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Charlie Rose Interviews Seth Klarman

November 26, 2011 | About:
Century Management

CanadianValue

210 followers
Charlie Rose Interviews Seth Klarman. The first 18 minutes is about "Facing History", his nonprofit organizaiton. Then they got to the book of "Margin of Safety". Klarman's view of Warren Buffett's three stages of investing: "Warren evolves three stages". He said he is still in the first stage.

1. Buy cigarbutts at good prices

2. Buy great companies at great prices

3. Buy great companies at so so prices.




About the author:

CanadianValue
http://valueinvestorcanada.blogspot.com/

Rating: 4.3/5 (53 votes)

Comments

Koheleth
Koheleth - 2 years ago
Excellent, thanks for posting!
jk815
Jk815 premium member - 2 years ago
great post!!!

fareastwarriors
Fareastwarriors - 2 years ago
very interesting to hear him speak. one of the best value investor of our time.
tsiash
Tsiash - 2 years ago
Yes, and he's also trying to kill the province of Ontario's water table:

http://foodfreedom.wordpress.com/2011/07/09/ontario%E2%80%99s-prime-ag-land-and-watershed-under-mining-threat/

All hail the mighty value investor regardless of the damage caused.

jk815
Jk815 premium member - 2 years ago
This site is for investing not treehuggers
tsiash
Tsiash - 2 years ago
jk815,

You must not be a very good investor if you think my comments are those of a treehugger. How about I come over to your house and urinate in your drinking water. I'm sure you'd be all for that. Good investors are aware of the facts. Klarman wants to destroy a very vital part of Ontario. You are just like so many other ignorant Americans. But worship him if you must.
augustabound
Augustabound - 2 years ago


You are just like so many other ignorant Americans.

I'm a proud Canadian (and Ontarian), tell me you're not Canadian too?

Don't start shite like this.

Mud slinging over Nationality is pointless, there are plenty of ignorant people here North of the border.
jk815
Jk815 premium member - 2 years ago
tsiash
Tsiash - 2 years ago
AugustaBound,

I'm a proud Ontarian who knows Seth Klarman lied about his intentions for the potato farmland. Frankly, I have no time worshipping a liar. The government of Ontario hopefully will do the right thing and never let him dig below the surface and preserve our agricultural lands.

Kenster
Kenster - 2 years ago


Tsiah - what goes around comes around. What do you think some of the local regions in other countries are saying about the Canadian mining companies excavating over there?

loganberry3
Loganberry3 - 2 years ago


Investment at what cost? Prime farmland was purchased by this hedge fund that presented itself as wanting to be "the largest potato producers in the province." After acquiring thousands of acres, it became obvious that Highland/Baupost was only after the limestone UNDER what is prime agricultural soil. This paved the way for distrust by the community, faulty research by the company, and a threat to Ontario's water, air, and irreplaceable farmland. A 2300 acre mega quarry, that will be 200 feet deep, way below the water table. At the highest point in our province....where water flows DOWN towards millions of people. They will need to pump 600 MILLION litres of water to keep this quarry dry. FOREVER. We are not "tree huggers" up here, and this is NOT a case of "NIMBY-ism". This is about trying to protect our natural resources from a foreign investiment firm that has NO interest in the future of our province's welfare, or the future of our children and grandchildren....
loganberry3
Loganberry3 - 2 years ago
To clarify--that's 600 million litres of water DAILY. Forever. Boggles the mind.
loganberry3
Loganberry3 - 2 years ago


Kenster, I don't disagree with you. Huge, greedy corporations roll over communites and people and resources without any consideration for the future of this planet. I don't defend Canada's actions either, but I have chosen THIS battle.

Thinking "what goes around comes around" isn't going to stop the rape of this planet. In my community, we're battling ONE company that wants to plunder our land. And that company is led by Seth Klarman. Money doesn't trump EVERYTHING, and it certainly doesn't trump water and soil and air....
sabonis
Sabonis premium member - 2 years ago


I cant figure out why people think Charlie Rose is a good interviewer.

He makes Larry King look like Mike Wallace. For some reason he has become the go-to guy for financial interviews but he looks like a bumbling idiot whenever WEB or SK stray an inch beyond investing 101.

Ugh...Louis Rukeyser could do a better job and he's been dead for 10 years.
NoMegaQuarry
NoMegaQuarry - 2 years ago


In an ideal world Mr. Klarman would use his wealth and expertise to improve environments, create sustainable jobs and make the world a better place instead of lining the pockets of the few at the expense of so many. That would be good investing.

In Canada Baupost-backed Highland Companies is trying to ruin a viable long-term Ontario agricultural community with a short-term smash and grab aggregate "mega" quarry. The deal has already enveloped Mr. Klarman and his business associates with a shroud of lost credibility, and established their penchant for greed. http://www.inthehills.ca/2011/06/current/birth-of-a-protest/

In the US Baupost-backed Coastal Management Resources bought the historical Bixby Ranch in California. To-date the company denies all talk of development but Canadians know the truth. We wish the Californians good luck in their fight. http://www.independent.com/news/2011/jul/28/bixby-being-bad/#c60984

It is companies like Baupost that the Occupy movement is all about.
Arpan
Arpan - 2 years ago
Sabonis,

I agree. Charlie Rose isn't a bad interviewer, but he just doesn't understand finance that well (watch his interview with Buffett and Blankfein to understand my point). And he frequently interrupts his guests, it's pretty annoying.
LwC
LwC - 2 years ago
So Sabonis, you manage to put down Charlie Rose, Larry King and Mike Wallace, all in one post. Calling Rose an idiot IMO is not persuasive, coming from an idiot who couldn't be bothered to even check his/her facts before asserting that Rukeyser has been dead for ten years. Ugh, LOL

canadianstudent1
Canadianstudent1 - 2 years ago
It is devastating what corporations based in any nation have already done to our planet and local communities around the world, but that is no excuse for perpetuating the destruction.

The Melancthon mega-quarry in Southern Ontario backed by Seth Klarman's Baupost Group will put Ontario's drinking water, agricultural industry and wildlife into jeopardy. Why should Canadian citizens bear all the risk of this disastrous undertaking, while Baupost's investors seem to have nothing to lose and billions to gain?

This is a much larger issue than "tree-hugging"- I am concerned about the future of our food and water.

Like Klarman says, "history is a result of small steps leading to bigger steps, actions by individuals."
canadianstudent1
Canadianstudent1 - 2 years ago
I admire the type of social awareness and citizenship that Klarman's Facing History organization is trying to impart on the next generation of North Americans, but I find it very ironic that he supports projects which are environmentally catastrophic and culturally devastating.

Does anyone else smell hypocrisy?
Amabel D.
Amabel D. - 2 years ago
It is difficult from my perspective to know just how involved in the day to day running of Highlands Mr. Klarman might be. However, by their own admission on CBC news, Highland representatives wished they had 'communicated better'. Much of their doings lacked a certain candor. But that may not have anything to do with Mr. Klarman. In the same vien, an attempted aquisition of a rail line running away from Toronto to Owen Sound, a port on the Great Lakes, creates similar doubts that the proposed aggregate is bound soley for Toronto, as is generally claimed. From Owen Sound, the aggregate could be exported anywhere in the world, technically, but certainly any of the eight or so U.S. states on the seaway. The contracting of one of the more nefarious P.R. firms, Hill and Knowlton, to handle communications for Highlands could be construed-- given H & K's history-- that candor could be expendable to reach a certain goal. A small, but interesting commonality in the practice of what seems to be eradication of key flora and fauna habitat through the pretext of farming practices at both Bixby ranch and the proposed Megga Quarry site is troubling.

Tree huger issues? Well certainly on some level. But even if one does not give one care for the environment, and is just a prudent investor, prudence and due dillegence dictates that credibilty in general be considered.

I am not sure Mr. Rose explored this aspect very well.
ramands123
Ramands123 - 2 years ago


He is surely one of the best investors. However i somehow find him very closed person. There are hardly any interviews that he gives. I wish he was more open like Warren Buffet so that others can learn from his enromous knowledge.
rbrosnan
Rbrosnan - 2 years ago
Love the concept, cut should offer a transcript instead of a video (for the vast majority of people for whom the video does not display well).....

AlbertaSunwapta
AlbertaSunwapta - 2 years ago
Great to hear him speak.

As for the above postings... I'd bet that any purchase of this land for a purported quarry land in Ontario will prove to be a very long term consideration. On the other hand, PLS (Polaris Minerals) with its existing assets might prove to be a better contender for near term returns for Klarman. I bought it as a long term hold and fortunately did well by selling out in a short term peak in '09. It has since dropped far further than I envisioned - which makes in more interesting as the recovery deepens.
AlbertaSunwapta
AlbertaSunwapta - 2 years ago
See, I told you so. Polaris is up 55% since Dec 5th. (Using today's intra-day pricing.)

Disclosure: I don't own any Polaris or Ontario farmland.
AlbertaSunwapta
AlbertaSunwapta - 2 years ago
I see that Polaris Minerals is up a further 77% today. At the moment it's up to .71 cents. Now that seems like manic behaviour to me.

That's about 212% since Dec 5th.

Disclosure: I still don't own any Polaris or Ontario farmland. :-)
AlbertaSunwapta
AlbertaSunwapta - 1 year ago
I know this is getting boring for you guys but... Polaris... $1.55 now.
AlbertaSunwapta
AlbertaSunwapta - 6 months ago

A ten bagger for anyone that bought at its low.

Up about 1,000% today from Nov 11, 2011.

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