[ARCHIVES] Seth Klarman 2007 MIT Speech

MIT Remarks
October 20, 2007
Seth Klarman

Recent financial market events, including subprime loan losses, hedge fund and quant fund woes, and the bailout or takeover of numerous financial institutions and structured vehicles, that are suddenly strapped for cash, highlight the extreme risk taking and leverage that have lately permeated our financial system. The current distress will likely create opportunities for patient investors, but while proper investing requires a disciplined and long-term perspective, few market participants are able to ignore short-term phenomena. The daily blips of the market are, in fact, noise—noise that is very difficult for . . .

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