In February 2009, Seth Klarman wrote a piece for the Value Investor Insight publication entitled, The Value Of Not Being Sure.
The piece, written during the midst of the financial crisis, laid out Seth Klarman:’s trading strategy for the period of turbulence. And the article offered advice as to how investors should deal with the volatility. This information is relevant for today’s market as much as it was at the time.
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Erratic Mr. Market
The first paragraph was titled: Erratic Mr. Market. Seth Klarman noted that at the time, the short-termism of the market had overwhelmed many market participants. As a result, trading had become erratic as investors’ time horizons dropped to days, rather than years:
“Time horizons have shortened even...
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