Rare Seth Klarman Article: Why Value Investors Are Different [Pt. 2]

On February 15, 1999, Barron’s magazine published an opinion piece entitled, Why Value Investors Are Different. The article looked at one of the most important periods of Warren Buffett’s career, and was written by none other than Seth A. Klarman.

This is the second part of a two-part series on the article. You can find part one here.

As usual, Seth Klarman’s insights in the article are invaluable and he covers everything from Warren Buffett’s greatest trade (part one), all the way through to the conviction required to succeed as a value investor (part two).

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Seth Klarman: History doesn’t repeat itself

After describing Warren Buffett’s actions during the early 70s...