The Investor’s Bible with Seth Klarman 6/27/23

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 27 June 2023

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

In 1934, professors Benjamin Graham and David Dodd published the intellectual foundation for investors everywhere: Security Analysis. In the decades since, investors have returned to this “bible” of investing; today, founder of the Baupost Group Seth Klarman is publishing a 7th edition of the iconic book. Klarman’s first book on investing, the 1991 “Margin of Safety,” is a collector’s item, with individual copies selling for about $1500 on eBay. In this very rare interview, Klarman shares his philosophy on investing, his take on bitcoin, the Federal Reserve, and the prospect of recession, as well as tips for what not to do in today’s market. In this episode: Andrew Ross Sorkin, @andrewrsorkin Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Cameron Costa, @CameronCostaNY

Transcript

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0:00.0	This is the Squawk Pod and I'm C NBC producer Cameron Costa.
0:07.0	Today on our podcast, Legendary Investor Seth Clarmon.
0:12.0	Carmen is the editor of the seventh edition of legendary investor Seth Carmen. Carmen. If the first edition was the Bible, this is the investor's New Testament.
0:25.0	Clarmon manages Bow Post, one of the largest hedge funds in the world, and he has for 40 years.
0:32.0	Today, he's sitting down for a very rare interview.
0:36.0	I think we probably will have a downturn. The economy is slowing. The goal of the
0:40.8	Fed is to reduce the heat in the economy and one way to do that is to
0:45.8	trigger some kind of recession.
0:48.3	How he manages 30 billion dollars in assets in this economy.
0:52.8	Plus his tips for investing and for aspiring investors.
0:57.7	If a kid came to me and said,
0:59.3	where do you think I should potentially make my career, I would encourage them to look for the most
1:06.0	inefficient pockets in the world. Seth Clarmon on what not to do in today's
1:11.4	market. You don't want to go into index funds,
1:14.8	experience a bad market, and then bail out.
1:17.2	That's what investors tend to do.
1:19.0	They get in at the wrong time, and they get out at the wrong time.
1:22.1	That huge interview is all on today's podcast.
1:26.0	It's Tuesday, June 27, 2023, and Squawk Pod begins right after this.
1:38.0	You're listening to Squawk Pod. Good morning and welcome to Squawk Box here on
1:41.2	on NBC.
1:41.9	I'm Jill Ker Colonel along with Becky Quick
	...

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