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Jeremy Grantham of GMO has released his latest quarterly letter (embedded below, but you will have to come to the site to view it) in which he discusses the tension between keeping your job and protecting your clients’ money: The central truth of the investment business is that investment behavior is driven by career risk. In the professional investment business we are all agents, managing other peoples’ money. The prime directive, as Keynes knew so well, is first and last . . . For those of you who cannot find a copy of Seth Klarman’s excellent Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor, or simply don’t have the time to read it, I’ve come across a PDF of notes from the book written by Ronald Redfield, a CPA with Redfield, Blonsky & Co. You can grab the PDF here, though I would encourage you to read the book (which is circulated online as a PDF).
. . . For those interested in Seth Klarman’s annual letters, a reader emailed me the scribd document below which contains Baupost’s letters from 1995 to 2001 (email subscribers will have to come to the site to view this). Though the particular market news is dated, there is a great deal of timeless investment wisdom. If you have any investment related content like this, please email me here. Seth Klarman is known for keeping a significant amount of cash on hand and being fearless in moving largely to cash at the right times. In his 2004 year-end letter to investors, Klarman covered the decision to move to cash. Scorpion Capital received Klarman’s permission to publish this portion of the letter. The alternative is to remain liquid, defy the steady drumbeat of performance pressures, and wait for the prices of at least some securities to drop. (One doesn’t need . . . Value investing superstar Seth Klarman of the Baupost Group (and author of the ultra-rare Margin of Safety) is betting on a large quarry development not far (relatively speaking!) from my hometown in Ontario, Canada. Fortune’s coverage provides a nice profile of Klarman and his new (mildly controversial) quarry investment: Last spring a Canadian firm called the Highland Cos. submitted an application to turn 2,300 acres of area farmland into one of the top-producing rock quarries in Canada. One . . . |
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