Seth Klarman: The Secret to Outperforming the Market

Seth Klarman talks about the investment strategies and techniques that led him to outperform the market. He discusses the impact of Warren Buffett, Charlie Munger, and Ben Graham on his value investing approach. Klarman is known for his book Margin of Safety.

[learner-long-life]

Great interview with a modest investor who deserve to be better known, thank you. At 10:40 when he says good management buys back their stock when it is undervalued: this appears to still be somewhat of a black art. AAPL buys back 0.25% of their stock in 2018, 2019, 2020 like clockwork, when it wasn't particularly overvalued, like they are dollar-cost-averaging their own stock. At 2022 Berkshire meeting, Buffett says they don't buy back more stock when they think it's more undervalued, they just think "do we feel good about owning our company more than other choices?" It's great to hear how these different great managers think, including Klarman.

[proych]

7:40 - he is speaking like a kind man, worries about small retail investors

[LeonMusicful]

He sounds so nice and humble. Definitely a role model I'd like to follow.

[Lepice]

t was a pleasure to listen to you, Mr. Seth Klarman. Greetings from Portugal.

[allanjmcintyre]

Here's the place and date. "Seth Klarman interviewed by Charlie Rose at the Facing History and Ourselves New York Benefit Dinner. This event was at Chelsea Piers in New York City on November 1, 2011." It seems that the complete interview was online but is no longer present.

[franktaber]

What year is this from? Some gems in here for sure!

[Joey-unhy]

How to dodge obvious tricky question that the obvious answer would not be in your favour:
Q: do you love market going down?
A: (obviously the answer is yes for bargain hunting but can’t say that cos it sounds unethical) we provide liquidity when other people need it (what a brilliant answer! Lol)

[businesswalks]

i love money. look how happy he is. nothing matters more than having money. people who kill themselves for being rich is none of your business. what matters is you follow the crowd. look at how rich he is, he has a tie.

[godbless]

I read it book margin of safety for more than 5 times till now, every time I read it, I always learn some things new

[gmo]

I assume the vid title is the name of the book.

[Longtack]

Tell me your secrets Seth, I won't tell a soul...
I like how Charlie asked him if he was a "predatory capitalist" by using polite words, and Seth characterised it as doing the distressed seller a favour.

[azadsingh]

His book is high above margin of saftey
Wait till it gets distressed

[justinbeghly]

I don’t believe it’s true that people are born value investors, few anyway. To me it’s learned.

[CaseyJMack]

Charie Rose is such a bad interviewer...talks too much, trying to put words in the interviewee's mouth, doesn't really listen, asks leading questions...etc...

[ShootinSalad]

What none of them explains is how to know that when a stock goes down, how does that not confirm your humility that you might be wrong and dumping the business? Diversify? Then Buffet and Munger say diversifying is for the ignorant. There's always hedging in all this information and no clear direction.

[EGfocus]

This interviewer ruins Almost every interview I see him in. He Believes people want to hear his voice 🙄

[wiv]

I see the similar characteristics in Klarman and Buffett. Arrogance is too strong a word. A better description would be self effacing self confidence blended with the knowledge of the importance of being honest with himself and others.

[MoneyMindsetM]

To beat the Market you've to Invest serious Bucks and dig out information no one else has yet!