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BAUPOST GROUP'S
SETH KLARMAN
Excerpted from the Outstanding Investor Digest, March 17, 2009 Edition
"It's a great time to be a value investor.
The competition seems to have gone away."
Re-reading Seth Klarman's annual letter from a year ago, it's remarkable just how many of his warnings turned out to be tomorrow's headlines. Among those warnings were that the subprime mortgage debacle and housing contraction were likely to be "the first failure in a broader reckoning," that increased risk aversion would lead to tighter lending standards, higher borrowing costs, less economic activity and lower securities prices Ñ and finally, that, "We will not be certain until much later whether the so-called bargains of January, 2008 were truly undervalued or merely dangerous temptations to value-starved investors." Well, needless to say, that verdict is in.
WESCO FINANCIAL'S
CHARLIE MUNGER
"Annual Meeting - May 2, 2001"
When asked at the 2001 Berkshire Hathaway annual meeting what investment advice he had for a young person, Warren Buffett responded: "...If you're interested in financial matters, getting a stake early is very useful and getting knowlege early is useful.... Just try to keep accumulating knowledge. That's one of the beauties of the business that Charlie and I are in - everything is cumulative. The stuff I learned at 20 is useful today - not necessarily in the same way and not necessarily every day, but it's useful. So you're building a database in your mind that's going to pay off over time."
We can't think of a more valuable cumulative database of insights into the investment scene, human nature, etc., than the words of Buffett and his partner Charlie Munger. And in the interest of keeping that database as complete as possible, we're pleased to bring you our previously unpublished coverage of Wesco Financial's 2001 annual meeting. As always, we highly recommend that you read it (and reread it, etc.).
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SEQUOIA FUND'SBILL RUANE, BOB GOLDFARB, ET AL.
"Annual Meeting - April 19, 2002"
When Warren Buffett wound up Buffett Partnership, he recommended Bill Ruane to those of his limited partners who wished to remain in stocks. The vehicle Ruane formed to serve those partners - Sequoia Fund - began operations on July 15, 1970. And Sequoia's record has been one of the best among mutual funds despite carrying large cash balances during most of that period.
Since its inception, Sequoia has earned a compound annual return of 16.8% versus 12.1% for the S&P 500 through June 30, 2002. And it appears that the fund's recent performance stacks up pretty nicely, too - with it having been down only 3.6% year-to-date, versus a loss of 21.4% for the S&P 500 through July 30, 2002.
We're pleased to bring you the following excerpts from comments by Ruane, co-portfolio manager Bob Goldfarb, Jon Brandt and other members of the Ruane, Cunniff team at this year's annual meeting of Sequoia shareholders which was held April 19, 2002. We hope you find it as interesting as we do.
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