Here is a nice interview with Seth Klarman and Jason Zweig from the FAJ (at MarketFolly and PragCap).
Klarman is not the best performing clone over on AlphaClone, but his top 10 long holdings are still up a whopping 29% YTD.
Great quote from article:
“…the prevailing view has been that the market will earn a high rate of return if the holding period is long enough, but entry point is what really matters.”
“In our view there is no such thing as a value company. Price is the essential determinant in every investment equation. At some price, every company is a buy; at some price, every company is a hold; at at a still higher price every company is a sell. We do not really recognize the concept of a value company.”
