Seth Klarman: A Bubble Warning From The Past

Seth Klarman’s Market Bubble Warning from many years ago is apt to today Legendary investor Sir John Templeton is remembered for many things, but perhaps his most memorable investment quote has to be “The four most dangerous words in investing are: ‘this time it’s different’.” Unfortunately, despite Sir John’s reputation, to this day Wall Street analysts and well-known investors continue to use this same to justify high stock valuations and overvalued new issues. [klarman] In the words of Mark Twain, “history does not repeat itself, but it does rhyme, ” and by looking back through the letters to investors of…