Legendary value investor
"Investing today may well be harder than it has been at any time in our three decades of existence," writes Seth Klarman in his year-end letter. The Fed's "relentless interventions and manipulations" have left few purchase targets for Baupost, he laments. "(The) underpinnings of our economy and financial system are so precarious that the un-abating risks of collapse dwarf all other factors.
Cashin noted that Klarman has achieved "near legendary" status on the Street.
Klarman, who has a reputation for being media shy, rarely speaks to the press. He did, however, sit down with interviewer Charlie Rose to discuss history, his book, Ben Graham, Warren Buffett and his investment philosophy back in 2011.
The interview is fascinating and we recommend you watch the full thing.
We've pulled out 12 brilliant insights for value investing from Klarman.