Written by Benjamin Graham, 'The Intelligent Investor' is a seminal work on value investing that has inspired millions since its original publication in 1949. The book emphasizes the importance of distinguishing between investing and speculation, calculating the intrinsic value of companies, and maintaining a margin of safety. The revised edition includes updated commentary by Jason Zweig, who provides modern examples and insights to help readers apply Graham's principles in today's market. Warren Buffett, a disciple of Graham, has praised the book as 'the best book about investing ever written'.
In 'Margin of Safety', Seth Klarman discusses his views on value investing, drawing from the concepts of Benjamin Graham and David Dodd. The book critiques speculative investing and institutional investing practices, advocating for a disciplined and risk-averse approach. Klarman emphasizes the importance of understanding the intrinsic value of investments, avoiding false precision in valuations, and maintaining a margin of safety to mitigate potential losses. The book is divided into sections that cover the philosophy of value investing, the critique of institutional investing, and practical strategies for determining value and managing portfolios.
Natan Lempert, Co-Founder and CEO of Built AI, joins me on the People Property Place Podcast 🎙️ this week.
We unpack his journey from investment banking in New York and London to real estate private equity, and ultimately founding Built AI - a platform using AI to streamline underwriting and asset management for institutional real estate investors and brokers.
Having been a practitioner, Natan brings deep technical knowledge and has a strong entrepreneurial mindset. If you’re a leader currently looking at your business, working out how you can utilise AI products to streamline decision making this one’s for you.
Key Topics Covered In This Episode:
· His origin story, growing up in the 90
· His early career moves, in investment banking at Baupost, Goldman Sachs, and Citigroup
· Transitioning into real estate, principal investment gaining value add & opportunistic deal experience across Europe
· The “1-minute on a Friday” story that inspired Built AI’s creation
· What is Built AI, what does it do, and who uses it?
· How Built AI enables Investors to screen deals rapidly, removing the inefficiencies and grind of manual underwriting at scale
· Advise to investors looking at tech adoption & why you shouldn’t build products in-house
· The future of AI agents in real estate and autonomous task management
· His vision for Built AI as the operating system for real estate professionals
· What the investment manager of the future might look like
And finally…
With ÂŁ500m to invest - which People, what Property, and which Place would he choose?
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