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- Seth Klarman’s Lessons from 2008
Seth Klarman’s Lessons from 2008
The Idea Farm
October 22, 2023
Together With
“It is almost always better to be too early than too late, but you must be prepared for price markdowns on what you buy.”
Seth Klarman
Research
AQR - Economic Trend (11 pages)
AQR takes a novel approach to investing across equity, bond, currency and commodity markets called "economic trend." This approach capitalizes on the tendency for new information to have a persistent impact on asset prices by positioning in each market on the basis of trends in macroeconomic fundamentals. Both economic trend and price trend-following aim to capitalize on the tendency of markets to systematically under-react to news and are complementary to each other.
Bonus Content
How to make money by losing $300,000 a year on slot machines. Link
Morgan Housel writes about managing expectations. Link
In an annual letter written over a decade ago, Seth Klarman shared lessons from 2008. Link
Ten ways to create shareholder value by Al Rapaport. Link
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Podcasts
7/3/23 - 67 minutes
Robeco's Head of Conservative Equities talks about conservative investing, the low volatility anomaly, and the intricacies of running a low volatility strategy.
9/14/23 - 43 minutes
This episode is a masterclass on the creator economy. It touches all aspects, including sales, marketing, distribution, and how various companies like Shopify are used by creators today.
4/5/23 - 41 minutes
This episode walks through CrossHarbor's purchase of the Yellowstone Club (a private ski resort in Montana) from bankruptcy, what's transpired during 14-years of ownership, and their pending exit of the investment.
WHAT ELSE IS HAPPENING
Meb Faber read his post titled, “What If You Owned No US Stocks?”
YCharts just released their quarterly deck featuring their Top 10 Visuals. Download the deck here.*
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