July 24, 2025 | Klarman on Finding Value and Maintaining Discipline

A world focused on selling us investment products and ideas spends little time defining sell or aversion rules. If someone tells you what they own or would buy, ask them when they would sell it. Most haven’t thought that far; they ride price cycles up and down with no plan to protect capital from drawdowns.

Veteran portfolio manager Seth Klarman offers numerous valuable insights in this segment.

Seth Klarman, CEO and portfolio manager of The Baupost Group, is known for his unwavering focus on value. In this conversation with Goldman Sachs President and COO John Waldron, Klarman discusses how his philosophy fits into the current market environment and how his approach to leading Baupost has evolved in his long career as a fund manager. Here is a direct video link.

On a recent visit to our son working in Silicon Valley, he pointed out rows of parked cars on the roadside where people swept up by different speculative waves were now living in their cars because they had taken on a lot of risk and had not managed their finances well.

Valuable money managers don’t blow their clients up, and their long-term worth is not only in what they do, but also in the classic mistakes that they help people to avoid.

Danielle Park July 24th, 2025

Posted In: Juggling Dynamite

Next: Japan’s Bond Market Crisis Intensifies – Has BOJ Finally Lost Control? »