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TIP737: Margin Of Safety by Seth Klarman w/ Kyle Grieve

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Manage episode 494133084 series 1394353
Content provided by Stig Brodersen and The Investor's Podcast Network. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Stig Brodersen and The Investor's Podcast Network or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.

On today’s episode, Kyle Grieve discusses the principles of value investing, including how to distinguish between speculation and true investing, the dangers of Wall Street's incentive structures, and the importance of prioritizing downside protection over upside potential. We’ll also delve into discipline for value investing, how to develop a margin of safety mindset, and how to build a risk-averse strategy and portfolio.

IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:04 - Why most investors speculate rather than invest—and how to tell the difference

11:01 - Why fund managers have structural weaknesses that require them to prioritize the wrong things

13:26 - Why EBITDA can mislead—and how it hides a business’s actual condition

16:46 - Why value investors focus more on downside protection than upside potential

18:47 - How to think about margin of safety when constructing a portfolio

31:51 - The three temperamental traits most critical to successful value investing

36:38 - Why value investors hold cash and how they use it as a strategic weapon

44:00 - A detailed breakdown of how Klarman values businesses

20:06 - The major types of value opportunities—and where to find them

1:02:49 - Klarman’s perspective on diversification and intelligent position sizing

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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1074 episodes

Artwork
iconShare
 
Manage episode 494133084 series 1394353
Content provided by Stig Brodersen and The Investor's Podcast Network. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Stig Brodersen and The Investor's Podcast Network or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.

On today’s episode, Kyle Grieve discusses the principles of value investing, including how to distinguish between speculation and true investing, the dangers of Wall Street's incentive structures, and the importance of prioritizing downside protection over upside potential. We’ll also delve into discipline for value investing, how to develop a margin of safety mindset, and how to build a risk-averse strategy and portfolio.

IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:04 - Why most investors speculate rather than invest—and how to tell the difference

11:01 - Why fund managers have structural weaknesses that require them to prioritize the wrong things

13:26 - Why EBITDA can mislead—and how it hides a business’s actual condition

16:46 - Why value investors focus more on downside protection than upside potential

18:47 - How to think about margin of safety when constructing a portfolio

31:51 - The three temperamental traits most critical to successful value investing

36:38 - Why value investors hold cash and how they use it as a strategic weapon

44:00 - A detailed breakdown of how Klarman values businesses

20:06 - The major types of value opportunities—and where to find them

1:02:49 - Klarman’s perspective on diversification and intelligent position sizing

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

NEW TO THE SHOW?

SPONSORS Support our free podcast by supporting our sponsors:

HELP US OUT!

Help us reach new listeners by leaving us a ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠rating and review⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

Learn more about your ad choices. Visit megaphone.fm/adchoices

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

  continue reading

1074 episodes

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