The Legends Speak

Legendary value investor Seth Klarman joins the great Jim Grant for a rare public conversation on investing and markets (from Grant’s Current Yield Podcast on July 12)…

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You can listen here or via YouTube using the linked timestamps below: Introduction: 0:00 Charity: 2:36 Why a seventh edition of “Security Analysis”: 3:20 Spirit of Gram and Dodd: 7:11 Margin of Safety: 14:56 Buying the Dip: 18:37 Market Efficiency: 23:06 Human Progress: 26:29 Social Media: 31:34 Blitzscaling: 36:45 Growth and Change: 39:08 Opportunity: 40:33

Billionaire investor Howard Marks on “taking the temperature” of the markets (from the Financial Times on July 10)…

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How can an investor make useful observations regarding the status of the markets? Most of the time, markets are near the middle ground — perhaps a little high or a little low, but not so extreme as to permit dependable conclusions. Investors’ records of success with calls in markets such as these are poor. Even

Berkshire Hathaway Chairman Warren Buffett’s classic explanation of his real estate investments should be required reading for every investor (from Finding Compounders via Twitter on July 8)…

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“Investment is most intelligent when it is most businesslike.” – Benjamin Graham, The Intelligent Investor It is fitting to have a Ben Graham quote open this essay because I owe so much of what I know about investing to him. I will talk more about Ben a bit later, and I will even sooner talk

Legendary fund manager Peter Lynch recently shared his thoughts on how investing has changed since he retired from managing money in 1990 (from Yahoo! Finance on June 20)…

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What are the biggest changes for investors today since you wrote [One Up On Wall Street]? Data is more available now. The things I was talking about are a lot easier for average folks now, people who want to do some work. Back 35 years ago, we all, say, it was Nike, used to wait