Tips by Seth Klarman

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Be sure that you are well compensated for illiquidity – especially illiquidity without control – because it can create particularly high...
At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst...
Beware of leverage in all its forms. Borrowers – individual, corporate, or government – should always match fund their liabilities against the...
Many LBOs are man-made disasters. When the price paid is excessive, the equity portion of an LBO is really an out-of-the-money call option. Many...
Tags: lbo, price
Financial stocks are particularly risky. Banking, in particular, is a highly lever- aged, extremely competitive, and challenging business. A major...
When a government official says a problem has been “contained,” pay no attention. The government - the ultimate short-term-oriented player -...
The government – the ultimate short- term-oriented player – cannot withstand much pain in the economy or the financial markets. Bailouts and...
So if the entire country became securities analysts, memorized Benjamin Graham’s Intelligent Investor and regularly attended Warren Buffett’s...
One way of dealing with information being more available is to stop playing the game and seek out securities or asset classes where there’s less...
Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.
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