In this episode I summarize and discuss a recent interview with legendary value investor Seth Klarman. During the interview Klarman discussed the “Everything Bubble” he sees unwinding, the investing opportunities that’s bringing, the nature of value investing in relation to growth, buying quality companies at the right price, how to get an edge in the competitive investing environment today, technology investing in inefficient markets, Bitcoin, the current macroeconomic environment, and more.

Timestamps:

00:00 Seth Klarman Intro

00:37 Security Analysis revised 

00:59 The Everything Bubble

02:05 The Bubble timeline and investing opportunities: 4/10

03:26 Then and now: railroads to SPACs and crypto

04:44 What is value investing? Klarman's definition 

05:48 How to think about growth in investing

06:10 Not overpaying for quality companies

06:54 Warren Buffett and buying the Index 

07:37 How to get an edge

08:15 Inefficient markets and mis-priced stocks: META

09:09 Thoughts on technology disruption and crypto

09:43 Is Bitcoin digital gold?

10:32 Macroeconomic prediction and investing

Related episodes:

Why Druckenmiller Owns Nvidia Despite "Nosebleed Territory” https://youtu.be/QP496jwcumk

Are AI Stocks A Bubble? Druckenmiller, Greenblatt Said… https://youtu.be/KmlXeoM5LLY

Peter Lynch's 2023 Advice on Buying Stocks - Rare Interview https://youtu.be/sZKt5j1Rwi0

Investing Book referenced in this episode:

Security Analysis, Seventh Edition: Principles and Technique, by Benjamin Graham, David Dodd, Seth Klarman - editor (referral link) https://amzn.to/444wP3K

Using a referral link helps support the pod, thanks!

The main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664

I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (refferal link):

https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581

Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision.