Collection of Seth Klarman’s Baupost Group Letters: MUST READ ~ market folly – Another lesson from Klarman on how to think about investing and risk.
Yes, We’re In A Liquidity Trap – NYTimes.com – More evidence that aggregate demand remains weak and that we are in a balance sheet recession.
BEWARE OF THE COMING MARGIN COMPRESSION | PRAGMATIC CAPITALISM – Vitaliy Katsenelson argues that the stock market’s moderate valuation of 15.7 times 2010 earnings is based on historically high profit margins and remains vulnerable to margin compression.
Interview with Ray Dalio of Bridgewater Associates – Barrons.com – Dalio provides a broad framework for thinking about global markets.
Interview with Mason Hawkins and Staley Cates of Longleaf Funds; Today’s Opportunities for Value Investors — GuruFocus.com – Review of Longleaf’s approach to valuation as well as thoughts on DELL, FFH, GM, PXD, CHK, DTV, and AIG.
SSRN-Imitation is the Sincerest Form of Flattery: Warren Buffett and Berkshire Hathaway by Gerald Martin, John Puthenpurackal – In depth analysis of Berkshire Hathaway’s equity portfolio over the 1976 to 2006 period. The study explores potential explanations for its superior performance. Provides a different perspective on Buffett’s outperformance than that presented in my earlier post on Joe Taussig’s analysis of Berkshire Hathaway.
Horizon Asset Management – Current Commentary – Commentary by value investing guru Marray Stahl. Includes an interesting discussion of the out-performance of companies run by owner/operators.
Interview with Christopher Risso-Gill, Author of There’s Always Something to Do: The Peter Cundill Investment Approach — GuruFocus.com – I will be reviewing the book in upcoming weeks. Stay tuned.