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With the possible exception of Warren Buffett, no investor today commands more respect than Baupost Group’s Seth Klarman.
Since founding his investment partnership in 1983, Klarman has not only produced unrivaled returns (in excess of 20% per year), but he has also from time to time offered wise and timeless commentary on markets and the craft of investing.
He is the author of Margin of Safety, Risk Averse Investing Strategies for the Thoughtful Investor, which became a value investing classic ever since it was first published in 1991.
As I was re-reading Margin of Safety, I thought of collating the key ideas Klarman has written about, and present to you as a compilation.