David Dodd News
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Today, Benjamin Graham is known primarily as Warren Buffett’s investing mentor and the author of multiple classics about value investing. Toward the end of his life, in the 1973 edition of “The Intelligent Investor,” Graham wrote, “Ever since 1934 we have argued in our writings for a more intelligent and energetic attitude by stockholders toward their managements”.
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Baupost Group LLC, the Boston-based hedge-fund firm run by Seth Klarman, sold shares of News Corp. in the first quarter while adding to positions in BP Plc and American International Group Inc.
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Seth Klarman almost doubled his hedge fund’s assets to $22 billion in the past two years as the industry shrank by sticking with the off-the-beaten-path investments he’s pursued since starting out in 1983.
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Billionaire George Soros and Och- Ziff Capital Management Group LLC scaled back investments in American International Group Inc. and Baupost Group LLC took a stake as the U.S. bailout of the insurer wound down.
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Baupost Group LLC, the Boston-based hedge fund run by Seth Klarman, sold its remaining stakes in Hewlett-Packard Co. and Microsoft Corp. in the fourth quarter, abandoning bets on two firms tied to the personal-computer business.
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Hewlett-Packard Co.’s value is proving elusive for prominent value investors stung by the technology stock’s deepening slump.
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Walter Schloss, the money manager who earned accolades from Warren Buffett for the steady returns he achieved by applying lessons learned directly from the father of value investing, Benjamin Graham, has died. He was 95.
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Chuck Akre beat 99 percent of peers over more than a decade picking stocks based on price and ignoring much of what happened in the economy and government. He changed his approach after his fund declined 34 percent in 2008.
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Seth Klarman, the hedge-fund manager who runs Boston-based Baupost Group LLC, said risks to financial markets today are in some ways greater than they were before the 2008 crisis once governments around the world halt their aggressive stimulus.
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David Winters likes to quote hockey great Wayne Gretzky, who said the key to success was skating to where the puck was going to be, not where it had been.
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