Much of his advice focuses on the psychology of value investing. “Investing is the intersection of economics and psychology,” Klarman says. “The economics, the valuation of the business, is not hard. The psychology — How much do you buy? Do you buy it at this price? Do you wait for a lower price? What do you do when it looks like the world might end? Those are the harder things.”
An Interview with Seth Klarman and Charlie Rose from Facing History and Ourselves on Vimeo.
