Tips by Seth Klarman

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Leverage does not have to be dangerous. Non-recourse debt on an asset can serve to make a large purchase more affordable. Taking out a non-recourse...
No book or lecture alone will turn anyone into a successful value investor. Value investing requires a great deal of hard work, unusually strict...
Security prices sometimes fluctuate, not based on any apparent changes in reality, but on changes in investor perception. Successful investors tend to...
Investment research is the process of reducing large piles of information to manageable ones, distilling the investment wheat from the chaff. There...
Tags: research
An investor's time is required both to monitor the current holdings and to investigate potential new investments. Since most money managers are always...
Diversification is not how many different things you own, but how different the things you do own are in the risks they entail.
By the time the market drops and bad news is on the front pages, it is usually too late for investors to react. It is crucial to have a strategy in...
First, since investors cannot predict when values will rise or fall, valuation should always be performed conservatively, giving considerable weight...
The future is unpredictable. Investors must be prepared for any eventuality. The river may overflow its banks only once or twice in a century, but you...
Tags: risk
How do you evaluate a money manager? A. Personal interviews are absolutely essential. B. Do they eat their own cooking? C. Are all clients treated...
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