The latest episode of the Value Investing With Legends podcast is my discussion with Seth Klarman of the Baupost Group. Among the topics we cover include: - The impact of indexing - Generalists vs. specialists in investment research - Why value investing = a contrarian streak + a calculator - Managing behavioral biases - Current market outlook - How AI is changing research and efficiency - Differences between analyst and portfolio managers @CenterDodd @Columbia_Biz

This spring, SFI’s Board of Trustees elected Ian McKinnon and Sam Peters as Chair and Vice-Chair. Long-time SFI supporters with New Mexico roots, they bring decades of insight, generosity, and leadership to their new roles, alongside a renewed term for SFI President David Krakauer.

Common errors in DCF models This is one of my favourite pieces by @mjmauboussin I was going to post a snippet but I honestly think reading the whole thing is necessary. So many fantastic points.

Llevo unos días leyendo la serie de Frontiers of Finance de @mjmauboussin Son textos de finanzas escritos ya hace más de 25 años, pero que me hacen darme cuenta que hay muchas perspectivas en el mundo de negocios que son atemporales. 'Let's Make a Deal' es uno de mis favoritos, ya que brinda diversos ejemplos prácticos de M&A, y explica las razones más lógicas del fracaso o éxito tras el Deal.

Enjoyed this one. Thoughtful conversation.

Doing some research and bumped into this again. Puggy Pearson, a colorful gambler in the second half of the 20th century, had an RV called "The Roving Gambler." On the side, it said, "I'll play any man...from any land...any game that he can name...for any amount of money that I can count...(providing I like it)"

When the great @nealstephenson writes up his latest thoughts on AI and education, you'd better get reading. I'm delighted my recent lecture on "The Cloister and the Starship" provided some inspiration. I couldn't agree more that a generation is being deprived of grit.

Inspired by @mjmauboussin's recent research, I've got an article up in which I test out a strategy that systematically buys-and-holds stocks after they've gotten crushed. It might not make for a mutual fund, but the strategy would have worked quite well.

Lots of fun discussing core concepts (for investors and executives) with Greg Milano ⁦@FortunaAdv⁩

Small, focused teams can achieve incredible things — very proud of what we’ve built!