本期播客邀请到价值投资领域的思想领袖、Baupost集团的CEO兼投资组合经理Seth Klarman。Seth分享了他从儿时硬币套利到1982年创立Baupost的早期经历，并深入探讨了他数十年的投资理念。节目中，他们一同审视了市场无效性、性情的重要性、专业化与通才化、耐心资本的作用，以及当前投资者面临的挑战与机遇。Seth还就人工智能等技术趋势、不断演变的市场结构以及Graham & Dodd的经典经验进行了独到见解，内容丰富，干货满满。

💡 **价值投资的核心理念与早期经历**: Seth Klarman分享了他作为价值投资者的早期成长历程，包括儿时进行硬币套利以及在Mutual Shares与Max Heine和Michael Price共事的经历，这些经历为他日后创立Baupost集团奠定了基础，并塑造了他对市场无效性和投资机会的独特见解。

📈 **Baupost的投资策略与市场洞察**: Klarman深入阐述了Baupost集团的核心投资原则，强调了市场无效性的存在以及价值投资结合了逆向思维和严谨计算的重要性。他探讨了被动投资（如指数基金和ETF）对市场结构的影响，并分享了Baupost如何跨资产类别评估机会，以及与管理层沟通和评估其意图的关键性。

🧠 **长期导向与风险管理**: Klarman强调了培养具有长期视角和正确投资性情的客户群体的重要性，并探讨了如何管理行为偏见。他还就当前的市场前景、Baupost的价值发掘方向，以及人工智能（AI）如何改变研究和提高效率发表了看法，并对风险、商业道德和商业教育提出了深刻的见解。

In this episode, host Michael Mauboussin sits down with Seth Klarman, CEO and portfolio manager of The Baupost Group. One of the most influential practitioners of value investing, Seth shares his formative stories — from arbitraging coins as a kid to launching Baupost in 1982 — and reflects on his decades-long investment philosophy. They explore timeless principles of market inefficiencies, the importance of temperament, specialization versus generalization, the role of patient capital, and the challenges and opportunities ahead for investors in today’s world. Seth also opens up about technology trends like AI, the evolving market structure, and the enduring lessons from Graham & Dodd — and much more!

 

Key Topics:

• Seth’s early entrepreneurial ventures and coin arbitrage (2:10)
• Lessons from working at Mutual Shares with Max Heine and Michael Price (4:12)
• Starting Baupost and managing the founding families’ wealth (10:53)
• Core principles behind value investing and market inefficiencies (13:06)
• The impact of indexing, ETFs, and passive investing trends (16:42)
• Generalists vs. specialists in investment research (19:06)
• How Baupost evaluates opportunities across asset classes (21:13)
• Why value investing combines a contrarian streak with a calculator (23:51)
• The importance of meeting management teams and assessing intent (26:44)
• Building and educating a long-term oriented client base (29:06)
• Managing behavioral biases and fostering the right temperament (31:21)
• Current market outlook and where Baupost sees value today (34:03)
• How AI is changing research and efficiency at Baupost (36:54)
• Broader applications of the “Moneyball” mindset (40:13)
• The difference between an analyst and a portfolio manager (44:01)
• Seth’s views on risk, business ethics, and business education (45:50)
• What worries Seth about the future — and what excites him (48:11)
• Book recommendations from Seth Klarman (51:42)
• And much more!

 

Mentioned in this Episode:

• Margin of Safety by Seth Klarman
• Security Analysis by Benjamin Graham & David Dodd (Seventh Edition)
• Moneyball by Michael Lewis
• Lost & Found by Kathryn Schulz
• Being Wrong by Kathryn Schulz
• The Light Eaters by Zoë Schlanger

 

Thanks for Listening!

 

Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu.

Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!