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Seth Klarman On Reading – NEW

Dont think anyone has “discovered” this interview yet – Seth Klarman talks with Baltimore Polytechnic Institute Alumni Association BPIAA 2017 Distinguished Alumni Honoree Video: Seth & Michael Klarman it was uploaded by the school on December 15 2017 and took place in May of 2017 it seems

Yes they brothers!

Here is the paragraph on reading he does not mention any specific names 🙁 but you can see prior ones he mentioned here  Seth Klarman’s Recommended Books For Investors

And Amazon List

Baupost Letter Points To Concern Over Risk Parity, Systematic Strategies During Crisis

You only can build a successful firm with a tremendous amount of hardwork surrounding yourself with fantastic people. I’ve been really blessed to be able to do that delegating a lot of responsibility to those people and having a firm culture and values of putting the clients first which is something we’ve prided ourselves on from day one. We wish it weren’t didn’t form our business to make a profit. We formed our business to store the clients capital and yes we make a profit but that was not the intention of the firm the intention was the clients help to start the business because they wanted their capital managed well. So it’s a great great vision that’s come come to fruition over 35 years which is what kind of books do you read? My whole life I’ve been a reader and I think there are probably multiple reasons but I’m curious. I want to know how things work and even more importantly I want to know what’s going to happen and what’s going to happen is often related to what has happened. I read history I read psychology and read finance and business. I read a lot of biography. I’m drawn to anything that makes me a better person. Makes me a better investor. Makes me a better philanthropist or just makes me more knowledgeable about the world.

Video and informaltranscript below

Enjoy and thanks for citing us for H/T in advance!

Baupost Readies Dry Power Amid Frothy Markets – Letter

[klarman]

we come here to meet two polygraphs 2017 distinguished alumni honorees brothers who a Baltimore bred and both at the top of their game. One teaches law at the one and only Harvard University. He is Michael Klarman a civil rights scholar with degrees from Oxford and Stanford with a half a dozen books in print and the other is based in downtown Boston.

He is Seth Klarma a hedge fund manager who is tremendously respected by Wall Street.

Great to meet you guys. You too. A lot and the class to maintain a junior pilot currently. Yeah and Isaac Spook’s also of 2013 and we’re both you might Carmen 1976 and Seth Klarman 75.

This is the first time in Pye’s history that the alumni association has honored two brothers as our distinguished alumni. So we’re going to ask you a bunch of really quick questions and I have these paddles here for you. And so if you think that the question applies to you you raise your power.

So let’s get started. Who’s the fastest. Who’s the funniest and it has been can we can figure that out.

I’ve got to say it is scary how horrible I got now a little the trick question here who went to the best high school.

So you guys had impressive resumes. So you must have raised really great signs. What values it is telling you when you are young.

I think they care a lot about education and they care a lot about working hard.

Think also of respect for others. They went out of their way to support their schools and important causes to them.

OK so now was talk a little bit about Baltimore. What makes Muslims special to you.

I became a baseball fan in Baltimore. I became a fan of horseracing because of Baltimore. I became an entrepreneur because of Baltimore. So it was it was a great place to grow up for me. What was your favorite memory of Holly.

I remember a bunch of teachers when I think back about it I actually remember more teachers from polla than I do from Penn. So Bonnie Erickson was a great history teacher. Barb Strickland was a fabulous chemistry teacher. We had a math teacher named Irvin Yafai and I had a geometry teacher named James Newton who moved on to teach at the University of Maryland.

Why is alleged to be important to you. Why is it important to keep giving back to Polly like people do.

It is a time of great inequality and not everybody has the same opportunity. And those of us who are doing well have profound obligation. You know we all are rowing in the same boat and we need to make sure everybody is take care of that that in the country. And so I think it’s a it’s a profound obligation that I feel deeply my wife feels deeply.

I think we both believe that everything in life is a kind of balance and you want to enjoy yourself but you also want to look back at the end of your life and say What did I do to make the world a better place. And it’s not one or the other it’s both. But I think life isn’t just about having fun and achieving things for yourself it’s also about trying to help others and make the world a better place.

How do you feel that you became such a successful person that people trust you as a source of advice.

You only can build a successful firm with a tremendous amount of hardwork surrounding yourself with fantastic people. I’ve been really blessed to be able to do that delegating a lot of responsibility to those people and having a firm culture and values of putting the clients first which is something we’ve prided ourselves on from day one. We wish it weren’t didn’t form our business to make a profit. We formed our business to store the clients capital and yes we make a profit but that was not the intention of the firm the intention was the clients help to start the business because they wanted their capital managed well. So it’s a great great vision that’s come come to fruition over 35 years which is what kind of books do you read. My whole life I’ve been a reader and I think there are probably multiple reasons but I’m curious. I want to know how things work and even more importantly I want to know what’s going to happen and what’s going to happen is often related to what has happened. I read history I read psychology and read finance and business. I read a lot of biography. I’m drawn to anything that makes me a better person. Makes me a better investor. Makes me a better philanthropist or just makes me more knowledgeable about the world.

So this is great phrase To whom much is given much is required. What do you think are the parent responsibility policy.

I think everybody’s responsibility is to engage in some sort of balance in their life and to have fun and do well for their family and be successful but also to try to think about helping other people who are less advantaged and try to leave the world a better place than it was when you entered it. I think you want to look back at the end of your life and say Not only that I had a fine successful rewarding life but also that I can point to things that are better because I can point to students who I think I help promote their careers and they’re going to do great things in the world. And Seth can point to a million different philanthropic things that he did to make the world a better place and that’s everybody’s obligation.

So speaking about being a love affair you’re up first at Harvard which is pretty amazing. So you get to shape my going to shape the country. What do you think the greatest gift that you as a teacher give to a student.

I think the greatest gift any teacher can give to a student is to make them passionate about ideas and actually that will be the ideas that you’re talking about in class. So I tell my students the first day in class I want to give them a way of thinking about the Supreme Court and its role in American society and the relationship between courts and social change. I want to give them a way of thinking about that will that will stick with them for the rest of their lives.

Well this was a pretty Lightning’s dress. I think the judge didn’t miss me hopefully. So thank you guys for being with us today.

I’m a boy now pledging allegiance to Boston. But even as Red Sox Nation converts they are still highly proud.

Well you should join and if you get the sense of it.

Polly Polytechnic boys are we as we go marching on to victory. We are out of the way boys. We’re gonna fight and fight for it.

Very clever song. Yes. Amazing how much it was. I think it was really manual.

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Jacob Wolinsky

Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Prior to ValueWalk, Jacob was VP of Business Development at SumZero. Prior to SumZero, Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and three kids in Passaic NJ. - Email: jacob(at)valuewalk.comFD: I do not purchase any equities to avoid conflict of interest and any insider information. I have a few existing holdings from years ago, but mostly mutual funds and some ETFs. I also own 2.5 grams of Gold

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