Comments on: Lecture Summary – Seth Klarman http://www.jonathangoldberg.com/2009/09/lecture-summary-seth-klarman.html Investment ideas, research findings and general discussion of all things value investing. Sun, 15 Aug 2010 07:32:58 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Daniel M. Ryan http://www.jonathangoldberg.com/2009/09/lecture-summary-seth-klarman.html/comment-page-1#comment-33 Daniel M. Ryan Fri, 04 Sep 2009 05:35:40 +0000 http://caratsplus.com/?p=27#comment-33 As far as what one remembers as normal in the investing world, I think the anchoring comes from the first experience with a particular investment. I got a B.A. in 1991, but I don't center on 1991's market: I center on 1980's. That's because my first self-directed investment was made back then. I actually put some paper route money in a little gold and silver. I lost, of course, but I still remember betting on a resumption of inflation. As far as the stock market is concerned, I tend to think of 1982. <br /><br />That's my anchoring: a huge spate of inflation followed by a huge bull market - just like things were just before I hit puberty. <br /><br />Of course, I'm not your average duck... As far as what one remembers as normal in the investing world, I think the anchoring comes from the first experience with a particular investment. I got a B.A. in 1991, but I don't center on 1991's market: I center on 1980's. That's because my first self-directed investment was made back then. I actually put some paper route money in a little gold and silver. I lost, of course, but I still remember betting on a resumption of inflation. As far as the stock market is concerned, I tend to think of 1982.

That's my anchoring: a huge spate of inflation followed by a huge bull market – just like things were just before I hit puberty.

Of course, I'm not your average duck…

]]> By: Anonymous http://www.jonathangoldberg.com/2009/09/lecture-summary-seth-klarman.html/comment-page-1#comment-32 Anonymous Thu, 03 Sep 2009 18:49:57 +0000 http://caratsplus.com/?p=27#comment-32 Re: macro investing -> i think it's important to always note that, it is not a preferred method of analysis for value investors. i think macro investing is very hard, and i could never be good at it, because i am not that smart, and 99% of us aren't.<br /><br />but there is that 1% who are: Renaissance Technologies being a glaring example. for those who are that smart, i would never discourage it. the reason why it is so tough for any of us to comprehend the markets that way, is cause nearly none of us have even an iota of the brainpower, let alone the mathematical background to do so.<br /><br />we can all point to LTCM to prove this wrong, but that's like pointing to any other investment strategy: there are always funds like LTCM that get it wrong; and then there are funds like RenTec that get it right consistently, for decades. Re: macro investing -> i think it's important to always note that, it is not a preferred method of analysis for value investors. i think macro investing is very hard, and i could never be good at it, because i am not that smart, and 99% of us aren't.

but there is that 1% who are: Renaissance Technologies being a glaring example. for those who are that smart, i would never discourage it. the reason why it is so tough for any of us to comprehend the markets that way, is cause nearly none of us have even an iota of the brainpower, let alone the mathematical background to do so.

we can all point to LTCM to prove this wrong, but that's like pointing to any other investment strategy: there are always funds like LTCM that get it wrong; and then there are funds like RenTec that get it right consistently, for decades.

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