Podcasts about klarman

To finish our exploration of place in Season 4, we spend an entire day in Temple of Zeus, a cafe in between Klarman and Goldwin Smith Halls. We talk to people studying, coffee chatting, and doing otherwise to try to learn something about our campus. Follow us on Instagram @cornellclaritas or visit our website cornellclaritas.com

In this episode of Consider the Constitution, Professor Michael J Klarman delves into the intricate history behind the drafting and ratification of the U.S. Constitution. He explores the compromises and debates between competing interest groups at the Constitutional Convention, the evolution of democracy since its ratification, and the unique challenges posed by the Constitution's rigidity. Klarman also sheds light on James Madison's indispensable role in the creation and defense of this foundational document. 

Seth Klarman is the Best Investor You've Never Heard Of. Warren Buffett even recommends him (privately).

This episode surveys the current stock portfolio of super-investor Seth Klarman, investigating which stocks value investor Klarman was buying and selling for the Baupost Group portfolio during Q4 2023. We also take a closer look at a small selection of them. Related episodes: Super Investor Stock Portfolios Playlist https://youtube.com/playlist?list=PLrNjj1l3MS7WB9vDpdIyccwd7mE69v1CX&si=AQexbPXo5jI6REAL Investor Seth Klarman on the Everything Bubble https://youtu.be/C4rs2M_lOKw Join The Art of Value Patreon community for exclusive videos and more: https://www.patreon.com/TheArtofValue I use TIKR Terminal to help analyze great businesses, follow top investor portfolios, and help monitor my portfolio (referral link): http://tikr.com/theartofvalue I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (referral link): https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581 Disclaimer: I am not a financial adviser and nothing in this content is financial advice. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

This episode surveys the current stock portfolio of super-investor Seth Klarman, investigating which stocks value investor Klarman was buying and selling for the Baupost Group portfolio during Q4 2023. We also take a closer look at a small selection of them. Related episodes: Super Investor Stock Portfolios Playlist https://youtube.com/playlist?list=PLrNjj1l3MS7WB9vDpdIyccwd7mE69v1CX&si=AQexbPXo5jI6REAL Investor Seth Klarman on the Everything Bubble https://youtu.be/C4rs2M_lOKw Join The Art of Value Patreon community for exclusive videos and more: https://www.patreon.com/TheArtofValue I use TIKR Terminal to help analyze great businesses, follow top investor portfolios, and help monitor my portfolio (referral link): http://tikr.com/theartofvalue I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (referral link): https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581 Disclaimer: I am not a financial adviser and nothing in this content is financial advice. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

Here's a look at the most popular stocks that super investors, who are many of the top investment managers in the world, were buying during the past quarter, Q3 2023. We also take a closer look at some of those top stock picks.  Related episodes: Guru Portfolios Q3 2023: Pabrai, Akre, Klarman, Gayner https://youtu.be/mWr4JNZR7z8 Alibaba Stock Earnings & My Thoughts on Crashed BABA Stock https://youtu.be/8P23n3c8Z3I Show your appreciation for The Art of Value by buying JJ a coffee! https://www.buymeacoffee.com/jjprojects I use TIKR Terminal to help analyze great businesses, follow top investor portfolios, and help monitor my portfolio (referral link): http://tikr.com/theartofvalue Using a referral link helps support the show, thanks! I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (refferal link): https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581 The main investment brokerage I use to buy international stocks, and to hold cash at good interest rates, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664 Disclaimer: I am not a financial adviser and nothing in this content is financial advice. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

Here's a look at the most popular stocks that super investors, who are many of the top investment managers in the world, were buying during the past quarter, Q3 2023. We also take a closer look at some of those top stock picks.  Related episodes: Guru Portfolios Q3 2023: Pabrai, Akre, Klarman, Gayner https://youtu.be/mWr4JNZR7z8 Alibaba Stock Earnings & My Thoughts on Crashed BABA Stock https://youtu.be/8P23n3c8Z3I Show your appreciation for The Art of Value by buying JJ a coffee! https://www.buymeacoffee.com/jjprojects I use TIKR Terminal to help analyze great businesses, follow top investor portfolios, and help monitor my portfolio (referral link): http://tikr.com/theartofvalue Using a referral link helps support the show, thanks! I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (refferal link): https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581 The main investment brokerage I use to buy international stocks, and to hold cash at good interest rates, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664 Disclaimer: I am not a financial adviser and nothing in this content is financial advice. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

Here's a look at the stock portfolio updates of four guru or superinvestors from Q3 2023. The investors are Mohnish Pabrai, Chuck Akre, Seth Klarman, and Thomas Gayner.  See below timestamps: 00:00 Super investor portfolios - Fish where the fish are 00:52 Mohnish Pabrai - Pabrai Investments portfolio 03:58 Arch Resources (ARCH) 07:00 Chuck Akre - Akre Capital Management portfolio 12:57 Seth Klarman - Baupost Group portfolio 15:19 Tower Semiconductor Ltd (TSEM) 17:33 Clarivate PLC (CLVT) 18:50 Thomas Gayner - Markel Asset Management portfolio Related episode: Chuck Akre Said This About How to Find 100 Baggers https://youtu.be/xoKe1AvquTI The Art of Value Livestream YT channel: Stocks Today With JJ https://www.youtube.com/@TheArtofValue Show your appreciation by buying JJ a coffee! https://www.buymeacoffee.com/jjprojects Featured investment book: Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life by William Green (refferal link): https://amzn.to/47uztRB I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (refferal link): https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581 Using a referral link helps support the show, thanks! I use TIKR Terminal to help analyze great businesses, follow top investor portfolios, and help monitor my portfolio (referral link): http://tikr.com/theartofvalue Disclaimer: I am not a financial adviser and nothing in this content is financial advice. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

Here's a look at the stock portfolio updates of four guru or superinvestors from Q3 2023. The investors are Mohnish Pabrai, Chuck Akre, Seth Klarman, and Thomas Gayner.  See below timestamps: 00:00 Super investor portfolios - Fish where the fish are 00:52 Mohnish Pabrai - Pabrai Investments portfolio 03:58 Arch Resources (ARCH) 07:00 Chuck Akre - Akre Capital Management portfolio 12:57 Seth Klarman - Baupost Group portfolio 15:19 Tower Semiconductor Ltd (TSEM) 17:33 Clarivate PLC (CLVT) 18:50 Thomas Gayner - Markel Asset Management portfolio Related episode: Chuck Akre Said This About How to Find 100 Baggers https://youtu.be/xoKe1AvquTI The Art of Value Livestream YT channel: Stocks Today With JJ https://www.youtube.com/@TheArtofValue Show your appreciation by buying JJ a coffee! https://www.buymeacoffee.com/jjprojects Featured investment book: Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life by William Green (refferal link): https://amzn.to/47uztRB I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (refferal link): https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581 Using a referral link helps support the show, thanks! I use TIKR Terminal to help analyze great businesses, follow top investor portfolios, and help monitor my portfolio (referral link): http://tikr.com/theartofvalue Disclaimer: I am not a financial adviser and nothing in this content is financial advice. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

PayPal stock has dropped over 80% in the US stock market since mid-2021. Is PYPL stock worth buying because of this? Is PYPL a value stock or a value trap? Will PayPal stock outperform the stock market benchmark over the coming years? I analyze PayPal in this episode, to see some of the possibilities ahead for the company and stock. See below timestamps: 00:00 PYPL stock drop, and PayPal's new CEO Alex Chriss 01:28 The company and sector, strategic analysis - pros and cons 03:02 Some changing metrics over time - competitive pressures 04:36 Significant Free Cash Flow but facing competition 06:13 Does the stock price drop mean big upside to come? 07:30 Is PayPay stock a buy? Biggest opportunity since the META stock drop? Related episodes: Guru Portfolios Q2 2023: Pabrai, Akre, Klarman, Gayner https://youtu.be/oxAXpnu3oXY Show your appreciation by buying JJ a coffee: https://www.buymeacoffee.com/jjprojects The main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664 Using a referral link helps support the pod, thanks! I use TIKR Terminal to help analyze great businesses, follow top investor portfolios, and help monitor my portfolio (referral link): http://tikr.com/theartofvalue Disclaimer: I am not a financial adviser and nothing in this content is financial advice. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

PayPal stock has dropped over 80% in the US stock market since mid-2021. Is PYPL stock worth buying because of this? Is PYPL a value stock or a value trap? Will PayPal stock outperform the stock market benchmark over the coming years? I analyze PayPal in this episode, to see some of the possibilities ahead for the company and stock. See below timestamps: 00:00 PYPL stock drop, and PayPal's new CEO Alex Chriss 01:28 The company and sector, strategic analysis - pros and cons 03:02 Some changing metrics over time - competitive pressures 04:36 Significant Free Cash Flow but facing competition 06:13 Does the stock price drop mean big upside to come? 07:30 Is PayPay stock a buy? Biggest opportunity since the META stock drop? Related episodes: Guru Portfolios Q2 2023: Pabrai, Akre, Klarman, Gayner https://youtu.be/oxAXpnu3oXY Show your appreciation by buying JJ a coffee: https://www.buymeacoffee.com/jjprojects The main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664 Using a referral link helps support the pod, thanks! I use TIKR Terminal to help analyze great businesses, follow top investor portfolios, and help monitor my portfolio (referral link): http://tikr.com/theartofvalue Disclaimer: I am not a financial adviser and nothing in this content is financial advice. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

Uri Klarman is the Co-Founder & CEO of BloXroute Labs (https://bloxroute.com). Backed by Dragonfly, Lightspeed Venture Partners, SoftBank, & more, BloXroute Labs has created the first and fastest blockchain distribution network—across transaction propagation (400-1000ms faster), block propagation (up to 2 seconds faster), mempool service (50-400 ms faster), and more. In this episode we discuss Uri's journey into crypto from a Northwestern PhD program, how the future changes because of bloXroute's work, what crypto is getting right and getting wrong in 2023, & much more.Recorded Monday October 2nd, 2023.

#163 Today's guest is David Alperovitz— an assistant professor of psychology in the Department of Psychiatry at Harvard Medical School and the current program director of the Klarman Eating Disorders Center at McLean Hospital, where he has worked for over 25 years. We discuss his experiences working with people with trauma, eating disorders, and OCD, the role of courage in those being treated for mental health disorders, his work at the Klarman Eating Disorders Center and what the center's treatment approach looks like, key things people should look for when seeking evidence-based treatment for an eating disorder, things he wishes the general public knew about eating disorders and OCD, what eating disorders have in common with anxiety disorders and OCD, his advice for someone experiencing an eating disorder who is considering reaching out for help, and tips from his work at Klarman that teens can incorporate into their daily lives. MENTIONED+ Klarman Eating Disorders Center+ Contact DavidSHOP GUEST RECOMMENDATIONS: https://amzn.to/3A69GOCLET'S CONNECT+ Instagram (@shepersistedpodcast)+ Website (shepersistedpodcast.com)+ YouTube (Sadie Sutton: She Persisted Podcast)+ Twitter (@persistpodcast)+ Facebook (@shepersistedpodcast)+ TikTok (@shepersistedpodcast)+ inquiries@shepersistedpodcast.com© 2020 She Persisted LLC. This podcast is copyrighted subject matter owned by She Persisted LLC and She Persisted LLC reserves all rights in and to the podcast. Any use without She Persisted LLC's express prior written consent is prohibited.

In two of the latest Mohnish Pabrai interviews, the well known value investor and fund manager discussed why he thinks Tencent is a superior company to Alibaba, indicating that he thinks Tencent stock should perform better than Alibaba stock over the long term. Pabrai sold BABA stock and switched it for a stake in Tencent, via a company called Prosus. Pabrai provides a brief and partial Tencent stock analysis, comparing it with Alibaba. Timestamps 00:00 Mohnish Pabrai on Alibaba vs Tencent 00:33 Switching from BABA stock to Tencent, via Prosus 01:27 Tencent's Pony Ma, an extraordinary entrepreneur 02:32 Why BABA and Tencent investments haven't worked so far 03:56 BABA and the too hard pile 05:02 Tencent getting an easier ride: Pony Ma vs Jack Ma 06:23 Benefits of investing in smaller companies globally instead Related episodes: Guru Portfolios Q2 2023: Pabrai, Akre, Klarman, Gayner https://youtu.be/oxAXpnu3oXY Alibaba Earnings  - Return to Growth! | BABA Stock https://youtu.be/cxh_-fCWjxU Alibaba Stock: CEO Quits! George Soros Buys BABA Stock https://youtu.be/FbUoblWv50s Chris Mayer 100 Baggers: Stocks That Return 100 to 1! https://youtu.be/59CuGd2aAwg Investing Books mentioned: 100 Baggers: Stocks That Return 100-to-1 and How To Find Them, by Chris Mayer (referral link) https://amzn.to/44ZJk0f Investing for Growth: How to make money by only buying the best companies in the world, by Terry Smith (referral link) https://amzn.to/3EFZXmV Using a referral link helps support the pod, thanks! The main investment brokerage I use to buy international stocks, and to hold cash at good interest rates, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664 I use TIKR Terminal to help analyze great businesses, follow top investor portfolios, and help monitor my portfolio (referral link): http://tikr.com/theartofvalue Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

In two of the latest Mohnish Pabrai interviews, the well known value investor and fund manager discussed why he thinks Tencent is a superior company to Alibaba, indicating that he thinks Tencent stock should perform better than Alibaba stock over the long term. Pabrai sold BABA stock and switched it for a stake in Tencent, via a company called Prosus. Pabrai provides a brief and partial Tencent stock analysis, comparing it with Alibaba. Timestamps 00:00 Mohnish Pabrai on Alibaba vs Tencent 00:33 Switching from BABA stock to Tencent, via Prosus 01:27 Tencent's Pony Ma, an extraordinary entrepreneur 02:32 Why BABA and Tencent investments haven't worked so far 03:56 BABA and the too hard pile 05:02 Tencent getting an easier ride: Pony Ma vs Jack Ma 06:23 Benefits of investing in smaller companies globally instead Related episodes: Guru Portfolios Q2 2023: Pabrai, Akre, Klarman, Gayner https://youtu.be/oxAXpnu3oXY Alibaba Earnings  - Return to Growth! | BABA Stock https://youtu.be/cxh_-fCWjxU Alibaba Stock: CEO Quits! George Soros Buys BABA Stock https://youtu.be/FbUoblWv50s Chris Mayer 100 Baggers: Stocks That Return 100 to 1! https://youtu.be/59CuGd2aAwg Investing Books mentioned: 100 Baggers: Stocks That Return 100-to-1 and How To Find Them, by Chris Mayer (referral link) https://amzn.to/44ZJk0f Investing for Growth: How to make money by only buying the best companies in the world, by Terry Smith (referral link) https://amzn.to/3EFZXmV Using a referral link helps support the pod, thanks! The main investment brokerage I use to buy international stocks, and to hold cash at good interest rates, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664 I use TIKR Terminal to help analyze great businesses, follow top investor portfolios, and help monitor my portfolio (referral link): http://tikr.com/theartofvalue Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

In today's episode Dan and Sam are joined by Uri Klarman, Co-Founder and CEO of BloXroute Labs. Uri and the guys first take stock of MEV boost transaction life cycles, Searcher/Builder integrations, and builder relays. Uri unpacks blockchain distribution networks and how BloXroute is the first ultra-fast BDN. Uri then shares his MEV end-state thesis, the Base Layer vs L2 conflict as a result, and the impacts of decreased block times across Ethereal vs Solana. Uri, Dan, and Sam then close out on the negative externalities as a result of blockchain distribution network efficiencies and the emerging validators requirement to enable instant inclusion. Enjoy! - - Follow Uri: https://twitter.com/uriklarman Follow Sam: https://twitter.com/swmartin19 Follow Dan: https://twitter.com/smyyguy Follow Blockworks Research: https://twitter.com/blockworksres Subscribe on YouTube: https://bit.ly/3foDS38 Subscribe on Apple: https://apple.co/3SNhUEt Subscribe on Spotify: https://spoti.fi/3NlP1hA Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Hexens is the premier cybersecurity provider in web3 with an essential focus on blockchain technologies. Always exceeding clients' expectations, Hexens is a trusted security partner of the most prominent web3 projects like Polygon & zkEVM, 1inch, Lido, Nubank, TON, Risc0, EigenLayer, Mantle, Celo and more. https://hexens.io/ - - Timestamps: (00:00) Introduction (05:46) ”Hexens Ad” (06:51) Transaction Life Cycle Through MEV Boost (20:03) Searcher/Builder Integration  (27:34) Builder Relays  (33:39) MEV End-state (50:13) Base Layer vs L2 Resolution (54:23) Solana vs Ethereum: Lower Block Time Impacts (1:02:05) Instant Inclusion Counter Argument (1:05:42) Negative Impact of BDN Efficiencies: Gas Fee Increases (1:08:34) Validators Requirement to Enable Instant Inclusion  - - Resources: Payload https://payload.de  BloXroute Labs https://bloxroute.com/ - - Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place Blockworks Research: https://www.blockworksresearch.com/ Free Daily Newsletter: https://blockworks.co/newsletter - - Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Dan, Sam, and our guests may hold positions in the companies, funds, or projects discussed.

Legendary "Big Short" Investor Michael Burry just revealed a new big short! I look at how Burry's shorting the US stock market, and I also take a look at his new long stock portfolio updates. Timestamps: 00:00 Michael Burry Intro 00:24 Michael Burry's 2 new big short positions 03:34 Burry's pessimistic outlook 04:40 Past and future SPY and QQQ 06:41 Burry's Q2 long stock investments 08:27 Burry's Q2 sold stocks 10:12 Deep value + macro investing 11:25 Net-flat market for next decade? 12:53 Final thoughts Related episodes: Guru Portfolios Q2 2023: Pabrai, Akre, Klarman, Gayner https://youtu.be/oxAXpnu3oXY Guru Portfolios Q2 2023: Li Lu & David Tepper https://youtu.be/shsDsTjUQN8 The main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664 Using a referral link helps support the show, thanks! I use TIKR Terminal to help analyze great businesses, follow top investor portfolios, and help monitor my portfolio (referral link): http://tikr.com/theartofvalue Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

Legendary "Big Short" Investor Michael Burry just revealed a new big short! I look at how Burry's shorting the US stock market, and I also take a look at his new long stock portfolio updates. Timestamps: 00:00 Michael Burry Intro 00:24 Michael Burry's 2 new big short positions 03:34 Burry's pessimistic outlook 04:40 Past and future SPY and QQQ 06:41 Burry's Q2 long stock investments 08:27 Burry's Q2 sold stocks 10:12 Deep value + macro investing 11:25 Net-flat market for next decade? 12:53 Final thoughts Related episodes: Guru Portfolios Q2 2023: Pabrai, Akre, Klarman, Gayner https://youtu.be/oxAXpnu3oXY Guru Portfolios Q2 2023: Li Lu & David Tepper https://youtu.be/shsDsTjUQN8 The main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664 Using a referral link helps support the show, thanks! I use TIKR Terminal to help analyze great businesses, follow top investor portfolios, and help monitor my portfolio (referral link): http://tikr.com/theartofvalue Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

Here's a detailed look at the stock portfolio updates of two guru or superinvestors from Q2 2023: Li Lu of Himalaya Capital Management and David Tepper of Appaloosa Management. See timestamps below for investor sections. Timestamps: 00:00 Li Lu and David Tepper Intro 00:15 Li Lu portfolio overview 01:10 Micron Technology (MU) 02:29 East West Bancorp (EWBC) 02:53 Postal Saving Bank of China (SHA: 601658) 03:33 David Tepper portfolio overview 03:46 Nvidia (NVDA) 04:44 Tepper stock buys and sells 08:13 Alibaba (BABA) 10:20 Uber (UBER) 11:20 Pinduoduo (PDD) 11:48 Previous update: Pabrai, Akre, Klarman, Gayner Related episodes: Guru Portfolios Q2 2023: Pabrai, Akre, Klarman, Gayner https://youtu.be/oxAXpnu3oXY Everything Mohnish Pabrai Said About Investor Li Lu https://youtu.be/rqz0_soraHI Why Druckenmiller Owns Nvidia Despite "Nosebleed Territory” https://youtu.be/QP496jwcumk Crucial Reason Mohnish Pabrai is Buying Micron: OLIGOPOLY! | MU Stock https://youtu.be/moqHjmcItFg I use TIKR Terminal to help analyze great businesses, follow top investor portfolios, and help monitor my portfolio (referral link): http://tikr.com/theartofvalue Using a referral link helps support the show, thanks! The main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664 Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

Here's a detailed look at the stock portfolio updates of two guru or superinvestors from Q2 2023: Li Lu of Himalaya Capital Management and David Tepper of Appaloosa Management. See timestamps below for investor sections. Timestamps: 00:00 Li Lu and David Tepper Intro 00:15 Li Lu portfolio overview 01:10 Micron Technology (MU) 02:29 East West Bancorp (EWBC) 02:53 Postal Saving Bank of China (SHA: 601658) 03:33 David Tepper portfolio overview 03:46 Nvidia (NVDA) 04:44 Tepper stock buys and sells 08:13 Alibaba (BABA) 10:20 Uber (UBER) 11:20 Pinduoduo (PDD) 11:48 Previous update: Pabrai, Akre, Klarman, Gayner Related episodes: Guru Portfolios Q2 2023: Pabrai, Akre, Klarman, Gayner https://youtu.be/oxAXpnu3oXY Everything Mohnish Pabrai Said About Investor Li Lu https://youtu.be/rqz0_soraHI Why Druckenmiller Owns Nvidia Despite "Nosebleed Territory” https://youtu.be/QP496jwcumk Crucial Reason Mohnish Pabrai is Buying Micron: OLIGOPOLY! | MU Stock https://youtu.be/moqHjmcItFg I use TIKR Terminal to help analyze great businesses, follow top investor portfolios, and help monitor my portfolio (referral link): http://tikr.com/theartofvalue Using a referral link helps support the show, thanks! The main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664 Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

Here's a look at the portfolio updates of four guru or superinvestors from Q2 2023. The investors include Mohnish Pabrai, Chuck Akre, Seth Klarman, and Thomas Gayner. See timestamps below for investor sections. Timestamps: 00:00 Guru portfolios Q2 2023 Intro 00:26 Mohnish Pabrai - Pabrai Investments 03:04 Alpha Metallurgical Resources (ticker: AMR) 07:00 Consol Energy Inc (stock ticker: CEIX) 08:25 Brookfield Corp (stock ticker: BN) 09:52 Micron Technology (stock ticker: MU) 10:58 Chuck Akre - Akre Capital Management 14:56 Thomas Gayner - Markel Asset Management 20:11 Seth Klarman - Baupost Group Related episodes: Crucial Reason Mohnish Pabrai is Buying Micron: OLIGOPOLY! | MU Stock https://youtu.be/moqHjmcItFg Everything Mohnish Pabrai Said About Investor Li Lu https://youtu.be/rqz0_soraHI Chuck Akre Said This About How to Find 100 Baggers https://youtu.be/xoKe1AvquTI Investor Seth Klarman on the Everything Bubble https://youtu.be/C4rs2M_lOKw Guru Portfolios: Buffett, Pabrai, Li Lu, Akre, Ackman, Tepper, Gayner https://youtu.be/PfnuMxrVAhc I use TIKR Terminal to help analyze great businesses, follow top investor portfolios, and help monitor my portfolio (referral link): http://tikr.com/theartofvalue Using a referral link helps support the show, thanks! The main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664 Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

Here's a look at the portfolio updates of four guru or superinvestors from Q2 2023. The investors include Mohnish Pabrai, Chuck Akre, Seth Klarman, and Thomas Gayner. See timestamps below for investor sections. Timestamps: 00:00 Guru portfolios Q2 2023 Intro 00:26 Mohnish Pabrai - Pabrai Investments 03:04 Alpha Metallurgical Resources (ticker: AMR) 07:00 Consol Energy Inc (stock ticker: CEIX) 08:25 Brookfield Corp (stock ticker: BN) 09:52 Micron Technology (stock ticker: MU) 10:58 Chuck Akre - Akre Capital Management 14:56 Thomas Gayner - Markel Asset Management 20:11 Seth Klarman - Baupost Group Related episodes: Crucial Reason Mohnish Pabrai is Buying Micron: OLIGOPOLY! | MU Stock https://youtu.be/moqHjmcItFg Everything Mohnish Pabrai Said About Investor Li Lu https://youtu.be/rqz0_soraHI Chuck Akre Said This About How to Find 100 Baggers https://youtu.be/xoKe1AvquTI Investor Seth Klarman on the Everything Bubble https://youtu.be/C4rs2M_lOKw Guru Portfolios: Buffett, Pabrai, Li Lu, Akre, Ackman, Tepper, Gayner https://youtu.be/PfnuMxrVAhc I use TIKR Terminal to help analyze great businesses, follow top investor portfolios, and help monitor my portfolio (referral link): http://tikr.com/theartofvalue Using a referral link helps support the show, thanks! The main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664 Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

Comparing Israel's Supreme Court to America's Supreme Court. 64 Israeli legislators, a slim majority of the Knesset, voted on Monday, July 24, to amend one of Israel's Basic Laws, and in so doing, they took away the Israeli Supreme Court's ability to strike down decisions that it finds "unreasonable in the extreme." WSJ, 7/24/23. As my guests in this episode, Dr. Guy Lurie and Dr. Amir Fuchs explain, the news media, including our news media here in the U.S., simply exaggerate the application of the unreasonable standard at issue here. Israel Supreme Court's "unreasonableness Standard" is not used for constitutional or policy matters. Rather, it only applies to a narrow category of administrative cases. For example, the hiring and firing of top government officials. Without this power to check the government's administrative actions, Mr. Netanyahu could potentially fire Israel's attorney general, who is an outspoken critic of his administration and is steadfastly independent. And oh yes, Israel's AG is also in charge of investigating and prosecuting corruption charges currently pending against Mr. Netanyahu! Back in April, I had a conversation with Dr. Gideon Rahat, a Senior Fellow at the Israel Democracy Insitute. He told me that this moment is the most central crisis in Israel's history, and he relayed to me that some people even liken it to war. He explained that this crisis has to do with Israel's national identity, and he described how essential the Supreme Court is to democracy in Israel because compared to the U.S., Israel has a poor system of checks and balances. And that's what this episode is all about - Israel's Supreme Court. For example, how does Israel's Supreme Court compare to our Supreme Court? Does Israel's Supreme Court have the same relationship with Israel's legislative and executive government branches as the US Supreme Court has with Congress and the White House? Mr. Netanyahu seems to think so (listen to the episode and you'll get this). But Dr. Lurie and Dr. Fuchs disagree! Dr. Guy Lurie is a Research Fellow in the Democratic Values and Institutions Program of the Israel Democracy Institute. He is an attorney and holds a Ph.D. in History from Georgetown University. Dr. Amir Fuchs is a Senior Researcher at the Center for Democratic Values and Institutions at the Israel Democracy Institute. He holds a doctorate from the Faculty of Law at the Hebrew University of Jerusalem and is a lecturer in the Politics and Communication Department at the School of Government and Social Sciences at Hadassah Academic College. S3E14: Dr. Rahat re Israel's democracy: https://bit.ly/HbN-S3E14s S3E26: Dr. Klarman re history of the US Supreme Court: https://bit.ly/HbN-S3E26s I hope you enjoy these episodes. Adel Host of the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠History Behind News⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ podcast Watch my guests & I ⁠⁠⁠on YouTube⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠SUPPORT⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Click here⁠ and join⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ our other supporters in the news peeler community. Thank you.

Can Congress take away SCOTUS jurisdiction? Can states defy SCOTUS? Has SCOTUS lost its power and prestige? Is SCOTUS a political institution? Do its holdings bend to popular culture? Can universities consider race in their admissions process? No, they cannot... because the U.S. Supreme Court said so on Thursday, June 29th. Can a web designer refuse to provide services for same-sex marriages based on her First Amendment rights? Yes, she can... because the U.S. Supreme Court said so on Friday, June 30th. Can a web designer refuse to provide services for same-sex marriages based on her First Amendment rights? Yes, she can... because the U.S. Supreme Court said so on Friday, June 30th. But where does the Supreme Court get its power? And where does it get its prestige? And are the Supreme Court's power and prestige eroding? Now that everything is so polarized! Now that serious allegations of ethical misconduct have been raised about Justice Clarence Thomas, and to much lesser extent regarding Chief Justice Roberts and Justice Neil Gorsuch! To better understand this history, the history of the US Supreme Court's prestige and power, and to better understand its politics, as in, is the highest court in the land inherently a political institution? And whether or not it bends to America's popular sentiments? I spoke with Dr. Michael Klarman, who digs deeps into centuries past, going back to the Court's early years, to answer these important questions in the historical context with vivid examples and familiar stories that you thought you knew but I bet you may be surprised to learn otherwise now. I know I was surprised many times by what I learned during this conversation. For example, did you know that the U.S. Congress can take away the Supreme Court's jurisdiction on a case pending before it? A 'wow" is warranted here, right? What about separation of powers? What about our systems of checks and balances? Dr. Klarman is the Charles Warren Professor of Legal History at Harvard Law School. He has won numerous awards for his teaching and scholarship, which are primarily in the areas of Constitutional Law and Constitutional History. In 2009 he was inducted into the American Academy of Arts & Sciences. In 2020, he authored the Foreword to the Harvard Law Review's annual Supreme Court issue, which is titled “The Degradation of American Democracy—and the Court.” He is author of many books, including this one: The Framers' Coup: The Making of the United States Constitution, a book that was a finalist for the George Washington Book Prize. To learn more about Dr. Klarman, you can visit his academic homepage. Also, you should definitely check out my conversation with Dr. Gideon Rahat of the Hebrew University of Jerusalem about Israel's Supreme Court and Mr. Netanyahu's attempts to reform his country's judiciary. Dr. Rahat is a Senior Fellow at the Israel Democracy Institute, and he draws important distinctions between Israel's democracy and ours. He talks about how integral Israel's Supreme Court is to that country's democracy because it's the only check on Israel's government. I hope you enjoy these episodes. Adel Host of the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠History Behind News⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ podcast ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠SUPPORT⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Click here⁠ and join⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ our other supporters in the news peeler community. Thank you.

In this episode I summarize and discuss a recent interview with legendary value investor Seth Klarman. During the interview Klarman discussed the “Everything Bubble” he sees unwinding, the investing opportunities that's bringing, the nature of value investing in relation to growth, buying quality companies at the right price, how to get an edge in the competitive investing environment today, technology investing in inefficient markets, Bitcoin, the current macroeconomic environment, and more. Timestamps: 00:00 Seth Klarman Intro 00:37 Security Analysis revised  00:59 The Everything Bubble 02:05 The Bubble timeline and investing opportunities: 4/10 03:26 Then and now: railroads to SPACs and crypto 04:44 What is value investing? Klarman's definition  05:48 How to think about growth in investing 06:10 Not overpaying for quality companies 06:54 Warren Buffett and buying the Index  07:37 How to get an edge 08:15 Inefficient markets and mis-priced stocks: META 09:09 Thoughts on technology disruption and crypto 09:43 Is Bitcoin digital gold? 10:32 Macroeconomic prediction and investing Related episodes: Why Druckenmiller Owns Nvidia Despite "Nosebleed Territory” https://youtu.be/QP496jwcumk Are AI Stocks A Bubble? Druckenmiller, Greenblatt Said… https://youtu.be/KmlXeoM5LLY Peter Lynch's 2023 Advice on Buying Stocks - Rare Interview https://youtu.be/sZKt5j1Rwi0 Investing Book referenced in this episode: Security Analysis, Seventh Edition: Principles and Technique, by Benjamin Graham, David Dodd, Seth Klarman - editor (referral link) https://amzn.to/444wP3K Using a referral link helps support the pod, thanks! The main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664 I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (refferal link): https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581 Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

In this episode I summarize and discuss a recent interview with legendary value investor Seth Klarman. During the interview Klarman discussed the “Everything Bubble” he sees unwinding, the investing opportunities that's bringing, the nature of value investing in relation to growth, buying quality companies at the right price, how to get an edge in the competitive investing environment today, technology investing in inefficient markets, Bitcoin, the current macroeconomic environment, and more. Timestamps: 00:00 Seth Klarman Intro 00:37 Security Analysis revised  00:59 The Everything Bubble 02:05 The Bubble timeline and investing opportunities: 4/10 03:26 Then and now: railroads to SPACs and crypto 04:44 What is value investing? Klarman's definition  05:48 How to think about growth in investing 06:10 Not overpaying for quality companies 06:54 Warren Buffett and buying the Index  07:37 How to get an edge 08:15 Inefficient markets and mis-priced stocks: META 09:09 Thoughts on technology disruption and crypto 09:43 Is Bitcoin digital gold? 10:32 Macroeconomic prediction and investing Related episodes: Why Druckenmiller Owns Nvidia Despite "Nosebleed Territory” https://youtu.be/QP496jwcumk Are AI Stocks A Bubble? Druckenmiller, Greenblatt Said… https://youtu.be/KmlXeoM5LLY Peter Lynch's 2023 Advice on Buying Stocks - Rare Interview https://youtu.be/sZKt5j1Rwi0 Investing Book referenced in this episode: Security Analysis, Seventh Edition: Principles and Technique, by Benjamin Graham, David Dodd, Seth Klarman - editor (referral link) https://amzn.to/444wP3K Using a referral link helps support the pod, thanks! The main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664 I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (refferal link): https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581 Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://podcasters.spotify.com/pod/show/theartofvalue/message

In 1934, professors Benjamin Graham and David Dodd published the intellectual foundation for investors everywhere: Security Analysis. In the decades since, investors have returned to this “bible” of investing; today, founder of the Baupost Group Seth Klarman is publishing a 7th edition of the iconic book. Klarman's first book on investing, the 1991 “Margin of Safety,” is a collector's item, with individual copies selling for about $1500 on eBay. In this very rare interview, Klarman shares his philosophy on investing, his take on bitcoin, the Federal Reserve, and the prospect of recession, as well as tips for what not to do in today's market.  In this episode:Andrew Ross Sorkin, @andrewrsorkinJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickCameron Costa, @CameronCostaNY

In this episode (48:02) In this episode, newly crowned AKC National Agility Champions Emily Klarman and Perry DeWitt talk about the this year's event! You Will Learn What was going through Perry's mind as she sat on the hot seat for over a dozen dogs on the way to capturing the win. Perry's advice to Emily just before Finals. What Perry, Emily and Jenn thought of the new schedule/format. Mentioned/Related Train with Perry and Emily at United Dog. March 22th, 2023 Wednesday Wrap Up (AKC Nationals) The Evolution of the AKC National Agility Championship Finals Course The Challengers Map The Finals Map

Today's episode is with a good friend and client of ours, Taylor Klarman! Taylor is the owner of River Run Angling in Bristol, TN. We get to hear his story of how fly fishing played a major role in his recovery and healing after his medical discharge from the Marine Corps. We get to hear how it impacted him so much that he decided to start his on guiding business! You can learn more about Taylor by using the links below! website: https://riverrunangling.com Facebook: https://www.facebook.com/profile.php?id=100075601617357 Instagram: https://www.instagram.com/riverrunangling/ email: taylor@riverrunangling.com

On today's episode, Allie sits down with Taylor Klarman of River Run Angling. They discuss the beauty of fishing in this area, and Taylor's experiences running a fishing guide business!  Thanks for listening! Connect with Taylor: https://riverrunangling.com/ More Info on Tennessee Songwriters Week: https://industry.tnvacation.com/tennessee-songwriters-week To learn more about the region, visit northeasttennessee.org

Joshua and Caleb interview Taylor Klarman of River Run Angling in this episode. Taylor is a fairly new fly fishing guide in east Tennessee and a brand new dad. He has traveled all over the world in the military and has fished some amazing places. Fly fishing has helped him find healing after his time of service. Listen in as we discuss: -Finding solace in East Tennessee -Always learning new things on the water. -Learning about new rigs to catch more fish -Being a brand-new dad -How fly fishing has helped find healing after a serving in the military -and much more. Find Taylor online: Website: https://riverrunangling.com/ Instagram: @riverrunangling Check out our sponsors: TroutRoutes: https://troutinsights.com/ Maggie Valley Fly Shop: https://www.maggievalleyflyshop.com/ Anadromous Fly Company: https://www.aflyco.com/ Support us on Patreon: https://www.patreon.com/user?u=84380068 --- Send in a voice message: https://anchor.fm/dadsonthefly/message Support this podcast: https://anchor.fm/dadsonthefly/support

Seeing the great potential and opportunities available in decentralized finance and the crypto currency universe, Uri Klarman left academia with a PHD in computer networks and later specialized in Blockchain research. He started a company that would help crypto traders avoid the front running flash traders which had plagued Wall Street for years. Uri shares his contagious excitement and passion combined with his in depth knowledge about the history, technology and benefits of decentralized finance and crypto currencies which many feel that traditional markets cannot match. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today's guest is David Rubenstein, co-founder and co-Chairman of The Carlyle Group, one of the largest private equity firms in the world, now managing $325 billion. In today's episode, David walks through the evolution of the private equity industry during his career. Then we spend some time on his new book, How to Invest: Masters on the Craft, which gives unprecedented access to legends in the investment industry, including the likes of Dalio, Klarman, Simons, Fitzpatrick, & more.  ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- This episode is sponsored by Masterworks. Masterworks is opening the doors to top-tier, blue-chip art investments to everyone. Visit masterworks.io/meb to skip their wait list. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! 

Two videos I made about a recent Seth Klarman video interview have been removed by YouTube, due to a copyright complaint. The Klarman interview video itself has since been made private on YouTube. The Art of Value: YouTube: https://www.youtube.com/channel/UCmlgXjiwAUNHyIS30dnIHBg Spotify: https://open.spotify.com/show/6I878RawBT9rwHnVUPPHSh?si=23a140851abd4076 Other Pod Platforms: https://anchor.fm/theartofvalue Twitter: https://twitter.com/theartofvalue Instagram: https://www.instagram.com/artofvalueinvest TikTok: https://www.tiktok.com/@theartofvalue Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial help before making any investment decision. --- Send in a voice message: https://anchor.fm/theartofvalue/message

Two videos I made about a recent Seth Klarman video interview have been removed by YouTube, due to a copyright complaint. The Klarman interview video itself has since been made private on YouTube. The Art of Value: YouTube: https://www.youtube.com/channel/UCmlgXjiwAUNHyIS30dnIHBg Spotify: https://open.spotify.com/show/6I878RawBT9rwHnVUPPHSh?si=23a140851abd4076 Other Pod Platforms: https://anchor.fm/theartofvalue Twitter: https://twitter.com/theartofvalue Instagram: https://www.instagram.com/artofvalueinvest TikTok: https://www.tiktok.com/@theartofvalue Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial help before making any investment decision. --- Send in a voice message: https://anchor.fm/theartofvalue/message

Optimizing trades in DeFi is difficult and timing is a real problem. In addition, MEV can make it a real nightmare and actually cost us money. Bloxroute has optimized all the network connections of blockchain and made it function literally at the speed of light. It is an amazing system used by the largest traders in the space, but is also available to everyone. Uri Klarman is building a powerful platform at Bloxroute and one you will want to be familiar with. Project Name: Bloxroute Project URL: https://bloxroute.com/ Project Twitter: https://twitter.com/bloXrouteLabs Guest Name: Uri Klarman Guest Twitter: https://twitter.com/uriklarman --- Support this podcast: https://anchor.fm/missiondefi/support

This is an episode of Compass Live hosted by Compass Mining. In this livestream, Compass explores the basics and possibilities of relay networks. Both guests on this show are working to decentralize block propagation and make data relay infrastructure more secure.

Just like there is no such thing as a free lunch there is also no such thing as a risk-free investment. Every investment has some level of risk. However, as an investor, you must not be scared of risk. Instead, you should learn to manage it. In this book summary podcast, we will learn how to manage or reduce downside risk through Seth Klarman's book, ‘Margin of Safety'. The book discusses the importance of value investing and lays out guidelines on how to become a great value investor by reducing downside risk.Key takeaways·  When you are making an investment decision, first focus on how much money you can lose and then look at how much money you can make. This basically means that managing downside risk is equally, if not more important, than return. ·  A great way to reduce risk is by following the ‘margin of safety' route. ·  When you follow the margin of safety route, you look to buy companies that are available at a deep discount to their fundamental value. ·  Generally, the higher the margin of safety, the lower will be the downside risk.·  There are several methods of calculating margin of safety, namely, NPV method, liquidation value method, and stock market value method. ·  Another great way of reducing overall portfolio risk is through diversification. This entails spreading your portfolio investments across multiple asset classes. For an investor, the ability to reduce downside risk can be invaluable. That is exactly what this book can teach you. You can listen to the podcast on the Edelweiss Mutual Fund website, Spotify, Google Podcasts, and Apple Podcast. We hope you enjoyed this podcast and will tune in to listen to more such podcasts on investing nuggets. 

High fees on Ethereum is a persistent problem.Founders of Ethereum Gas Limit (EGL), Eleni (@EleniThinks) and Uri (@UriKlarman), join us in discussing:How miners control Ethereum's gas limit todayHow it affects network feesHow EGL coordinate gas limit effectivelyImplications with EIP 1559Host: Jason Choi (@MrJasonChoi). This show is not financial advice; show host and guest may hold some of the assets discussed.------------- Sponsors -------------PARASWAP is the best place to trade your tokens and get the best price in DeFi today. Get started on paraswap.io/blockcrunchSOLANA: The Solana ecosystem is growing at a rapid pace and it's a great place to build your project or get involved with the community. Go to solana.com/blockcrunch to learn more!------------- Disclosures -------------Musical credits: Underground Stars by Loxbeats https://spoti.fi/34tPBBO Creative Commons '" Attribution 3.0 Unported '" CC BY 3.0 Free Download / Stream: https://bit.ly/underground-stars Music promoted by Audio Library https://youtu.be/vpJDMD2EzkA Disclaimer: Jason Choi is a General Partner at Spartan Capital, a subsidiary of The Spartan Group. All opinions expressed by Jason and podcast guests are solely their own opinions and do not reflect the opinion of The Spartan Group and any of its subsidia

High fees on Ethereum is a persistent problem. Founders of Ethereum Gas Limit (EGL), Eleni (@EleniThinks) and Uri (@UriKlarman), join us in discussing: How miners control Ethereum's gas limit today How it affects network fees How EGL coordinate gas limit effectively Implications with EIP 1559 Host: Jason Choi (@MrJasonChoi). This show is not financial advice; show host and guest may hold some of the assets discussed. ------------- Sponsors ------------- PARASWAP is the best place to trade your tokens and get the best price in DeFi today. Get started on paraswap.io/blockcrunch SOLANA: The Solana ecosystem is growing at a rapid pace and it's a great place to build your project or get involved with the community. Go to solana.com/blockcrunch to learn more! ------------- Disclosures ------------- Musical credits: Underground Stars by Loxbeats https://spoti.fi/34tPBBO Creative Commons — Attribution 3.0 Unported — CC BY 3.0 Free Download / Stream: https://bit.ly/underground-stars Music promoted by Audio Library https://youtu.be/vpJDMD2EzkA Disclaimer: Jason Choi is a General Partner at Spartan Capital, a subsidiary of The Spartan Group. All opinions expressed by Jason and podcast guests are solely their own opinions and do not reflect the opinion of The Spartan Group and any of its subsidia

This week on The Encrypted Economy, my guest is Uri Klarman, CEO of bloXroute Labs. BloXroute Labs is a layer zero solution to the scalability issues that inhibit blockchain's global adoption. If you are interested in scalability solutions or extracting value from the blockchain, this episode is for you. Be sure to subscribe to The Encrypted Economy for more insight on the infrastructure solutions that will enable blockchain networks to reach more users around the world.Topics Covered:·       Introduction ·       Uri's Background·       Understanding the Layers of Blockchains·       How Does BloXroute Improve the Blockchain? ·       Similarities Between BloXroute and Akamai ·       Implications of the Network Layer ·       A Deep Dive Into MEV ·       Is MEV All Bad?·       How Does MEV Relate to What BloXroute is Doing?·       Managing Blockchain's Scalability Issue and the Gas LimitResource List:·       Uri Klarman LinkedIn·       BloXroute·       What is MEV?·       Philip Daian Flashbots Paper·       The Blockchain Scalability Problem·       Layer One vs Layer Two·       Akamai·       Sharding·       Flashbots·       Frontrunning and Backrunning ·       Gas Limits·       Mempools·       Controlling the Gas Limit with the Eagle Project Follow The Encrypted Economy on your favorite platforms! Twitter LinkedIn Instagram Facebook      

On the sixth podcast I have Professor Michael Klarman on to talk about his book The Framers' Coup: The Making of the United States Constitution. We talk about the political, economic, and social context that surrounded the creation of the Constitution. I firmly believe Professor Klarman's book is indispensable for any scholar or individual interest in the origins of the Constitution. You can find out more about Professor Klarman at https://hls.harvard.edu/faculty/directory/10481/Klarman As always you can find me on twitter at https://twitter.com/SpitzleyLuke. Support the pod at https://anchor.fm/lawsdimensions/support --- Support this podcast: https://anchor.fm/lawsdimensions/support

Lauren and Nathan sit down to discuss the role of race in the jury selection process. Despite a lot of rhetoric from the courts about ending racism in the criminal justice process, jury selection remains on of the most transparent areas of race discrimination in the criminal justice system today. Each step of the jury selection process, from the initial drawing of names into the jury pool all the way to juror impanelment, operates to preclude racial minority jurors. The result is racially homogenized juries of mostly affluent white citizens. The reality of the all-white jury is that African Americans are over-represented as defendants in trials, but severely underrepresented as participants in the jury decision process. One of the main functions of the criminal jury is to give legitimacy to criminal justice system. When juries are disproportionately white and the operation of structural racism prevents a “fair cross-section” of society from participating in jury service, the verdicts from criminal trials are called into question. And subsequently, so is the fairness of the criminal justice system itself. References: Alexander, Michelle, The New Jim Crow: Mass Incarceration in the Age of Colorblindness (2011).Klarman, Michael J., From Jim Crow to Civil Rights: The Supreme Court and the Struggle for Racial Equality (2005).Berkeley Law Death Penalty Clinic, Whitewashing the Jury Box: How California Perpetuates the Discriminatory Exclusion of Black and Latinx Jurors (June 2020): https://www.law.berkeley.edu/experiential/clinics/death-penalty-clinic/projects-and-cases/whitewashing-the-jury-box-how-california-perpetuates-the-discriminatory-exclusion-of-black-and-latinx-jurors/ Equal Justice Initiative, Illegal Race Discrimination in Jury Service: A Continuing Legacy (2010): https://eji.org/reports/illegal-racial-discrimination-in-jury-selection/ Key Cases Referenced: Amadeo v. Zant, 486 U.S. 214 (1988).Batson v. Kentucky, 476 U.S. 79 (1986) (holding a defendant can challenge a prosecutor’s use of the peremptory strike under the Equal Protection Clause of the 14th Amendment).Berghuis v. Smith, 559 U.S. 314 (2010) (reaffirming the Duren test).Duren v. Mississippi, 439 U.S. 357 (1979) (creating the test for determining when the 6th Amendment’s “fair cross-section” requirement is violated).Flowers v. Mississippi, 139 S. Ct. 2228 (2019) (reaffirming Batson).Powers v. Ohio, 499 U.S. 400 (1991) (finding a white defendant has third party standing to raise a Batson challenge on behalf of a struck juror). Purkett v. Elem, 514 U.S. 765 (1995) (allowing prosecutors to offer any “silly or superstitious” reason to strike a racial minority juror, so long as it is race-neutral).Ramos v. Louisiana, 140 S. Ct. 1390 (2020) (holding that unanimous jury verdicts must be obtained in all criminal trials a the Federal and State level).Roberts v. State, 2018 WY 23, 411 P.3d 431 (Wyo. 2018) (finding Wyoming’s first Batson violation).Strauder v. West Virginia, 100 U.S. 303 (1880) (holding a citizen cannot be removed as a juror solely on the basis of race).Taylor v. Louisiana, 419 U.S. 522 (1975) (finding that the 6th Amendment requires a juror pool to consist of a “fair cross-section” of the community).

Thanks to Sharesight for sponsoring this episode! 4 Months FREE of Sharesight Portfolio Tracking http://bit.ly/sharesight-younginvestors In this week's episode, we discuss the recent Q3 13Fs from Buffett, Dalio and Klarman, plus Tesla gets the green light for the S&P 500, and Boeing gets the green light to build the 737 Max once again! Submit your audio clips: younginvetorspodcast@gmail.com The Young Investors Podcast explores the ideas of Value Investing, ideas that that were originally formed by successful investors such as Ben Graham, Warren Buffett and Charlie Munger. The show is run by two young Australian investors; Hamish Hodder and Brandon van der Kolk, who both run their own investing related YouTube channels

Aaron Freiwald, Managing Partner of Freiwald Law and host of the weekly podcast, Good Law | Bad Law, is joined by Professor Michael Klarman, of Harvard Law, to discuss the notion of expanding the Supreme Court, the 2020 election and its potential outcomes, political history, and what Justice Barrett’s recent conformation could mean for our future. Aaron and Michael have a truly riveting conversation that covers many critical topics which may prove paramount to our country’s democratic future.    We post this episode days after one of the most contentious and important election nights of our lifetime. In today’s episode, Aaron and Michael talk about entrenching democracy and how this is absolutely a moment of opportunity. Delving into all of the relevant topics of this week, Michael and Aaron touch on the electorate, the Constitution, geographic clustering, race, voter suppression and more. Michael explains why he believes it absolutely necessary to expand the Court, exploring both the arguments for and against this idea, as well as why in his opinion we as a society can’t afford not to. Aaron and Michael discuss the electoral college, the future of Roe v. Wade, the role of politics in the Supreme Court and the potential agenda of conservative Justices, court legitimacy, and the questions surrounding the future of our institutions’ norms. Is the system broken?   Professor Klarman is the Kirkland & Ellis Professor at Harvard Law School. He received his B.A. and M.A. in political theory from the University of Pennsylvania, his J.D. from Sandford and his D. Phil. In legal history from the University of Oxford. After law school, Professor Klarman clerked for the Honorable Ruth Bader Ginsburg on the United States Court of Appeals for the D.C. Circuit before joining the faculty at the University of Virginia School of Law. He has won numerous awards for his teaching and scholarship, which are primarily in the areas of Constitutional Law and Constitutional History. In 2009 he was inducted into the American Academy of Arts & Sciences. Professor Klarman is also a published author; he is currently working on a revisionist history of the Founding.   Listen now to learn more!   To learn more about Professor Klarman and to find a list of his publications, please click here.   To read Professor Klarman’s recent Q&A feature in the Harvard Gazette, please click here.   Host: Aaron Freiwald Guests: Michael J. Klarman     Follow Good Law | Bad Law: YouTube: Good Law | Bad Law Facebook: @GOODLAWBADLAW Instagram: @GoodLawBadLaw Website: https://www.law-podcast.com

Tom welcomes back the legendary investor, President, and CEO of Sprott U.S. Holdings Rick Rule. Rick explains the usefulness of Baron's Gold Mining Index since it's the longest-running gold index, and it shows the volatility and cyclicality of this market. Rick says, "If you are going to participate in this sector, you need to buckle your seatbelts for what will be an extraordinarily wild ride." There are five factors (Federal liabilities, credit risks, money printing, negative interest rates, dollar confidence) that cause Mr. Rule to believe that we are in a new gold bull market. The gold market will likely be over when these factors begin to reverse. Rick documents the risks around sentiment and why investors tend to absorb information that supports their existing beliefs. He explains his specific investing strategies around answering unanswered questions and methods of avoiding catastrophic loss. He discusses why peak consumption in fossil fuels will not decline until 2035 and why modern eco-ideas around this are just wrong. He argues the widely held belief that collective solutions and faith in government will solve our problems is false. Rick believes that advances in living standards worldwide are due to saving, individual creativity, and initiative. He says, "Thru this, we have been able to afford our collective stupidity." Rick remains bearish on uranium for the near term because of Japanese energy consumption trends and inventory. He discusses the previous bull market and the extremes that were reached. Time Stamp References:0:40 - Baron's Gold Mining Index chart7:30 - Five factors demonstrating a new gold bull market.17:10 - Sentiment risk and price versus value.25:20 - Determining when to sell juniors.30:20 - Broadly held premises that are wrong.36:30 - Uranium, where are we at in this market.42:00 - How this gold market may play out.45:45 - Testing your own assumptions.47:35 - Book recommendations. Talking Points From This Episode Baron's Gold Mining IndexThe drivers of the gold bull market.Sentiment and investing risks.Ricks investing methodology.Uranium and fossil fuels. Rick Rule has dedicated his entire adult life to many aspects of natural resources securities investing. Besides the knowledge and experience gained in a long and focused career, he has a global network of contacts in the natural resources and finance sectors. As President and Chief Executive Officer of Sprott U.S. Holdings Inc., Mr. Rule leads a highly skilled team of earth science and finance professionals who enjoy a worldwide reputation for resources investment management. Mr. Rule is a frequent speaker at industry conferences and is regularly interviewed for radio, television, print, and online media outlets concerning natural resources investment and industry topics. He is frequently quoted by prominent natural resources oriented newsletters and advisories. Mr. Rule and his team have expertise in many resources sectors, including agriculture, alternative energy, forestry, oil and gas, mining, and water. Mr. Rule is particularly active in private placement markets, having originated in hundreds of debt and equity transactions with private, pre-public, and public companies. Rick offers a free portfolio review if you visit https://sprottusa.com/rankings Guest Links:Twitter: https://twitter.com/realrickruleWebsite: https://sprottusa.comPortfolio Review: https://sprottusa.com/rankings Book Recommendations:Economics in One Lesson by Henry HazlittThe Intelligent Investor by Benjamin GrahamSecurity Analysis by Benjamin Graham and David DoddHuman Action by Ludwig von Mises.Margin of Safety by Seth A. Klarman

Lauren and Nathan discuss the racial disparities in the United States criminal justice system and the Supreme Court’s role in supporting and perpetuating this unequal system, which many have justifiably deemed as racist.Books Referenced:Frank R. Baumgartner, Derek A. Epp, & Kelsey Shoub, Suspect Citizens: What 20 Million Traffic Stops Tell Us About Policing and Race (2018).Klarman, Michael J., From Jim Crow to Civil Rights: The Supreme Court and the Struggle for Racial Equality (2005).Michael Tonry, Punishing Race: A Continuing American Dilemma (2011).Michelle Alexander, The New Jim Crow: Mass Incarceration in the Age of Colorblindness (2011).Cases Referenced:Brown v. Board of Education, 347 U.S. 483 (1954) (overruling Plessy and ruling that separate is inherently unequal).McCleskey v. Kemp, 481 U.S. 279 (1987) (reinforcing the purposeful discriminatory intent rule despite extremely strong evidence of disparate racial impact – virtually closing off all equal protections claims to sentencing).Pennsylvania v. Mimms, 434 U.S. 106 (1977) (allowing police to make drivers leave their cars during routine stops for officer safety).Plessy v. Ferguson, 163 U.S. 537 (1896) (establishing the doctrine of separate-but-equal which upheld the Jim Crow system for over fifty years).Washington v. Davis, 426 U.S. 229 (1976) (establishing the “purposeful discriminatory intent” requirement under equal protection law, largely ignoring disparate racial impact).Whren v. United States, 517 U.S. 806 (1996) (accepting police pre-textual stops as constitutional under the Fourth Amendment and pointing to the Fourteenth Amendment’s equal protection clause as recourse for racially discriminatory stops).Other Sources Referenced:Berkeley Law Death Penalty Clinic, WHITEWASHING THE JURY BOX: HOW CALIFORNIA PERPETUATES THE DISCRIMINATORY EXCLUSION OF BLACK AND LATINX JURORS (June 2020): HTTPS://WWW.LAW.BERKELEY.EDU/EXPERIENTIAL/CLINICS/DEATH-PENALTY-CLINIC/PROJECTS-AND-CASES/WHITEWASHING-THE-JURY-BOX-HOW-CALIFORNIA-PERPETUATES-THE-DISCRIMINATORY-EXCLUSION-OF-BLACK-AND-LATINX-JURORS/Bureau of Justice Statistics: https://www.bjs.gov/Harris, David A., Driving While Black: Racial Profiling On Our Nation's Highways, ACLU (1999): https://www.aclu.org/report/driving-while-black-racial-profiling-our-nations-highwaysJess Bravin, Breaking With Tradition, Some Judges Speak Out on Racial Injustices, WALL STREET JOURNAL, (June 13, 2020), https://www.wsj.com/articles/breaking-with-tradition-some-judges-speak-out-on-racial-injustices-11592060400Police Shooting Database 2015-2020, THE WASHINGTON POST, https://www.washingtonpost.com/graphics/investigations/police-shootings-database/Project Implicit, https://implicit.harvard.edu/implicit/aboutus.htmlRay Sanchez, Who was Sandra Bland, CNN (July 23, 2015), https://www.cnn.com/2015/07/22/us/sandra-bland/index.htmlRepresentative John Lewis, Address at the 2013 American Constitution Society Convention (Nov. 21, 2013), available at: https://www.acslaw.org/video/highlights-of-rep-john-lewis-speech-to-2013-acs-national-convention/ (last visited 8/5/2020). (Source of our introduction).

In this episode host @BrookeLJames is joined by diplomat, attorney, Emmy award-winning journalist, and writer Jennifer Klarman Santiago (@pawsandprose). Jen lost her fiance while serving in the foreign service in Belize, she shares her story of experiencing loss in a place you don't have strong community ties, repatriating a body and planning a funeral without a strong grasp on the language, and how running and writing helped her process her grief. https://jenniferklarman.com/ https://www.thegriefcoach.co/

September 8, 2020 / Rabia and Susan welcome professor Mike Klarman to discuss the decline of democracy, catch up on the latest Covid19 numbers, and cover the increasing tension between Trump and military brass. You can find the article by Prof. Klarman that's discussed on this week's show at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3671830  Episode scoring music by Broke for Free. Today's episode is sponsored by Rothy's. www.Rothys.com/45th  #the45th #45thpod

Thanks to Sharesight for sponsoring this episode! 4 Months FREE of Sharesight Portfolio Tracking http://bit.ly/sharesight-younginvestors In this week's episode, we go through the 13F filings which show us the trades made by big guru investors over the past 3 months. We look at the stock market moves from Warren Buffett, Charlie Munger, Seth Klarman and Michael Burry. The Young Investors Podcast explores the ideas of Value Investing, ideas that that were originally formed by successful investors such as Ben Graham, Warren Buffett and Charlie Munger. The show is run by two young Australian investors; Hamish Hodder and Brandon van der Kolk, who both run their own investing related YouTube channels

Guests:Emre Tekişalp (@etekis)Anatoly Yakovenko (@aeyakovenko)Hosts:Richard Yan (@gentso09)Uri Klarman (@uriklarman, special co-host)Today's motion is “Today's blockchains can't increase TPS without taking a hit on decentralization.”Today's guests are from two different public blockchains Coda and Solana. The CEO of Bloxroute came on as special co-host. So Coda came to this topic from the angle that, adding full nodes will further decentralize the network but slow down performance. And Solana started by asserting that only the voting nodes mattered because they alone would provide the censorship resistance, which is the key to decentralization.As usual, the debate then evolved, and covered a lot more ground. We got into things like weak subjectivity and Moore's Law, and at the end meandered into the topic of nation-state attacks.If you're into crypto and like to hear two sides of the story, be sure to also check out our previous episodes. We've featured some of the best known thinkers in the crypto space.If you would like to debate or want to nominate someone, please DM me at @blockdebate on Twitter.Please note that nothing in our podcast should be construed as financial advice.Source of select items discussed in the debate:Solana: https://solana.com/Coda: https://www.codaprotocol.com/Bloxroute: https://bloxroute.com/Weak subjectivity explained: https://academy.binance.com/glossary/weak-subjectivityCoda article on mental model of Scalability-per-unit-of-Decentralization: https://codaprotocol.com/blog/solving-the-scalability-trilemma

Åtta bolag som rapporterat eller kommunicerat i form av AQ, Bilia, Doro, Fenix Outdoor, Hartman, Inwido, Kindred och Proact IT. Två vederkvickade poddmakare på länk samt vår första stapplande bokrecension, vad skulle möjligen kunna gå snett? Välkomna!

Blockstack PBC's Head of Growth, Patrick Stanley, is joined by Dr. Uri Klarman, Founder & CEO at Bloxroute for deep dive on the intricacies of blockchain scalability that proves interesting for technical and non-technical folks alike. The conversation covers staples like Bitcoin, Ethereum, and others, taking a look at how the specific problems each blockchain generally intends to solve impacts its approach to scalability. See omnystudio.com/listener for privacy information.

Alpha TALKS is a weekly podcast and video covering what moved markets this week (WMMTW), featuring a panel of Seeking Alpha editors. Hosted by Nathaniel E. Baker, Contributing Editor, and this week featuring: Bradley Olesen, VP News; Stephen Alpher, Managing Editor News, co-host of Seeking Alpha's Alpha Trader podcast; Special guest Jason Aycock, Senior Editor, Media and Telecoms. Big Picture (0:49) A busy week in terms of events, with a record-breaking drop for U.S. GDP, Federal Reserve policy announcement, and quarterly corporate earnings among the highlights. Negotiations in Washington are ongoing over a new or revised unemployment package. Winners & Losers (2:06) Idiosyncratic events moved stocks in a busy week for earnings, with Intel (INTC) and Seagate Technology (STX) dropping on disappointing earnings. "Old world" stalwarts like Boeing (BA) and General Electric (GE) also reported quarterly results that fell short of estimates. "New world" companies like Advanced Micro Devices (AMD) and Nvidia (NVDA) beat earnings and saw their stocks rally. Amazon (AMZN), Apple (AAPL), and Facebook (FB) also reported strong results, but Alphabet (GOOG) was a bit of an outlier, posting a first revenue decline for the first time in its history. UPS (UPS) shares rallied by about 20% this week as the company beat estimates (5:30), riding the success of Amazon during the pandemic. FedEx (FDX) gained as well on the back of the news. Ollie's Bargain Outlet Holdings (OLLI) rallied after the company surprised investors by reporting comparable sales growth of 40%. The company doesn't report full earnings until Aug. 27. Financials (XLF) and energy (IXC) were among the worst-performing sectors for the week. Seeking Alpha Articles & News Coverage That Caught Our Eye This Week (14:48) Jason: Fed is infantilizing investors - Klarman; Stephen: Eastman Kodak (KODK) coverage and Horizon Kinetics Commentary Q2 2020; Bradley: Streaming landscape jolted as AMC caves on theatrical window? Nat: Why Gold May Be In For A Fall This Summer by DoctorX Learn more about your ad choices. Visit megaphone.fm/adchoices

I had the pleasure of chatting with Uri Klarman about Bloxroute where he works as the CEO. We went over what Bloxroute does, what they are doing now, how they're contributing to blockchain technology, but most importantly, what they plan to do in the future. BloXroute is a Blockchain Distribution Network (BDN) that utilizes a global network of servers optimized for network performance. In other words, bloXroute allows the network to communicate fast. Nodes access this network through open-source Gateways and anyone can access it through the bloXroute public-API. This is done with no protocol changes, gradually deployed, and is provably neutral. They support many major chains such as Ethereum and Bitcoin Cash.

I had the pleasure of chatting with Uri Klarman about Bloxroute where he works as the CEO. We went over what Bloxroute does, what they are doing now, how they’re contributing to blockchain technology, but most importantly, what they plan to do in the future.BloXroute is a Blockchain Distribution Network (BDN) that utilizes a global network of servers optimized for network performance. In other words, bloXroute allows the network to communicate fast. Nodes access this network through open source Gateways and anyone can access it through the bloXroute public-API.This is done with no protocol changes, gradually deployed, and is provably neutral. They support many major chains such as Ethereum and Bitcoin Cash.

In this episode of the BlockHash Podcast, CEO Uri Klarman joins me to discuss bloXroute Labs, the future of blockchain, and the ETH gas limit. --- LinkedIn: https://www.linkedin.com/in/uriklarman/ --- Website: https://bloxroute.com/ MAKE A MONTHLY CONTRIBUTION: https://anchor.fm/blockhash-exploring-the-blockchain/support Check out BlockHash on social media: --- Twitter: https://twitter.com/zempbrand --- Facebook: https://www.facebook.com/theblockhash --- Instagram: https://www.instagram.com/theblockhash/ --- Twitch: https://www.twitch.tv/blockhash --- YouTube: https://www.youtube.com/channel/UCcMWGVZFBqq3stSuKrmSX3Q --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this podcast: https://anchor.fm/blockhash-exploring-the-blockchain/support

Jason Zweig, colunista do Wall Street Journal, entrevistou Seth Klarman na conferência anual do CFA Institute, em 2010. A conversa foi tão rica em conteúdo e filosofia de investimentos que foi editada e transformada em um artigo no Financial Analysts Journal, intitulado "Oportunidades para Investidores Pacientes" - tradução livre. Neste podcast vamos conversar com Alexandre Brito, CGA, sobre os princípios de Klarman, percorrendo assuntos como: estilos de value investing, tamanho do patrimônio sob gestão, paciência, disciplina, entre outros.

Guests:Uri Klarman (@uriklarman)Mrinal Manohar (casperlabs.io)Host:Richard Yan (@gentso09)The guests we have today have close ties to Ethereum. One is actively working on a solution to scale the 1.0 version. The other was an early investor in Ethereum.In this episode, I learned about:An interesting layer-0 approach to improve the performance of Ethereum 1.0 as well as any layer-1 protocol;Disadvantages in layer-2 solutions with similar value proposition in scaling;Main benefits of upgrading from Ethereum 1.0 to Ethereum 2.0, besides the change from POW to POS;And other non-scaling goodies such as perspectives on M&A of public blockchains in a crowded space.Be sure to also check out our previous episodes too, on Bitcoin's store of value status, tokenization and smart contracts, DeFi, bitcoin halvening, China's future in blockchain, POW vs POS, oligopoly vs multiplicity of public blockchains, and permissioned vs permissionless blockchain for enterprise usage.If you would like to debate or want to nominate someone, please DM me at @blockdebate on Twitter.Please note that nothing in our podcast should be construed as financial advice.Source of select items discussed in the debate:Bloxroute: https://bloxroute.com/CasperLabs: https://casperlabs.io/MakerDAO Black Thursday event (collateral liquidation at zero dollars): https://medium.com/@whiterabbit_hq/black-thursday-for-makerdao-8-32-million-was-liquidated-for-0-dai-36b83cac56b6CryptoKitties clogging up Ethereum: https://www.coindesk.com/loveable-digital-kittens-clogging-ethereums-blockchain

Jetzt KenFM unterstützen: https://www.patreon.com/KenFMde Den vollständigen Tagesdosis-Text (inkl ggf. Quellenhinweisen und Links) findet ihr hier: https://kenfm.de/tagesdosis-28-2-2020-bernie-sanders-muss-verhindert-werden/ Ein Kommentar von Rainer Rupp. Schon nach den ersten Runden in dem Wettbewerb der Präsidentschaftskandidaten der „Demokratischen Partei“, liegt US-Senator Bernie Sanders an der Spitze. Alle anderen Wettbewerber haben inzwischen entweder aufgegeben oder liegen laut der fast täglichen Umfrageergebnisse weit abgeschlagen hinter dem 78 Jahre alten Sanders. Dagegen liegt der vom demokratischen Partei-Establishment aufgestellte Kandidat, der ehemalige Vize-Präsident von Barack Obama, Joe Biden, in der Wählergunst und der Einnahme von Wahlspenden hoffnungslos zurück. Auch die Chancen von Pete Buttigieg, offensichtlich der Liebling von Amerikas reichsten Männern und Frauen, sehen alles andere als vielversprechend aus. Laut dem Finanzmagazin Forbes (1) unterstützen nicht weniger als vierzig der reichsten US-Milliardäre den bis vor kurzem noch unbekannten Buttigieg, der bisher Bürgermeister von South Bend war, eine ebenso unbekannte Stadt im Bundesstaat Indiana Stadt. Besonders starke Unterstützung erhält Buttigieg dabei von dem rabiaten US-Zionisten Seth Klarman, der seine vielen Milliarden mit Finanzspekulationen als Gründer verschiedener Hedge Funds gemacht hat. Laut dem investigativen Journalisten Max Blumenthal werden die sogenannten „israelischen Siedler“ in den besetzten Gebieten Palästinas, die nicht anderes sind als skrupellose Landräuber, von seit Jahren von Klarman mit Hilfsgeldern (2) geradezu überschwemmt. Zu Hause in den USA hat ist Klarman auch dafür bekannt, einer der größten Spender zur Finanzierung der CIA-Gedenkstiftung zu sein. Klarman ist auch Besitzer der rechtsradikalen israelischen Zeitung „Times of Israel“, die einst einen Aufruf zum palästinensischen Völkermord veröffentlicht hatte. Der Meinungsartikel von Yochanan Gordon mit dem Titel “When Genocide is Permissible”, zu Deutsch „Wenn der Genozid erlaubt ist“ wurde auf Grund vieler Proteste später von der Webseite der Zeitung gelöscht. Allerdings kann der unsägliche Völkermordaufruf über diesen Link (3) auf der Webseite von „Mondoweiss“, die von einem bekannten jüdisch-amerikanischen Kritiker der Zionisten betrieben wird, nachgelesen werden. Die Lektüre ist insbesondere all jenen zu empfehlen, die bei der geringsten Kritik an der israelischen Regierung und deren Unterdrückungs- und Landraubpolitik sofort „Antisemitismus“ schreien. Denn dieser Genozid-Aufruf in der „Times of Israel“ gibt Aufschluss über die in Israel grassierende, mörderisch-rassistische Mentalität dieser Herrenmenschen. Wie Milliardär Klarman und Co. mit allen Mitteln ihren unerfahrenen und daher besonders biegbaren Präsidentschaftskandidaten Buttigieg an die Macht bringen wollen, hat sich bereits bei der allerersten Vorwahl der Demokratischen Partei im US-Bundesstaat Iowa gezeigt. Wir erinnern uns, dass auch die deutschen Nachrichten berichtet hatten, dass sogar 12 Stunden nach dem Ende der Abstimmung in Iowa die Ergebnisse immer noch nicht bekannt waren. Die Verzögerung bei der Stimmenauszählung sei das Ergebnis einer fehlerhaften Software einer neuen, automatisierten Wähler-App gewesen, die von einem Unternehmen mit dem passenden Namen „Shadow Inc.“ (Schatten GmbH) entwickelt worden war. Durch diese Verzögerung wurde Senator Bernie Sanders, der – wie sich später herausstellte - Gewinner der ersten Runde der demokratischen Präsidentschaftsvorwahl, erfolgreich daran gehindert, seine Siegesrede zu halte…weiterlesen hier: +++ KenFM bemüht sich um ein breites Meinungsspektrum. Meinungsartikel und Gastbeiträge müssen nicht die Sichtweise der Redaktion widerspiegeln. +++ Alle weiteren Beiträge aus der Rubrik „Tagesdosis“ findest Du auf unserer Homepage: https://kenfm.de/tagesdosis/ +++ Jetzt KenFM unterstützen: https://www.patreon.com/KenFMde Dir gefällt unser Programm? Informationen zu weiteren Unterstützungsmöglichkeiten hier: https://kenfm.de/support/kenfm-unterstuetzen/ Du kannst uns auch mit Bitcoins unterstützen. BitCoin-Adresse: 18FpEnH1Dh83GXXGpRNqSoW5TL1z1PZgZK +++ Abonniere jetzt den KenFM-Newsletter: https://kenfm.de/newsletter/ +++ KenFM ist auch als kostenlose App für Android- und iOS-Geräte verfügbar! Über unsere Homepage kommst Du zu den Stores von Apple und Google. Hier der Link: https://kenfm.de/kenfm-app/ https://www.kenfm.de https://www.twitter.com/TeamKenFM https://www.instagram.com/kenfm.de/ https://www.youtube.com/KenFM https://www.instagram.com/kenfm.de/ Bestelle Deine Bücher bei unserem Partner: https://www.buchkomplizen.de/ See acast.com/privacy for privacy and opt-out information.

In this episode we explore a particularly interesting effort to scale blockchains at Layer 0 i.e. the network layer, with Dr. Uri Klarman, CEO Bloxroute Labs. The network layer is the underlying set of technologies upon which the world wide web runs. Bloxroute Labs is a company trying to solve the scalability problem at the network layer by building a Blockchain Distribution Network or BDN. We took a deep dive into Bloxroute's solution, discussing how their Blockchain Distribution Network works, how it allows scaling of blockchains at the network layer and how the company plans to monetize it. Guest: Dr. Uri Klarman, Co-founder & CEO, Bloxroute Labs Website: https://bloxroute.com/

In this episode of CRYPTO 101, brought to you by eToro, we sit down with Uri Klarman, founder and CEO of bloXroute. We discuss what the main bottleneck in scaling blockchain networks is, and the solution might surprise you...if you've never heard of layer zero, don't worry. We hadn't either. Sponsored link: https://crypto101podcast.com/etoro Guest Links: https://bloxroute.com/ https://twitter.com/bloXrouteLabs https://twitter.com/uriklarman Show Links: https://CRYPTO101podcast.com Patreon: www.patreon.com/user?u=8429526 Twitter: https://twitter.com/Crypto101Pod https://twitter.com/BrycePaul101 https://twitter.com/PizzaMind https://instagram.com/crypto_101 Facebook: https://www.facebook.com/groups/101Crypto https://www.facebook.com/CRYPTO101Podcast **THIS IS NOT FINANCIAL OR LEGAL ADVICE** © Copyright 2019 Boardwalk Flock, LLC All Rights Reserved ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Fog by DIZARO https://soundcloud.com/dizarofr Creative Commons — Attribution-NoDerivs 3.0 Unported — CC BY-ND 3.0 Free Download / Stream: http://bit.ly/Fog-DIZARO Music promoted by Audio Library https://youtu.be/lAfbjt_rmE8 ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

In this episode of CRYPTO 101, brought to you by eToro, we sit down with Uri Klarman, founder and CEO of bloXroute. We discuss what the main bottleneck in scaling blockchain networks is, and the solution might surprise you...if you’ve never heard of layer zero, don’t worry. We hadn’t either. Sponsored link: https://crypto101podcast.com/etoro Guest Links: https://bloxroute.com/ https://twitter.com/bloXrouteLabs https://twitter.com/uriklarman Show Links: https://CRYPTO101podcast.com Patreon: www.patreon.com/user?u=8429526 Twitter: https://twitter.com/Crypto101Pod https://twitter.com/BrycePaul101 https://twitter.com/PizzaMind https://instagram.com/crypto_101 Facebook: https://www.facebook.com/groups/101Crypto https://www.facebook.com/CRYPTO101Podcast **THIS IS NOT FINANCIAL OR LEGAL ADVICE** © Copyright 2019 Boardwalk Flock, LLC All Rights Reserved ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Fog by DIZARO https://soundcloud.com/dizarofr Creative Commons — Attribution-NoDerivs 3.0 Unported — CC BY-ND 3.0 Free Download / Stream: http://bit.ly/Fog-DIZARO Music promoted by Audio Library https://youtu.be/lAfbjt_rmE8 ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬

Mon, 27 May 2019 17:55:18 -0000 Base Layer Episode 033 - Uri Klarman (bloxRoute) full 33 David Nage | BlockWorks Group 3667 no acrabaselayer.podbean.co

Ryan interviews BloXroute Co-Founder and CEO Uri Larman

Investing in stocks requires answering the following questions: How to invest money in stocks? How much money to invest in stocks? What are the best stocks to buy? How to find the best stocks to buy? How do I protect myself from a stock market crash? What are the best stocks to invest in? Should I invest in penny stocks? Should I invest in bitcoin? Should I invest in blockchain? How to invest in stocks on your own? HOW TO INVEST MONEY IN STOCKS? HOW MUCH MONEY TO INVEST IN STOCKS? What I do is, I invest money in my stock market portfolio on a month by month basis. I have a model stock portfolio that I started with $10 thousand and I add $1 thousand every month no matter what. I do not necessarily buy with all the money that I add, that depends on the opportunities in the market, more about how I find opportunities and track them later. My goal is for this stock market portfolio to be at $1 million in 20 years. This will be achieved if I reach an investment return of 12% per year. I believe, this can be achieved with proper research, good risk reward analysis and proper portfolio diversification. Investors that I admire like Klarman, Buffett, Schloss, have achieved even higher returns than 12% over the very long term. Other value investors are steadily above 15% which shows that this can be done over the long term. WHAT ARE THE BEST STOCKS TO BUY? The best stocks to buy are those with good businesses that lead to growing earnings, cash flows and dividends over time no matter what is going on with the economy or stock market. HOW TO FIND THE BEST STOCKS TO BUY? Here it all boils down to research, looking for the best businesses, following sectors that are cheap at the moment due to temporary reasons. STOCK MARKET CRASH PROTECTION On stock market crash protections, you have to see when do you need the money and then balance between cash and investing. Stocks to expensive, have more cash and then balance as the market always fluctuates. SHOULD I INVEST IN PENNY STOCKS OR BITCOIN? Penny stocks and cryptocurrencies attract lots of people because big money can be made there fast due to the high volatility. However, that is speculation and you depend on someone paying more than what you paid. HOW TO INVEST IN BLOCKCHAIN? To invest in the technology you are looking at long term investments in companies like IBM. There is even an IBM blockchain page. HOW TO INVEST IN STOCKS ON YOUR OWN? The first thing to know is to understand all the terms related to stocks and investing, all the accounting factors (I have to make a course accounting for investors, will come but I can’t promise when), read as many books as you can (we have made a summary of the intelligent investor here) and there is also my book, and give yourself time to learn. Invest the money you can afford to lose as tuition, you learn much better with real money. Want to know more about what I do? https://goo.gl/MQG2k5 Full-time independent stock market analyst and researcher! STOCK MARKET RESEARCH PLATFORM (analysis, stocks to buy, model portfolio) I am also a book author: Modern Value Investing book: https://amzn.to/2lvfH3t More at the Sven Carlin blog: https://svencarlin.com/ Check out Modern Value Investing YouTube: https://www.youtube.com/c/InvestwithSvenCarlinPhD Like Modern Value Investing Facebook page: https://www.facebook.com/CarlinSven Connect with me on LinkedIn: https://www.linkedin.com/in/svencarlin/

Stock Market Crash And Economic Collapse News with Ray Dalio and Seth Klarman discuss the major risks when it comes to investing in the stock market over the next decade from social tensions, higher taxes, government debt, global debt, high stock market valuations, stock market psychology, trade wars. Want to know more about what I do? https://goo.gl/MQG2k5 Full-time independent stock market analyst and researcher! STOCK MARKET RESEARCH PLATFORM (analysis, stocks to buy, model portfolio) I am also a book author: Modern Value Investing book: https://amzn.to/2lvfH3t More at the Sven Carlin blog: https://svencarlin.com/ Check out Modern Value Investing YouTube: https://www.youtube.com/c/InvestwithSvenCarlinPhD Like Modern Value Investing Facebook page: https://www.facebook.com/CarlinSven Connect with me on LinkedIn: https://www.linkedin.com/in/svencarlin/

The Intelligent Investor by Benjamin Graham is probably the best book out there for long term value investors. However, the last issue is from the 1970s so I will go through the book in a series of podcasts in order to extract what is still relevant. Believe me there is plenty of it relevant, especially in this stock market. This will allow us to compare the current market with essential value investing wisdom and perhaps improve our risk reward perspective on things. Let’s start with chapter 1; Investment versus speculation: Results to be expected by the Intelligent Investor. This chapter discusses the appropriate portfolio policy for the individual investor, an everlasting topic. Chapter 1 – distinction between investor and speculator “An investment operation is one in which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.” The key to Graham, as later with Buffett and Klarman is safety of principal which is the leading rule with value investors, never lose money. As now, so in the 1970 the was a big misunderstanding of who is an investor and who a speculator. Graham wouldn’t be happy when he would hear the notion of “investing in cryptocurrencies”. Therefor, if you are an investor you invest in the business and take little risk, everything else is speculations. In this market, it means that 98% of all assets are speculations. After the next crash, the stock market will again be called a casino and all things related as speculations, even if now everything seems an investment. As long as it goes up, it is. Same things were going on towards the end of the 1940s when stocks were considered a gamble, thus cheap and in the 1960s when the entire stock buying public called themselves investors.

Until now, proposals to improve blockchain scalability have addressed the problem in one of two ways. One seeks to increase efficiency by optimizing the blockchain or improving the consensus algorithm. The other comes in the forms of layer-2 solutions such as payment channels or side chains. However, none have addressed the core bottleneck to scalability: TCP/IP network limitations. Improving the speed at which blocks propagate through the network is the layer-0 problem few people consider when thinking about scaling. Fundamentally, network bottlenecks are what prevent blockchains from increasing their transaction throughput. Raising the block size or reducing the time between blocks has devastating effects on usability as the probability of a fork increases. At a certain point, the blockchain simply breaks as forks occur faster than blocks can propagate to all validators. Remarkably, the web figured out how to scale decades ago with the invention of Content Distributions Networks, or CDN. This is what enables platforms like YouTube to steam thousands of hours of video to hundreds of thousands of people every second. However, traditional centralized scaling solutions lack the privacy and censorship resistance necessary to serve the decentralized web. We’re joined by Uri Klarman, CEO of bloXroute. Founded by a team of researchers and systems designers from Northwestern and Cornel University, including Emin Gün Sirer, bloXroute allows practically every blockchain network to “scale today.” As a scalability infrastructure service, their Blockchain Distribution Network, or BDN, sits underneath blockchain networks. Anyone operating a miner can use the BDN without any changes to their consensus algorithm or protocol. By simply pointing their software to a bloXroute node, miners immediately benefit from propagation speeds orders of magnitude higher than the time which is currently required for blocks to be seen by all validators. This global network of servers is optimized to receive and stream massive amounts of transaction data to vast networks of nodes and miners. While bloXroute relies on some level of centralization, it is provably neutral and cannot discriminate based on the contents, provenance or destination of a block. It also includes clever redundancy mechanisms which ensure availability in the event of an attack on the network. Topics covered in this episode: Uri’s journey as an academic working in the field of networking Defining the blockchain scalability problem as a networking problem Past work and attempts to scale blockchains The vision behind bloXroute and the problem it aims to solve The Blockchain Distribution Network (BDN) and its technical architecture How the BDN optimizes blocks and achieves 1,000x faster propagation times How bloXroute archives provable neutrality and ensures network resiliency The BLXR token and incentive mechanisms The project’s goals, milestones, and product roadmap Episode links: bloXroute Website bloXroute White Paper This episode is hosted by Meher Roy and Sébastien Couture. Show notes and listening options: epicenter.tv/248

March 27, 2018 at the Boston Athenæum. Americans revere their Constitution. However, most of us are unaware how tumultuous and improbable the drafting and ratification processes were. As Benjamin Franklin keenly observed, any assembly of men bring with them "all their prejudices, their passions, their errors of opinion, their local interests and their selfish views." One need not deny that the Framers had good intentions in order to believe that they also had interests. Ultimately, both the Constitution's content and its ratification process raise troubling questions about democratic legitimacy. The Federalists were eager to avoid full-fledged democratic deliberation over the Constitution, and the document that was ratified was stacked in favor of their preferences. And in terms of substance, the Constitution was a significant departure from the more democratic state constitutions of the 1770s. Definitive and authoritative, The Framers' Coup explains why the Framers preferred such a constitution and how they managed to persuade the country to adopt it. We have lived with the consequences, both positive and negative, ever since.

iTunes Podcast Page for Review & Subscribing If you want to get rich and to pass money to your kids, listen closely to Howard Stevenson. Here’s condensed wisdom from the heart of the investing world delivered with dry humor and charm. Professor Stevenson was a co-founder of storied Baupost Group and helped hire its legendary manager Seth Klarman. He began the study of entrepreneurship at Harvard Business School and eventually became HBS’ biggest fundraiser. His book “Wealth & Families” gives invaluable advice on how to make money and keep enough of it to hand down to the generations. My personal favorite is illustrated by this quote from the interview: “Whereas, some of my colleagues were going off consulting ... They were making a lot of money every day, and they go their XKE (Jaguar XKE, a coveted sports car of the era) quite quickly. I went off to places like Lima, Ohio, and I was paid $300 a day, but I got 1% of the company.” Howard Stevenson was forgoing high current income, and consumption, for the ability to own promising assets that would build his wealth in the long term. This approach contributed to Professor Stevenson becoming rich enough to need a family office to manage his money. Podcast Page on iTunes Where You Can Review & Subscribe This dynamic conversation includes: Howard Stevenson Bio How Howard Stevenson Started His Career Fear of the “Velvet Rut” Causes Howard Stevenson to Leave a Tenured Position at Harvard Business School Howard Stevenson: “A lot of people are fairly miserable in their job, but they fear change more than they look for the optionality that comes in change.” After a Sojourn in Entrepreneurship & Real Estate, Howard Stevenson Was Lured back to HBS Sal Daher: “There are not a lot of people that would turn down tenured positions at The Harvard Business School…” Howard Stevenson replies: “That's sad. I'm a trustee at Olin College, and they have no tenure. It's amazing what that does, because people are there voluntarily.” Howard Stevenson on Building Wealth: “I've always been experimental, because I don't believe I understand and can predict the future. By the way, when you look that the facts, very few people can.” Howard Stevenson’s 400x Investment in a Company with a “Stupid Business Plan” Howard Stevenson’s Four Criteria for Investing Howard Stevenson’s Portfolio Returns; Warren Buffett-Like Howard Stevenson on whether Entrepreneurship Can Be Taught Howard Stevenson’s Definition of Entrepreneurship The Best Due Diligence Is Time How Baupost Got Started and How Investing Wizard Seth Klarman Was Hired How Howard Stevenson Shops for Cars Howard Stevenson’s Advice for How Young People Can Build Wealth Mitt Romney & a Young Colleague on Spending Why You Should Review this Podcast on iTunes – It Really Helps Us iTunes Podcast Page Where You May Review & Subscribe "Most of the wealthy people I know, are better at making money than managing it." Howard Stevenson’s Journey in Investing Began by Reading Graham, Dodd & Cottle in 1961 "I was smart that I recognized the quality of the people. But, whether it was coming out at 2X or 400X, wasn't in my control." Talking to Your Kids About Money Transcript: Sal Daher: Welcome to Angel Invest Boston. Conversations with Boston's most interesting angel investors and founders. I'm Sal Daher, and my goal for this Podcast, is to learn more about building successful new companies. The best way I can think of doing this is by talking to people who have done it. People such as entrepreneur, angel investor, and scholar of entrepreneurship, Howard Stevenson. Professor Stevenson, Howard, I'm elated for the opportunity to interview you on this the 29th episode of our podcast. Thanks for hosting us at your offices. In this recording session outside our usual studio. This is what's normally called a remote. H. Stevenson: Well it's not so remote, it's right in Harvard Square. Sal Daher: That's right. Not too far away. Howard Stevenson Bio Howard Stevenson founded the storied Baupost Group, and is the father of entrepreneurial management, at the Harvard Business School. Howard has served on many boards, and his advice is prized by so many wealthy people. He has written extensively on business and social ventures. He has been generous with his time and treasure, towards philanthropic causes in which he believes. It is said that he has raised more money for Harvard Business School than anyone else. There is now a chair professorship named after him at HBS, in recognition of his outsized achievements. Starting out as a math major, Howard has had a methodical approach to wealth during his entire career. While he measured assiduously the growth of his net worth, he also paid close attention to choosing work that was satisfying to him, and valuable to others. Informed by fear of the “Velvet Rut” that can trap tenured academics. Howard found his own career trail in several industries. By taking astute long-term bets, he has become wealthy enough to need his own family office, though he does not like the term. In preparing for this interview, I read his latest book, Wealth and Families: Lessons from My Life Journey. Written with his longtime collaborator Shirley Spence. The book is a remarkable document, in that it grew out of another book. A book that he had written for his family, titled: Howard's Journey: Lessons from the Game of Life. This other book was written to impart his hard-earned lessons to his family. The family book was shared with a few close friends, who urged creation of a public version, which became Wealth and Families. Which, is the book we'll refer to in this conversation. In concluding my introduction, I'd like to read a beautiful blurb of the book by Howard's colleague, Kenneth A. Fruit of Harvard Business School. "It is hard to fathom, even once you've read it. The compactness of the wisdom and insight Howard Stevenson provides in this short book. His perspective is practical, yet enormously synthetic. Don't be confused by the direct "Oh shucks" tone. The simple folksy-sounding analysis of the complex problem of intergenerational wealth, belies Howard's incorporation, and absorption of much more of the magic of mathematically rigorous laws of compounding and diversification. Sprinkling in a foundational knowledge of the tax code and the law. It's that he has in his own mental frame incorporated a sense of people's humanity, their strengths and weaknesses, their goals and actual accomplishments. Based on successfully watching and doing for all these years. The wisest teachers have all along been life's best and most observant students. Howard and this integrative little book that you and your progeny should share, are just that." That's really beautifully written. H. Stevenson: Yes, and I didn't even pay him. Sal Daher: I know. I know those things are tremendous. How Howard Stevenson Started His Career As a service to our younger listeners Howard, I'd like to ask a question about how my massively successful guests got started in their careers. Tell us about the choice that confronted you when you completed your undergraduate in mathematics at Stanford, and what you chose. H. Stevenson: Well it was fairly easy. I discovered when I was at Stanford, there were people who were smarter than I am, love math more, and worked harder. I decided I didn't want to compete with them. I had looked at both law school, and business school, and in my great wisdom I discovered law school was three years long. Business school was two, and I chose business school. Sal Daher: A math major, you could count. H. Stevenson: I could count. Even on one hand. And, then I discovered that in fact Harvard gave me a bigger scholarship than Stanford for my continuation. End of story on the career that got me into Harvard Business School. Staying on to teach was another decision, which I think is, I've always loved learning, and what better way to learn than to teach. So, I did that for a couple of years, and then played investment banker with a friend on doing deals for small companies. Then I came back to the business school to do ... Well I came back to tell them I wasn't coming back, and they said, "What are you going to do?" And, I said, "Well I'm going to be a VP of Finance of a real estate company." That meant that they thought that I knew something about real estate. I'd never read a book on the subject. I never had done anything in the field, and they said, "Do you want to teach the course?" And thought, "What better way to learn?" So, I came back to the business school, started a real estate course, or took over one that was sort of moribund. And, did that for five years. I came up for tenure, and I got tenure, and the Dean told me to do something important. So, I left again. Fear of the “Velvet Rut” Causes Howard Stevenson to Leave a Tenured Position at Harvard Business School But, part of the motivation of leaving was that I saw a lot of people in this “Velvet-lined Rut’. That it's very easy when you're successful, to keep doing what you're already doing. But, in fact the only way you can get from doing the wrong thing to the right thing, is probably doing the right thing poorly. And, so you have to learn, and I watch people who run the top of little hill, who didn't want to go down in the valley to try something new. Sal Daher: This is very interesting. Very, very interesting. I wanted to elucidate a little bit, what was meant by the Velvet Rut. You think that academics tend to perhaps specialize a great deal? Become the most knowledgeable in a field, but are afraid to venture out, where they're not as knowledgeable? H. Stevenson: Or where there're people who won't think they're as knowledgeable. But, I don't think that's restricted to academics. Sal Daher: Mm-hmm (affirmative) Howard Stevenson: “A lot of people are fairly miserable in their job, but they fear change more than they look for the optionality that comes in change.” H. Stevenson: A lot of people are fairly miserable in their job, but they fear change more than they look for the optionality that comes in change. Sal Daher: Ah, yes. The optionality that comes in change. H. Stevenson: And, we can never predict the results of change. Sal Daher: No. No. H. Stevenson: So, for me I said, "Look, I can always get a job." I think the dean, at that point was not interested in what I was doing, which was entrepreneurship and real estate. And I said, "Why do I want to work at some place where they don't value what I'm doing?" Sal Daher: Mm-hmm (affirmative) After a Sojourn in Entrepreneurship & Real Estate, Howard Stevenson Was Lured back to HBS H. Stevenson: That led me to work with a private company. Became VP of Finance of a private company. Helped them raise money. Got some control systems in place. A whole bunch of things. So, I had a lot of learning, but after five years the learning went away and I ... The dean had heard that I was dissatisfied, and came and said, "You want to do something in entrepreneurship?" And this was a new dean, and he was a person I knew and trusted, and so I said, "Yes". Sal Daher: It's a new direction and a new discipline that challenged you at the time. So, you felt that that did not have the risks of constraining you within this rut. H. Stevenson: Absolutely not, and beyond that I knew that I could leave again. Sal Daher: There are not a lot of people that would turn down tenured positions at The Harvard Business School. No, that is impressive. Sal Daher: “There are not a lot of people that would turn down tenured positions at The Harvard Business School…” Howard Stevenson replies: “That's sad. I'm a trustee at Olin College, and they have no tenure. It's amazing what that does, because people are there voluntarily.” H. Stevenson: That's sad. I'm a trustee at Olin College, and they have no tenure. It's amazing what that does, because people are there voluntarily. Sal Daher: Yes, yes. That is a remarkable organization. We're going to talk a little bit now about building wealth. What type of early stage investments have you made, and how have they turned out over time? Howard Stevenson on Building Wealth: “I've always been experimental, because I don't believe I understand and can predict the future. By the way, when you look that the facts, very few people can.” H. Stevenson: I've always been experimental, because I don't believe I understand and can predict the future. By the way, when you look that the facts, very few people can. Sal Daher: That's right. H. Stevenson: We've always tried to invest in places where, in the early stage, I prefer to invest when people have some revenue. Because, it points to the fact that there is somebody that's willing to have a cash-ectomy performed on their wallet. Sal Daher: Mm-hmm (affirmative) H. Stevenson: We like to be broadly diversified. I'm not trying to guess what's going to be in the next public market. Sal Daher: You prefer companies that are post-revenue? That are ... H. Stevenson: Post revenue. Sal Daher: Earning, okay. H. Stevenson: And ... Sal Daher: In a growth stage? H. Stevenson: In a growth stage, where they need the money to ... If it's in biotech, I prefer something where the scientific risk is out. Sal Daher: Mm-hmm (affirmative) H. Stevenson: But the market risk is still there. The best investment I ever made was in a company that had a really stupid business plan. But, the people were fantastic. Sal Daher: Yes. Howard Stevenson’s 400x Investment in a Company with a “Stupid Business Plan” H. Stevenson: They were in an industry that I thought was very interesting. I thought that what they were doing in that industry made no sense. Over a couple of years, they morphed, and that's probably returned 400 to 1. Sal Daher: Oh, the 400 to 1 return that everybody's looking for, to pay for the rest of the portfolio. H. Stevenson: Yes. But ... Sal Daher: Which company was that? H. Stevenson: It's a company called Asurion. Sal Daher: Asurion. H. Stevenson: And, they are very quiet, I'm still invested. Sal Daher: Yes. H. Stevenson: They're doing very well. One of my friends, who's a noted venture capitalist, turned them down because the business plan was too stupid. That's been one of the worst decisions he ever made. Whereas, one of the other venture capitalists that put a little money in, it's the best decision he's made in his life. Sal Daher: I know, those kinds of investments are few and far between, and when you turn one of those down, it's hard to live it down. H. Stevenson: You have to live life forward, you can't live with regrets. Sal Daher: True, true, true, but I think there is some room for learning. Howard Stevenson’s Four Criteria for Investing H. Stevenson: I think the thing that I've learned is. I have four criteria for investing in companies I know and love. Is the person honest? Because, if they're not honest they'll screw you some way. Sal Daher: Oh yeah, that goes without saying. H. Stevenson: Now how do you figure out if they're honest? Well, there're two ways: 1. You know them. Or, 2. One of my favorite questions is, "Tell me about the sharpest deal you ever did?" And, it's amazing what people will tell you. One guy told me how he cheated the IRS. And you say, "Well if they can send you to jail, and I can't, and you're still willing to do it, I think I know something about your value system." Sal Daher: That is remarkable, that is remarkable. H. Stevenson: The second criteria, that I like to use in investing is: Are they nice? By that I mean, are they looking out for somebody other than themselves? Sal Daher: Mm-hmm (affirmative) H. Stevenson: I've had experience in start-up or early stage investments, where the entrepreneur takes care of themselves really well, and the early stage investors not so much. Sal Daher: Left hold the proverbial bag. H. Stevenson: Well, or holding nothing. We have one that just went public, and I think compared to my investments, I'll make 10 cents on the dollar, even though the company was successful. And, I went through three or four rounds, and I discovered what the person was. But, trying to figure out are they nice, that means talking to people that know them. Looking at past decisions. I've had investors ... Or, I've had companies where we lost all the money, and they gave me stock in the next venture they did. Which is a good sign that they are nice people. Sal Daher: Yeah, that is a nice sign, yeah. H. Stevenson: The third element is: Are they curious? Because if you believe that the future is impossible to predict, then anybody who thinks they know the future absolutely, is not looking around the corner. I go back to my example of the best one we ever did. They had a bad plan, but they were curious, and they said, "Where can we serve this group of customers, with a very profitable notion?" And, they found it. Howard Stevenson’s Portfolio Returns; Warren Buffett-Like And the last is: Are they smart? Because, this is a very complicated field. Now you ask how we've done. We've been doing it for about 25 years, since I sold down some of my position at Baupost, and left active management. I was the president for the first eight years. We probably return 17% or 18%. Probably 12% without the real big winner. Sal Daher: Mm-hmm (affirmative). So, a little bit ahead of what Baupost has done in the same time? H. Stevenson: Yes. I guess I look at it, and I say, when I've done the analysis ... Sal Daher: Probably a lot higher beta. H. Stevenson: Yeah. It's actually interesting, I've divided things into five categories. Stuff happened, I don't use the word stuff when I'm talking about this. Sal Daher: Yes. I understand. H. Stevenson: That was a ... The guy got a pancreatic cancer soon after we invested. The Tanzanian government it over, because it was too profitable, and they wanted their cousin to own it. And, you can go through some, but there weren't a lot of those. There was the wrong on the bet category. Sal Daher: Mm-hmm (affirmative) H. Stevenson: It was a good bet, but it didn't work. And, I think in a lot of what we're doing, you've got to differentiate between, is it a good bet, and did it work? Sal Daher: Yes. H. Stevenson: Because, on a high variance bet, it's not going to work out all the time. But, one of the things we always try to do is say, "What are we betting on? What are the three or four conditions we're betting on?" And, then sometimes they're not going to work. Sal Daher: Mm-hmm (affirmative) H. Stevenson: Then there is, we made it safely through. Then there was a few good things happened. If you take the bottom three categories, I think we got about 7% out of that total pool because ... Sal Daher: Wow! Well that's not bad, yeah. H. Stevenson: When you're post revenue, in some ways you don't ... You're not going to lost everything. Sal Daher: No, no. H. Stevenson: But one of the interesting ... Sal Daher: I've had at least one post revenue company that lost everything, because they were so highly leveraged. That's the thing, if they have revenue, there's a temptation to borrow. H. Stevenson: Yeah, but I think that one of the things about it is, that if you're working with the right people, they are ready to say, "It's not working". Then they turn their task to getting something for the company. Instead of, as some people are, they'll just throw the dice, until they run out of money. Somebody who's nice and curious, is probably going to spend some time saying, "It really isn't working, is there some way we can salvage something for us, and the investors?" Sal Daher: Yeah, that really is remarkable wisdom. H. Stevenson: Then some good things happened. Largely that was when somebody else wanted it worse than we did. Then there's the wows, and there are probably five wows. The one I told you about is by far the biggest one, but there were quite a few that returned 30 to 1. Sal Daher: Wow. H. Stevenson: And you say, "What field were you in?" They were all over the lot. Sal Daher: Wow, so no specialization? H. Stevenson: No specialization. Sal Daher: Interesting. I was having a conversation with a young venture capitalist yesterday, who is a part of MIT angels. He says, "I'm very specialized in biotech. Everyone, of these deals I can see all the problems with them, and solve them and so on." And he said, "I don't understand how you can make money, without that level of specialization." The answer for me at least, is that I'm investing much earlier than he is. So, my judgment isn't really based on knowing exactly what the industry is, and so forth. It's much more based on character, and so forth. The sort of thing that you're talking about. That is what makes it possible for you to be investing. If, you're investing early enough. The remarkable thing is that you're investing in post revenue, and you're still making those judgment calls based on character, and making money. Which is tremendous. H. Stevenson: I think that part of it is that nobody knows the future, no matter how many PhDs you have. Sal Daher: Mm-hmm (affirmative) H. Stevenson: In the biology field, I've had people present things to me. They say, "This is absolutely unique." And, I walk back to my office, and I get a business plan, that if I just crossed out the names, it would be the same. Sal Daher: It would be the same, yes. H. Stevenson: So, my belief that you have a unique upside. Just think, even Uber. How many examples are there of Uber? Sal Daher: That's right. The ones that failed, there were many of them, and Lyft, which is still extant. But the reality is that, ideas are a dime a dozen, and execution is very, very hard. H. Stevenson: One of my favorite stories about this is, in 1993 and the personal computer is coming out. We said, "There's got to be a role for this in home accounting." Sal Daher: Ah. H. Stevenson: We found a guy from Procter and Gamble, because we knew you'd need marketing. Sal Daher: Mm-hmm (affirmative) H. Stevenson: They'd written a software. It was good software. It worked fine on the apple. Unfortunately, not on the PC. And, it started literally within a week of Quicken. Sal Daher: Ah! H. Stevenson: So, you look and you say if I took two business plans, look at the resumes of the people, I couldn't tell the difference. Sal Daher: No. H. Stevenson: One is wallpaper, and the other is a fortune. Sal Daher: Quicken, they managed to establish a process for developing a product. Which was really, tremendously impressive. H. Stevenson: That, but I think they may have gotten into Staples slightly before we did. Sal Daher: That's all part of the product development process. H. Stevenson: Yep. Sal Daher: The product is developed enough, that Staples can distribute it. As a matter of fact, I'm trying to think of who it is that I interviewed recently who has the founder of Quicken as his ... H. Stevenson: Scott Cook? Sal Daher: Scott Cook, yes is his idol. H. Stevenson: Mm-hmm (affirmative) Sal Daher: I think it came out in the podcast. H. Stevenson: Yeah, a P&G guy. He's not a technology guru. Sal Daher: Well, he's another P&G guy, because you guys were backing a P&G guy as well. H. Stevenson: Yes. Sal Daher: Well I'm in the process of writing ... H. Stevenson: HBS guy too. Sal Daher: HBS guy. Well I'm in the process of writing a check right now to P&G, J&J, HBS guy. So, I hope it's going to work out. H. Stevenson: I can guarantee you won't know until it does. Sal Daher: I know. That is absolutely true. That is absolutely true. Howard Stevenson on whether Entrepreneurship Can Be Taught You've done a lot of research, and given all your business experience. This is a tough question. Do you believe there are certain personality types that are more conducive to entrepreneurship, or can it just be taught to anyone? Bill Aulet, thinks it can be taught. H. Stevenson: Can I answer no, to both questions? Sal Daher: Absolutely. H. Stevenson: Well, in the old days before I started to work in entrepreneurship, there were people who said, "Well, they've studied it carefully and you need ... Being a first born helps, because 44% of the entrepreneurs are first born." Failing to notice that 44% of the population is first born. There were other deep studies of locusts of control, and other things. It turns out to be nonsense. I don't think that there's a personality type. Because, if you're going to run a cable television company, you could be the wallflower at the accounting convention. Sal Daher: Right, right. H. Stevenson: If you're going to run a promotion based ... Look at Steve Jobs’ personality. I mean ... Sal Daher: Absolutely. H. Stevenson: I can go through Ken Olsen. Sal Daher: Mm-hmm (affirmative) Howard Stevenson’s Definition of Entrepreneurship H. Stevenson: You look at the great entrepreneurs, and if you can find a single personality type, I think you've got a flawed test. So, I would reject that. On the other hand, I don't think that you can teach entrepreneurship to anybody. What I always thought we're doing when we're trying to teach entrepreneurship. Is if you take the students who come to Harvard Business School, they're opportunity driven. And, as you may know, I tried to define entrepreneurship as the opportunity beyond the resources you currently control. Sal Daher: Yes. Stevenson: Almost any kid, who walks into Harvard Business School, Sloan School. They didn't get there because they were shy, retiring ... Sal Daher: No. Stevenson: Just hoping to make it to the first level of the company, and then they'll stop. Sal Daher: Mm-hmm (affirmative) Stevenson: What we tried to do is, to show them that somebody like them could accomplish it. So, you had the cases on women, you had cases on African Americans, you had cases on people who started late, people who started immediately. Although, I tried to discourage people from starting early. Because there's a lot of research that shows, you got to know something about your customer in your market place. Sal Daher: Mm-hmm (affirmative) Stevenson: You ought to be known. Because you're going to go out to raise resources, and the more that other people know you and trust you, the better off you are. But, I think what you have to do is have the self-knowledge to say ... Probably politically incorrect say, "I know there's a lot of money to be made in China, but it won't be made by people that look like me." Sal Daher: Mm-hmm (affirmative) No, really the problem of information, and the fact that it's broadly disseminated, and people who have local information have an advantage, over someone coming from the outside. That is broadly recognized. I see the point that you're making, that you think that what the academic experience can do, is inspire people with models. Stevenson: Mm-hmm (affirmative) Sal Daher: That have, through cases and so forth. They can get people thinking, "I can do that." Which is a little bit of what I hope to do through this program, with angel investing. Is, to get people saying, "I don't have to be Mark Zuckerberg, to invest as an angel. I can be a guy who has built a business, who's got some experience and so forth. And, I can probably help some young person who's building a business." Stevenson: Well, what I said about ... There were two things that I was trying to do, accomplish. One was planting time bombs in people's mind, that exploded when they stepped on the opportunity. Sal Daher: Mm-hmm (affirmative) Stevenson: The second thing that I think you try and do, is keep them from doing really stupid things. Sal Daher: Ah, okay. Stevenson: I have a sign in my office at home that says, "It's great to learn from other people's mistakes, and you've been a real blessing to me." Sal Daher: Yeah. The ability to learn from other people's experience. It's a lot cheaper than learning from your own experience. Stevenson: That's what you try and do as a teacher is ... But, you also have to say there is no one right way. The business plan, no I've never had a business plan that worked out the way it was written. Sal Daher: My first interview with Michael Mark, who's founded several companies as a technology founder. And, he said he had invested in more than 200 startups, and he could think of one business plan that went according to plan, Progress Software. All the other ones necessitated pivots. Stevenson: The first thing I would say is, the fact that writing a business plan can be helpful, because you have to express the bets that you're making. So, you actually know what you're shooting at. Sal Daher: Absolutely. Stevenson: But, if you think that the business plan has foreseen all possible combinations ... Even just timing is at best, a random event in some ways. Sal Daher: That's right. In your book I think you quote Eisenhower saying, "Planning is everything. Plans are nothing." Stevenson: That was my doctoral dissertation. Had a lot to the defining strengths and weaknesses. Didn't matter what you wrote down at the end. It was, you were asking the question, "How do we compare to the other people trying to accomplish the same thing we are?" Sal Daher: So, going through the process of planning, you develop understanding. Even though things don't work out as you expect, at least you know a little bit about the lay of the land. So that when things change, you can regroup and do an informed approach. Stevenson: I would also say that one of the things that I look for in a business plan, is have they looked honestly at the competition. Sal Daher: Ah. Stevenson: I can't tell you how many business plans and software I've read that says, "We've done this for $300,000, and it would take everyone else 2 million." Sal Daher: I've seen a lot of those, yeah. Stevenson: There's a lot of competition out there, and you need to have some humility on the part of the entrepreneur and the investor to say, "We're going to be out there in a tough market. How are we going to win? Where do we have a competitive advantage?" Sal Daher: In those situations, one trick that I've learned from some of my colleagues in Walnut Ventures is, give them a little time. If they're at the beginning of the race, don't tell them that you're going to invest with them. Give them three months, and then see where they are, in those three months. See how much progress they've made during that time. They've told you everything about where they are now. If, in three months they're still telling you the same things, and they have competition, so that they're not very good at implementation. So, they're not going to get anywhere. The Best Due Diligence Is Time Stevenson: We always say the best due diligence is time. In fact, I was talking to one of the famous venture capitalists, who was a former student, and a good friend. And I said, "Isn't due diligence highly overrated?" And he says, "Yeah, I need to make five calls." He said, "I just need to know, which five people I talk to." I think that's true in most of this area for us as investors is, do you know somebody that knows the field? Do you know somebody that knows the person? Do you know somebody that knows the state of the financial markets for that particular fashion element? There's a lot of stuff ... Sal Daher: Absolutely. Stevenson: That, you don't need to talk to everybody in the world. And, getting a 2000-page report from Bain and Company, or McKinsey, is not going to help you understand where the world is going. Sal Daher: No, no it's not. It's not. How Baupost Got Started and How Investing Wizard Seth Klarman Was Hired Howard, I'm very curious to hear the story of the founding of Baupost. Hiring of Seth Klarman. For those listeners who do not know of Seth Klarman, think Warren Buffett a quarter century younger. Stevenson: I'll start with a recent search that I was working on for a not for profit. The people said, "We need to hire somebody like, X." And I said, "No you're going to be hiring someone like X was 30 years ago." Sal Daher: Yeah. Stevenson: That was true of Seth. Here you had an extremely bright young man, who loved two things. He liked stocks. He liked betting. Baupost was founded because, Bill Poorvu had sold WCVB, or was selling CVB, and I had worked with him quite a bit. And, Jordan Baruch ... Sal Daher: Bill Poorvu, fellow professor at the Harvard Business School. Stevenson: Yes. Sal Daher: Who had been owner of the television station, WCVB channel 5, here in Boston. Stevenson: A part of it, yes. Sal Daher: A part of it, yeah. Stevenson: And, Jordan Baruch was a professor at MIT. Sal Daher: Mm-hmm (affirmative) Stevenson: Who, was one of the early ... I think he was employee number four, Bolt, Beranek & Newman. Sal Daher: Okay, okay. Stevenson: And Isaac Auerbach was one of the early employees of UNIVAC. Sal Daher: Okay. Stevenson: And, he was a good friend of Jordan's. Sal Daher: Mm-hmm (affirmative) Stevenson: So, as Bill was about to receive some money he said, "Help me how to figure out how we get the money managed." So, the first hire was an administrator. Deloitte's going to come in, you better make sure you can account for it. Sal Daher: You can put it in somewhere. Stevenson: Well, make sure you can account for it first. Sal Daher: At least cash the checks. Stevenson: Yes. Sal Daher: Right. Stevenson: Then Seth was a student of Bill's, and he said, "This is an unusual guy. What are we going to do with him?" And I said, "Who knows?" We started out looking at, how do we select money managers? Sal Daher: Mm-hmm (affirmative) Stevenson: This was 1982. After you talk to a number of money managers, you say, "We can do better than that." Sal Daher: The industry was not highly developed at that time. Stevenson: The industry, it was ... White shoe, everybody was into recreational vehicles. Sal Daher: Mm-hmm (affirmative) Stevenson: It was a screwy industry, and always has been. Sal Daher: Right, right. Stevenson: We hired Seth. We looked at ... Sal Daher: But what is it that you saw in Seth, that set him apart? Stevenson: The same things that I talked about earlier. He was honest. He'd worked for honest people. Sal Daher: Mm-hmm (affirmative) Stevenson: I wouldn't hire somebody from, you can name the firm. Sal Daher: Absolutely, yeah. Stevenson: He doesn't even need to work there, I don't want to work for me. He certainly understood the charitable notions that I think the other founders had. I think they were all deeply committed to other people, and that was attractive to him. Sal Daher: Mm-hmm (affirmative) Stevenson: It wasn't, they were trying to make the most money, and so you saw the niceness come through there. Clearly curious, you don't work the pink sheets, if you're not curious. Sal Daher: Mm-hmm (affirmative) Stevenson: Because, nobody else was covering them. Sal Daher: No, no. Mm-hmm (affirmative) Stevenson: That was one of the things I liked about him is, he was willing to do original research. Rather than call up Goldman and say, "What's hot today?" Sal Daher: Yeah. Stevenson: And their answer is, "Whatever I got a lot to sell off." Sal Daher: Exactly, exactly. Stevenson: And, he's clearly smart. He's a Baker Scholar. So, we saw that and ... Sal Daher: But the idea of patient investing, of buying things that are deeply underpriced, and holding them until they are, not fully valued, I know you always sold early. But, until other people begin to have an interest in them, that is something that's attracted me to him. Because, it's a lot similar to what my partner and I did in emerging markets. We were always early, buying stuff at incredibly cheap, and selling into the market as it began. People made a lot of money buying stuff off of us. And, the same thing with Seth Klarman. So, how did you detect that? That quality in him. Stevenson: I like to think I even taught him some of that. The expression we gave was, "Feed the birdies, when they're hungry." Sal Daher: Mm-hmm (affirmative) Stevenson: And, he transitioned into being the president after about six years. Because, people don't want to give a 26-year-old all of their money. And, we had all of the money, of all of the clients. Sal Daher: Mm-hmm (affirmative) Stevenson: So, there was concern. This is a different approach. I think one of the things that also Seth has been brilliant at, and I like to think I had something to do with it. Is, not ... Because we had all the money, you didn't get stuck on we're buying big cap stocks. It was ... Sal Daher: Ah, okay. Stevenson: So, a lot of the success was, you moved from sector to sector. So, you bought real estate, when real estate was dead cheap. You bought busted bonds. I can go through the history and ... Sal Daher: And, given the composition of the investors, the original investors. They were a small number of people, who had a long-term outlook. They had a much healthier attitude towards the market, than a lot of people have today. Because if you're a young, rising fund manager, you live or die by your last results. In your ... Stevenson: No. And, frankly as we're building the business, we turned down a lot of those people. Sal Daher: Mm-hmm (affirmative) Stevenson: We didn't think the acquisition of assets was important as the acquisition of good clients. Sal Daher: Mm-hmm (affirmative) Stevenson: Also, we were interested in who the family was. Not, do they have a name. Sal Daher: Right, right. Stevenson: But, how they dealt with each other. Sal Daher: Right. Stevenson: Because, you were trying to create something, and I think Baupost still has that feeling that it's everybody's in it together. So, it was, everybody participated in the performance fee, down to the secretary. Everybody ate from the same pizza box. Sal Daher: That is wonderful. That's something Warren Buffett complains says his secretary pays a higher tax rate than he does. Stevenson: Yes. Sal Daher: In this case, even the secretary is paying a high tax rate. Stevenson: Yep. Sal Daher: A low tax rate, I should say. Stevenson: Yes. Sal Daher: Because, she is benefiting on the ... Or he, in the ... Stevenson: Right. That was certainly the case then, and they tried to spread through. Sal Daher: That's really laudable. I have great admiration for the firm that you helped put together, and its outcome is really impressive. Stevenson: Well it's Baruch, Auerbach, Poorvu and Stevenson, is where the name came from. Sal Daher: So it's Baruch. Stevenson: Baruch, Auerbach. Sal Daher: Auerbach. Stevenson: A U B A Sal Daher: B A Stevenson: A U Sal Daher: A U Stevenson: P O and S T Sal Daher: And, S T of Stevenson. Stevenson: Yes. I think it happened with a piña colada somewhere on the Caribbean. How Howard Stevenson Shops for Cars Sal Daher: Howard, I find the way you shop for cars, particularly instructive. Please elaborate. Stevenson: I don't shop for cars. When my oldest child turned 16, I handed him a signed check and said, "Go buy me a car." And, people look at me like I'm crazy. But, in fact what I was trying to say to him is, "I trust you. I believe you'll do good research, and I respect your judgment." Because part of the process of educating kids is not saying, "I'm smarter, better, faster than you are." It's saying, "I am asking for your help in important things." I look at buying a car ... First, I hate dealing with car dealers, so I look at it as a pain. I was reasonably sure my sons, who love cars ... Sal Daher: Mm-hmm (affirmative) Stevenson: Would spend more time harassing car dealers. Which, made me feel like I was getting even with these guys. But, in fact they really do the research thing. So, they come back with a great knowledge of the packages that are available. What you want, what you don't want, and what was my risk? A couple thousand dollars, at worst? Sal Daher: Yeah, you might overpay a little bit for a car, but your kid will learn. Stevenson: But, I don't think I ever overpaid. I am absolutely sure that they got better deals than I would. Because, I'd walk in and say, "Oh, I like that car. How much it cost?" Because, I want to get out as fast as I can. Sal Daher: That's interesting, my father-in-law used to do that with his children. He used to give them, when they went to college, the money for the whole year. Give them one check and say, "Here, you've got to pay tuition, your cost of living, everything." Of course, he was overseas in Argentina, and they all came here, and it all worked out. But, sometimes it goes wrong. My dad had a cousin, who when he was away at a university, his family sent him money for the year, and he took the money, and he gambled. Stevenson: Yeah. Sal Daher: So, he didn't have any money for tuition, or anything like that, and then he was afraid to go back home, when everybody else graduated, because he still hadn't studied. Stevenson: Well, but again a car is a different thing. Sal Daher: Absolutely. Stevenson: I would know whether they bought the car or not. Sal Daher: There are guardrails, yeah. Stevenson: And, they probably do have fraud and collusion among the dealers. There's lots of reasons why that's, trust but verify in some ways. Sal Daher: Mm-hmm (affirmative) Stevenson: But it leads to a lot of trust in the judgment. But, it's also a sign of respect for their work, and their ability to think, and their ability to plan. And, I think they figured out that they would get the used car. So, they bought cars they wanted on the next round. Sal Daher: Yeah, so they're highly incented to do that. And, it's consonant also with your idea of having the children be brought in early on wealth, brought in early on responsibility for money, and so forth. Which unfortunately nowadays, children really don't have much of a sense of that, of responsibility with money, and so forth. They don't work, they don't make their own money. At least in my experience, children in America work a lot less, than they used to 20, 30 years ago. Stevenson: The rules are harder to comply with, if you're a company. Sal Daher: Yes, absolutely. Stevenson: We have a friend who owns a car dealership and he got an OSHA citation because he had his 15-year-old son sweeping the floor. So, to me the question of how do you teach responsibility? Sal Daher: Mm-hmm (affirmative) Stevenson: How do you teach trust? Sal Daher: Yes. Stevenson: How do you live by example? Are the critical things in Wealth and Families. Sal Daher: That is really beautifully said.  Now what advice would you give a young person about building his or her own wealth? Howard Stevenson’s Advice for How Young People Can Build Wealth Stevenson: I think the most important thing you can start at is, assets are more important than income. At least for me I can speak only in the things I tried to teach the kids. But, if you have a high income, you usually have high expenditures. Whereas, some of my colleagues were going off consulting their ... Consulting was a euphemism for teaching in outside courses at GE. They were making a lot of money every day, and they go their XKE (Jaguar XKE, a coveted sports car of the era) quite quickly. I went off to places like Lima, Ohio, and I was paid $300 a day, but I got 1% of the company. Sal Daher: Ah. Stevenson: I always tried to look at the assets side, because I couldn't spend it. Sal Daher: Mm-hmm (affirmative) Stevenson: Which meant, if I was right, I was saving it. Sal Daher: So, you looked towards building assets? Stevenson: Yes. Sal Daher: Instead of building income, necessarily? Stevenson: Yes. Sal Daher: And in time these assets will generate income, but you weren't looking about income today. Stevenson: I wasn't looking for income today, and I was always trying to say, "How do I use my current income to pay the taxes?" So, I could compound after tax, rather than pre-tax. Sal Daher: Yes. And, another thing that is mentioned in your book. You emphasize very clearly that a house, is not an asset. Stevenson: No, and a mortgage is ... I think of a mortgage as a funny beast. Sal Daher: Mm-hmm (affirmative) Stevenson: Because when I didn't have any money, as I said, "I was a scholarship student." Sal Daher: Right. Stevenson: Then a mortgage was a functional equivalent of rent. Sal Daher: Mm-hmm (affirmative) Stevenson: I still have mortgages, even though I don't need one. But I think of it as the cheapest way to lever my investment portfolio. Sal Daher: Well yes, if you have been reliably producing 16%, 17% returns every year, it makes sense to borrow at 3% or 4%. That is remarkable. So, I really like that advice. Concentrate on building assets, and think about high income leads to high expenditures. That reminds me of a story of Mitt Romney. Stevenson: Mm-hmm (affirmative) Mitt Romney & a Young Colleague on Spending Sal Daher: This is after he had had his initial success. He was with Bain Capital already. A young associate got his first bonus check and he went out and he bought a fancy sports car, and he gave Mitt a ride. Mitt was famous for beat up station wagons. Are you familiar with this story? Stevenson: No, no. I know Mitt well, he was a student of mine. Same class as George Bush, by the way. Sal Daher: I'm not going to ask, who got the higher grade. Stevenson: You don't need to. Sal Daher: I know, no. But, anyway ... So, the young partner said ... Is driving Mitt around, and Mitt was very impressed, he says "Geez, I wish I could afford a car like this." And the young associate said, "Well, Mitt you're worth hundreds of millions of dollars. You can afford this." And the kid didn't get the sense that Mitt didn't think he could afford the fancy sports car. This young kid with his first bonus check goes out and blows it on a fancy car. Stevenson: Well, I think the other thing Mitt would probably say if you got him under sodium pentothal. He doesn't drink so ... Sal Daher: Yeah, I know. That's the darned thing with Mormons, you can't get them drunk. Stevenson: I was raised in Holladay Utah, so I understand it. But I think it's also what behavior you're modeling for your kids. Sal Daher: Right. Stevenson: Because, as my grandmother would say, "Your actions speak so loudly, I cannot hear a word you say." Sal Daher: That is very wise, very wise. Why You Should Review this Podcast on iTunes – It Really Helps Us iTunes Page for the Podcast Where You Can Review and Subscribe Coming up next, we will be shifting to managing your wealth. A matter about which Professor Stevenson has deep experience. However, before we do that, I'd like to take the opportunity to thank listener, SewNow, who left this review on iTunes. "Definitely worth a listen. The series is full of very useful information. It is clear to me that Sal has put a lot of effort into it." SewNow, you have done your part to support the podcast. We bring stellar guests like Professor Howard Stevenson. We come to you free, with no schlocky ads, and professional sound, and you can help by following the example of SewNow, and leaving a review on iTunes. The listenership is growing with every episode, breaking records. It's something like 10% or 15% every month, that they're growing now. That growth combined with more reviews, will eventually cause the iTunes algorithm to start featuring the show. Thus, your review is critical to us. Thanks "Most of the wealthy people I know, are better at making money than managing it." Howard, in your book Wealth and Families you state, "Most of the wealthy people I know, are better at making money than managing it." Please take this opportunity to elaborate on taking on the responsibility of managing your wealth. Stevenson: Well I believe firmly that, you're accountable for your own actions. And, not everybody takes that to the management of their wealth. They think they can outsource it, and the results are often what you'd expect. But, I think it's also, you have to know your own objectives. Why am I interested in wealth? Is there an amount beyond that, it's for charity, or for my kids? I think that thinking through clearly, what your objectives are, and when I use the word your, I mean your spouse, and you probably. Because, if you start early enough, the kids don't have major voice. Sal Daher: Mm-hmm (affirmative) Stevenson: But it's also a subject that's quite un-discussable. I don't know how wealthy many of my friends are, because we never discuss the subject. Sal Daher: Right. Stevenson: It seems to me that at least within the family, you've got to say, "Here's where we are. Here's where we're going. Here's how we're going to get there." Sal Daher: Mm-hmm (affirmative) Stevenson: That involves a lot of decisions that are complicated. That's before you get to what you do with it, when you have it. Sal Daher: Right, right. Howard Stevenson’s Journey in Investing Began by Reading Graham, Dodd & Cottle in 1961 Stevenson: I guess for me, the question is ... Most people would rather talk to their kids about sex than money. So, you don't learn it at home, in most cases. So, you have to in fact reach out to say, "what do I need to know, to be successful?" So, I started by reading Graham, Dodd, and Cottle in 1961. Sal Daher: Not a bad start. Stevenson: It's probably as good a start as you can have if you want to be a value investor. Sal Daher: Absolutely, absolutely, yeah. Stevenson: That probably is one of the things that made Seth appeal to me. But, all along I felt like, I had to take ownership of my own results. That didn't mean you didn't use brokers. That didn't mean you didn't hire a financial planner occasionally, but you had to take responsibility for your own results. Sal Daher: Mm-hmm (affirmative) Stevenson: But that's humbling. Sal Daher: It is, it is. Stevenson: Because, you'll never know all you need to know. Sal Daher: And, taxing because you will inevitably have reverses. Stevenson: Yes. Sal Daher: And people have the attitude that if they ever lose any money, they've failed. But the goal is not to never lose money. The goal is to grow over time. Stevenson: Well, and anytime you lose money ... Sal Daher: Mm-hmm (affirmative) Stevenson: It helps to say, "Why?" Sal Daher: Right. Stevenson: And you go back to my five categories. Stuff happened, there's nothing you can do. Sal Daher: Right. Stevenson: I was wrong on the bet. I knew the bet, but something happened that was different than I was betting on. Sal Daher: Right. Stevenson: Also, the humility on the other side to say, "I wasn't a genius because I invested in X." Sal Daher: Mm-hmm (affirmative) "I was smart that I recognized the quality of the people. But, whether it was coming out at 2X or 400X, wasn't in my control." Stevenson: "I was smart that I recognized the quality of the people. But, whether it was coming out at 2X or 400X, wasn't in my control." Sal Daher: Right, right. Stevenson: Whereas, I can assure you, if you listen to many of the professional investors they will say, "I knew it all along." Sal Daher: Right. Stevenson: And, in fact many of the 100% losses I had were done when I was investing side by side with professional venture capitalists. Sal Daher: Right. Stevenson: Because, their motive is to shoot for the moon. Sal Daher: Right, right. That is pretty deep. Very good. I guess we talked about this a little bit, but could you go a little bit more into hiring the professional help you need, beyond the financial planner and CPA. When someone starts to accumulate significant wealth. Give us some hints. This is well explained in your book, but maybe give some teasers, that will lead people to look in your book for a really well-developed approach to it. Stevenson: Again, like most things, I'm somewhat humble about giving the absolute rules. But, there are people you know and trust. The first thing is, I don't require a lot of due diligence if Bill Poorvu calls and says, "I want to do this." Sal Daher: Mm-hmm (affirmative) Stevenson: You say, "How much can I come in for?" Sal Daher: Right, right, right. Stevenson: After working with him for 43 years, I have a great deal of faith in his judgment. Sal Daher: Mm-hmm (affirmative) Stevenson: And, they're not all going to win, but when you know and trust people you can get by with little due diligence, and you can ... Also, it's going to be low cost. I don't pay him a fee. Sal Daher: Right, right. In contrast to the process that you went through when you're setting up your family foundation. The Stevenson Family ... Stevenson: Charitable Trust. Sal Daher: Charitable ... No, no, not the trust but the one for managing the funds of the family and ... Stevenson: That we just did ourselves. Sal Daher: Right, right, but you had quotes from ... Stevenson: We had quotes from ... Sal Daher: From various people, and they were just absurdly high. So, you brought your son into it, and then you hire people to do particular chores, and so on and so forth. So, you don't have a lot of high overhead of a normal family office. Stevenson: Well you can see looking around, we don't have a lot of high overhead. Sal Daher: No, no, there's not a lot of overhead. Stevenson: The mahogany furniture from IKEA is ... Shows through. Sal Daher: It's extremely functional, very functional. Stevenson: But, then when you start to say, "The next level is things that come with recommendation." But, even with recommendation you have to actually go out and talk to people. Sal Daher: Mm-hmm (affirmative) Stevenson: It depends on who recommends them. Because, there are people that are chasing the last hot deal, and I don't want to be in with them. So, I have to know not only if it's recommended, but who's recommending it. Sal Daher: Who's recommending, that's right. Stevenson: And, why it is.  Then if you're trying to go out to the rest of the world, it requires a lot of due diligence. It's probably going to be expensive. Sal Daher: Mm-hmm (affirmative) Stevenson: So, for me, I've tried to stay in those first two rings, of people I know and trust, and people that come recommended by people that I know and believe in. There you're going to pay more fees, but that's okay. Sal Daher: Still you're probably much more involved in the management of your wealth, than most people who are comparably wealthy. Perhaps also, because you know so much more. I think that, that is certainly a great lesson here. Stevenson: Think about how hard it is to earn a million dollars. Sal Daher: Yes. Stevenson: I'm not saying how much I have, but if you have a hundred million dollars, it's easy to lose a million dollars. Sal Daher: It is. Stevenson: Or, to make it. Sal Daher: That's right. Stevenson: What I say is, "the first million dollars is really hard, and the second million is a matter of time." Sal Daher: Exactly, exactly. Stevenson: So, having the long-term perspective, and I could go through some fancy math to show you that in fact, having long term perspective actually is highly beneficial. Because, most of the world is interested in the first two or three years of return. Warren Buffett is the classic example where I think, if you look at his results, it's largely because he bought long duration cash flows. Sal Daher: Ah. He's not buying the first three years, he's buying 15, 20 years out. Stevenson: He's buying the 3 to 15 year. Sal Daher: Right. Stevenson: And, he's not competing against the ... Sal Daher: Which most people are not interested ... Oh no, that's ... Stevenson: That's too uncertain. Sal Daher: Mm-hmm (affirmative) Stevenson: So, he spends a lot of time looking at how stable it is. He talks about building moats. Sal Daher: Mm-hmm (affirmative) Stevenson: All those kinds of things, and I think that's a ... Sal Daher: Right, right. Stevenson: I didn't learn it from Warren Buffett, but when I started to examine his way of dealing. I think that's what we've always tried to do is say, "Look, I can't outguess the professionals that have better information, quicker execution, all that in the first three years." Sal Daher: Yes. Mm-hmm (affirmative) Stevenson: But if I can find things, that have long duration cash flows. Sal Daher: Mm-hmm (affirmative) Stevenson: I'll probably do quite well over time, because even if you buy something at 10 times earnings, and it’s got 5% growth, you've got a 15% yield. Sal Daher: Right, right. Now that is a ... Stevenson: It's a pretty simple ... You don't need the higher math to ... Sal Daher: No, you don't. Stevenson: Make small amounts of growth, and good profitability ... Sal Daher: And, consistent growth over time. Stevenson: Consistent ... Sal Daher: Yes. Stevenson: It doesn't mean you don't have down years, because one of the things ... My experience is like in one of my other wow investments, was yeah ... But, they were willing to make the investments when it mattered. Sal Daher: Mm-hmm (affirmative) Stevenson: So many of the people would have done really well. See, the first thing we do is serve our customers. The second thing we do is we do it at a profit. Sal Daher: Ha. Stevenson: But the first question is doing, are we serving our customers well? Sal Daher: Mm-hmm (affirmative) because ... Stevenson: That goes back to what we talking about in terms of criteria. Sal Daher: Because serving your customer well is what assures continued growth, continued profitability over the long term, and not just the short bursts in the first few years. Stevenson: The profit is absolutely critical, because whether you're not for profit, or for profit, if you don't have profit, you're out of business. Sal Daher: Something's got to float the boat. Stevenson: Yes. Talking to Your Kids About Money Sal Daher: Yeah. I really like your approach to letting kids know about family wealth and bringing them up early, and so forth. As a matter of fact, I love that little exchange at the HBS that I attended. A gentleman of advanced years, after you explained that you have to let your children know early on said, during the question and answer session, "So how do you think I should tell my children?" And you looked at him and said, "Looking at you, I think it's a little too late." Stevenson: Well, I do get myself into trouble. Sal Daher: I know, it's just ... Stevenson: It seems to me, that many people underestimate, particularly in this internet age, how much the kids know. They know how much your house is worth. Sal Daher: Right. Stevenson: They can go on Zillow. Sal Daher: Mm-hmm (affirmative) Stevenson: Or their friends will. Sal Daher: Yes. Stevenson: They can find salaries. They can find the size of your private foundation, if you have one. There's no limit to the data they can have. And, by the way, there's no limit to the data they can make up, or their friends can make up too. Sal Daher: The imagination. Stevenson: Imagination. Sal Daher: Gallops way ahead of reality, yes. Stevenson: they can look at the prices of your cars. But it seems to me, if you start talking to your kids at 10, 12 about, "Well aren't we fortunate. We've been very lucky. We have to work hard at making sure that it's there, and we're working with honest ..." You start talking about what the criteria are to work with people. You start denigrating the get rich quick schemes. Sal Daher: Yes, yes. Stevenson: you start to in fact have them start thinking about, their own financial planning. You also have to help them understand that if you want to be an investment banker, you'll have one life. And, if you want to be a social worker, you'll have another life. Sal Daher: Yes, yes. Stevenson: You're not telling them that one is good and the other is bad, because at least to me, I never wanted the kids to think that having money was the measure of success. Having money is a measure of the options you have for the future. But, if you want to do something that doesn't make you money, you're going to use up some of your capital, and that's fine with me. I'm not going to measure my life on whether you've made money. Sal Daher: So, your job is to explain the consequences of the choices they are making. So, that they make decisions in a way that makes sense. And, they can make the tradeoffs. There's nothing in life that's not a tradeoff. Stevenson: Yeah, well my sons said that I raised him by the case method. I said, "What do you mean?" He said, "if you really like something, you'd say if you'd thought it through, go do it." Sal Daher: Right. Stevenson: If you've really hated something you'd say, "Have you thought it thorough carefully, because here are some things that you might want to think about." Sal Daher: It's a case study method. Now please explain your thinking behind tracking of your family's total wealth, rather than your own net worth. I found that quite valuable. Stevenson: Part of it is, when you start to think about giving away money. You probably start thinking when the kids are young with some charity. As the kids get older, when do I transfer wealth to them? As you have more money, you start to say, "Okay, my assistant needs help with the mortgage." Or something. Sal Daher: Mm-hmm (affirmative) Stevenson: Now if you only track only your net worth, you feel poorer every time you do that. Sal Daher: Yes, right, right. Stevenson: If you start to say, "Okay, I want to include the wealth of transfer to other people." And, even the taxes you can say, "I'll feel very good, even though my net worth, as reported on gap basis, may be 15% of the money I've made." But, I'm measuring my contribution to the economic wellbeing of people I care about, except for my Uncle Sam. Sal Daher: Mm-hmm (affirmative) Stevenson: So, I try to minimize that. Sal Daher: Yes. You care about your whole family, except your Uncle Sam. Stevenson: As I say, "I like my kids, or I love my kids. I can stand my grandkids. I hate my uncle." Sal Daher: Oh! Listeners, I forgot to tell you. Howard's book has cartoons. Here's one. Dogbert is sitting behind a desk talking to Pointy Hair Boss under the caption, "Dogbert Financial Advisor" Dogbert: You should invest all your money in diseased livestock. Dogbert continues: It would be unwise to invest in just one sick cow, but if you aggregate a bunch of them together, the risk goes away. Dogbert concludes: It's math.  Pointy Hair Boss replies: Suddenly I feel all savvy.  Kindly distinguish between a herd of diseased cows and real diversification. Stevenson: I think that one has to ask the question, "What are the drivers?" And obviously diseased cows are diseased mortgage backed securities, have a single driver. Sal Daher: Right. Stevenson: In spite of the fact that somebody from your alma mater might say these are diversified portfolios, because they are uncorrelated having real estate in Miami, Las Vegas. Sal Daher: Yes, yes. Stevenson: Phoenix. Sal Daher: Mm-hmm (affirmative) Stevenson: And Boston. Sal Daher: Right, right, right. All under written very poorly to a certain sector of the economy. Likely to lose their job and certainly ... Stevenson: All at once. Sal Daher: All at once. Stevenson: In our investing, as I said earlier, as somebody said, "What are your guidelines?" And the answer is, "We have no guidelines." Sal Daher: Mm-hmm (affirmative) Stevenson: You look at some things and you say, "I think this is a fairly stable way of investing. I don't like to put into funds that lock me up for 10 years. Not because I need the liquidity, but because I want to be able to change my mind." Sal Daher: Mm-hmm (affirmative) Stevenson: I just looked at a fund today that had a 20-year time frame. Sal Daher: Oh, wow. Stevenson: Now that's fine for me. Sal Daher: Mm-hmm (affirmative) Stevenson: If I control when to sell. Sal Daher: Right. Stevenson: It's less fine for me, if they control when to sell. Sal Daher: Yes. Stevenson: I won't get into some statistics I've done on the leverage buyout groups. But, I think I could prove to you that their average holding period is under three years. Sal Daher: Oh, yeah. Stevenson: In spite of the fact that they try to tell you they've done a great job with managing, but lever it up. Sal Daher: Yeah ... Stevenson: Take a bit out, and get out of there. So true diversification to me is, look for the underlying drivers. And, if they look the same ... Sal Daher: Mm-hmm (affirmative) Stevenson: That's not diversification. Let's take the example that everybody thinks Spider is diversified. Sal Daher: Right. Stevenson: Let's see, what percentage of the Spider is high technology unicorns? It's like 25%? Sal Daher: That's right. Stevenson: The top 10 stocks? Sal Daher: Yeah, yeah. They're swinging the index now. Stevenson: Yeah. And, is that diversification, just because you have 500 stocks, if it's all dependent on this one group of ... Sal Daher: At one point, I remember Apple was 3% of the market cap… Stevenson: Well it ... Sal Daher: Of the S&P. Stevenson: In 2001, I think ... I'm getting old and senile, but as I believe, technology represented well over 50% of the S&P in 2001. Sal Daher: Mm-hmm (affirmative) Stevenson: So, anybody who thought they were diversified, was smoking stuff that smelled funny. Sal Daher: So, that sets up our last question here. In your HBS talk, you mentioned starting your profess

Dr. Michael Klarman is the Kirkland and Ellis Professor at Harvard Law School and received his Ph.D. in legal history from the University of Oxford, where he was a Marshall Scholar. Dr. Klarman is the author of numerous books on constitutional law and history. In this episode he discusses his book The Framers' Coup: Building a United States, which was one of seven finalists for the 2017 George Washington Prize. Dr. Klarman spoke at a Ford Evening Book Talk on April 11, 2017.

Dr. Michael Klarman is the Kirkland and Ellis Professor at Harvard Law School and received his Ph.D. in legal history from the University of Oxford, where he was a Marshall Scholar. Dr. Klarman is the author of numerous books on constitutional law and history. In this episode he discusses his book The Framers’ Coup: Building a United States, which was one of seven finalists for the 2017 George Washington Prize. Dr. Klarman spoke at a Ford Evening Book Talk on April 11, 2017. --- Send in a voice message: https://anchor.fm/mountvernon/message

One of the less known billionaires for people outside of the value investing community is Seth Klarman. Klarman has a very famous book titled, Margin of Safety, which often sells for more than $700 per copy. Today, Preston and Stig discuss what they learned from reading Klarman's book.Click here to get full access to our show notes.In this episode, you'll learn:Different methods for conducting stock investing valuationsThe difference between investors and speculatorsWhen you should hold short term and long term bondsHow to counteract risk in your portfolio

The Framers' Coup narrates how the Framers' clashing interests shaped the Constitution--and American history itself. The Philadelphia convention could easily have been a failure, and the risk of collapse was always present. Had the convention dissolved, any number of adverse outcomes could have resulted, including civil war or a reversion to monarchy. Not only does Klarman capture the knife's-edge atmosphere of the convention, he populates his narrative with riveting and colorful stories: the rebellion of debtor farmers in Massachusetts; George Washington's uncertainty about whether to attend; Gunning Bedford's threat to turn to a European prince if the small states were denied equal representation in the Senate; slave staters' threats to take their marbles and go home if denied representation for their slaves; Hamilton's quasi-monarchist speech to the convention; and Patrick Henry's herculean efforts to defeat the Constitution in Virginia through demagoguery and conspiracy theories. Michael J. Klarman is Kirkland & Ellis Professor of Law at Harvard Law School and author of the Bancroft Prize-winning “From Jim Crow to Civil Rights.”

In this episode, Preston and Stig review billionaire Howard Marks' book, The Most Important Thing. Click here to get full access to our show notes.

https://s3-us-west-2.amazonaws.com/presidential-academy/Session+29+Morel.mp3 Focus In Brown v. Board of Education (1954), the Supreme Court briefly traces the history of public schools in America. How does this help the Court argue against racially segregated schools? What role do legal precedents play in the Court's argument against "separate but equal" schools? What is meant by "intangible considerations" and how does this help the Court establish that the mere act of separating school children by race produces an unequal education? What are the strengths and weaknesses of the Court's opinion in Brown? If segregated schools did not produce "a feeling of inferiority" on the part of black children, would these schools be unconstitutional according to Brown?   Why does King reject force as a response to oppression? What is the major concern of the white clergymen who counsel King to stay away from Birmingham? What are the four stages of civil disobedience? How does King's nonviolent resistance against a particular law actually support obedience to the government and laws? Why does King blame white moderates more than fringe elements like the Ku Klux Klan for lack of progress in securing civil rights for black Americans?   Readings Brown v. Board of Education : Brown v. Board of Education (1954) Plessy v. Ferguson (1896), Selections Zora Neale Hurston, "To the Orlando Sentinel" (August 11, 1955) Fairclough, Better Day Coming, chaps. 9-10 Martin Luther King, Jr.: King, I Have a Dream: Writings and Speeches "The Power of Non-Violence" (June 4, 1957) King, Why We Can’t Wait "Commitment Card" (1963), 50-52 and photos, after 102 Clergymen, "Letter to Martin Luther King" (April 12, 1963) King, I Have a Dream: Writings and Speeches "Letter from Birmingham Jail" (April 16, 1963) Langston Hughes, "Harlem" (1951) Fairclough, Better Day Coming, chaps. 11-12 Supplemental/Optional Readings W.E.B. Du Bois: Writings–The Crisis, "Marcus Garvey" (Dec. 1920/Jan. 1921), 969-979 Klarman, From Jim Crow to Civil Rights, "Brown's Backlash," 385-440 Fairclough, Better Day Coming, chaps. 6-8 The post Session 29: Brown v. Board of Education; Martin Luther King, Jr., Non-Violent Resistance, and the American Dream appeared first on Teaching American History.

It is, arguably, the civil rights issue of our times. Same sex marriage has also become one of the most politically volatile. It divides red and blue states, most profoundly divides generations and, perhaps more than any other single political issues, attitudes are changing as the recent elections in Maryland, Main and Washington showed us. While polarized positions on issues like guns, death penalty, healthcare and immigration harden over time, in the case of gay marriage the public seems to be becoming more accepting.   While we still wait to see if the US Supreme Court is going to take up California’s Prop 8, it’s clear that it will hear one of many cases on the issue of gay marriage. Because more than anywhere else the battle is being fought in the courts as well as the political battlefield. Michael J. Klarman, is a Civil Rights historian as well as  the Kirkland & Ellis Professor at Harvard Law School. He takes us inside the legal battle in From the Closet to the Altar: Courts, Backlash, and the Struggle for Same-Sex Marriage My conversation with Michael J. Klarman: