Volatility

Controlling The Extremes Of Human Emotion By Seth Klarman

"Several years ago, a friend outside the industry asked me to mentor him in Graham and Dodd, and I provided voluminous reading material and coaching. He was intrigued and energized, he said, and declared himself a value investor. Three months later, he informed me that he was giving up. It didn’t work, he had determined."

Q3 hedge fund letters, conference, scoops etc


The above quote comes from Seth Klarman's 2015 end of year letter to Baupost's investors. 2015 was a bad year for Baupost as it was one of the few years down years in the firm's three-decade history. The hedge fund had rushed to take advantage of the distressed situation many oil companies found themselves in after the oil price collapsed in 2014. However, as it turns out, Klarman moved in too soon. Many analysts had expected the price of oil to recover quickly after plunging to a multi-year low, but it only continued to fall, finally bottoming at the beginning of 2016.

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