Readers,
The following are my detailed notes from the 2010 Value Investing Congress in Pasadena, CA on May 4th and 5th.. The great list of speakers included Bruce Berkowitz, Mohnish Pabrai, Eric Sprott, Tom Russo and Whitney Tilson, just to name a few. Topics ranged from the merits of owning gold to the attractiveness of small caps to investing in India and China.
After over 33 pages and about 18,000 words I hope have I captured all of the stocks discussed as well as the unique investment philosophies and themes highlighted by the speakers. I also included all of the responses from the Q&A sessions after each one of the presentations.
Again, these were hand-typed in real time so I apologize for any errors or omissions. I want to thank John Schwartz and Whitney Tilson for allowing me to attend this year's Congress and to post my notes. I hope you all enjoy them.
Sincerely,
A very tired of typing Inoculated Investor
2010 Value Investing Congress Notes
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“Warren Buffett once wrote that value investing is like an inoculation--it either takes or it doesn’t--and when you explain to somebody what it is and how it works and why it works and show them the returns, either they get it or they don’t.” -Seth Klarman of the Baupost Group
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5 Best Value Investing Quotes
- Seth Klarman: “It turns out that value investing is something that is in your blood. There are people who just don’t have the patience and discipline to do it, and there are people who do. So it leads me to think it’s genetic.”
- Seth Klarman: “It sounds kind of crazy, but in times of turmoil in the market, I’ve felt a sort of serenity in knowing that I’ve checked and re-checked my work, one plus one still equals two regardless of where a stock trades right after I buy it.”
- Howard Marks (Oaktree Capital): “For forty years I’ve seen the manic-depressive cycle of investor psychology swing crazily: between fear and greed – we all know the refrain – but also between optimism and pessimism, and between credulity and skepticism. In general, following the beliefs of the herd – and swinging with the pendulum – will give you average performance in the long run and can get you killed at the extremes.”
- Bruce Greenwald (First Eagle Funds): "There are no bad days in the market. When the market is down, you’ve got bargains, and it’s lovely to think of what you are buying at low prices. When the market is up, the bargains have gone, but you’re rich.”
- Mohnish Pabrai (Pabrai Funds): “Warren Buffett has said many times that people either get value investing in five minutes or they won’t get it in five years. So, there is something in the human brain, that for some of us, makes all the difference in the world right away and the patience it requires is part of the wiring process.”