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What is Insights from Seth Klarman about?
This document provides summaries of wisdom and insights from Seth Klarman, the founder of Baupost Group, as compiled from his fund letters from 2004-2007. Some key points include: - Klarman prefers the risk of lost opportunity over the risk of lost capital. He would rather lose shareholders than lose their money. - Risk is not defined by metrics like beta or standard deviation, but rather how much can be lost on an investment and the probability of loss. - Markets are inefficient due to human nature -
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