sometimes we maximize our contribution by being discerning and relatively inactive. Patient opportunism […]

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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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Buffett Partnership Letters: 1967 Part 2

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March 2, 2013

Continuation of our series on portfolio management and the Buffett Partnership Letters, please see our previous articles for more details. For any business, tapping the right client base and keeping those clients happy is crucial. To do so, Buffett believed in the establishment of mutually agreed upon objectives, and keeping his clients abreast of any changes in […]

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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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Munger Wisdom: 2013 Daily Journal Meeting

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February 9, 2013

Below are my personal notes (portfolio management highlights) from Charlie Munger’s Q&A Session during the 2013 Daily Journal Shareholders Meeting this Wednesday in Los Angeles. Opportunity Cost After the meeting, I approached Munger to ask him about his thoughts on opportunity cost (a topic that he mentioned numerous times while answering questions, and in previous […]

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Buffett Partnership Letters: 1966 Part 2

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January 29, 2013

Continuation of our series on portfolio management and the Buffett Partnership Letters, please see our previous articles for more details. Duration “An even more dramatic example of the conflict between short term performance and the maximization of long term results occurred in 1966. Another party, previously completely unknown to me, issued a tender offer which foreclosed opportunities […]

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Buffett Partnership Letters: 1965 Part 3

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January 14, 2013

Continuation of our series on portfolio management and the Buffett Partnership Letters, please see our previous articles for more details. Control, Volatility “When such a controlling interest is acquired, the assets and earnings power of the business become the immediate predominant factors in value. When a small minority interest in a company is held, earning power and […]

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Buffett Partnership Letters: 1963 Part 1

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August 10, 2012

Continuation in a series on portfolio management and the Buffett Partnership Letters, please see our previous articles for more details. Clients, Leverage, Subscriptions, Redemptions “We accept advance payments from partners and prospective partners at 6% interest from date of receipt until the end of the year…Similarly, we allow partners to withdraw up to 20% of […]

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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: 1962 Part 1

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July 8, 2012

This is a continuation in a series on portfolio management and the Buffett Partnership Letters. Please see our previous articles for more details. There are 3 separate letters detailing the occurrences of 1962: July 6, 1962 – interim (mid-year) letter December 24, 1962 – brief update with preliminary tax instructions January 18, 1963 – annual […]

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Buffett Partnership Letters: 1961 Part 4

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June 23, 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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Klarman-Zweig Banter: Part 1

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May 2, 2012

Seth Klarman of Baupost is a great investor. Jason Zweig is a great writer. When combined, we get a great Klarman-Zweig Interview published Fall 2010 in the Financial Analyst Journal (Volume 66 Number 5) by the CFA Institute. Here is Part 1 of tidbits from that conversation. Part 2 is available here. Volatility Graham and Dodd’s […]

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