The Difference Between Seth Klarman And Warren Buffett

http://www.youtube.com/watch?v=ohtAnE8C4Ao

When asked to compare himself to Warren Buffett in an interview with Charlie Rose, Klarman said:

“Warren evolved through three stages. He went from buying cigar-butts and getting the last few puffs for free, to buying great businesses at really cheap prices, to buying and holding great businesses at so-so prices. And maybe even this new area of buying weird securities from crappy businesses at better than market prices—like B of A [Bank of America] preferred or whatever. I’m still in phase one. We’re still buying cigar butts, there’s a good business there in buying them and it’s a lot of fun.”

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