#Klarman

[stockstarsblog]

Seth Klarman, geboren am 21. Mai 1957, ist einer der einflussreichsten und angesehensten Value-Investoren der heutigen Zeit. Er ist der Gründer und CEO der Baupost Group, einem der erfolgreichsten Hedgefonds weltweit. Klarman ist bekannt für seinen konservativen, disziplinierten und langfristigen Investmentansatz, der viele Investoren inspiriert hat. In diesem Artikel werfen wir einen detaillierten Blick auf Klarmans Leben, seine Investmentphilosophie und seine Relevanz für heutige Value-Investoren.

Weiterlesen

[cannibalguy]

What the Fox? “My Son Jeffrey: The Dahmer Family Tapes”

A new streaming series promises “never-before-heard” conversations between serial killer Jeffrey Dahmer, “The Milwaukee Cannibal”, and his father, Lionel. My Son Jeffrey: The Dahmer Family Tapes is streaming from Sept. 18 on Fox Nation, Fox News Channel’s subscription-based streaming service. The four-part documentary series replays conversations recorded with Dahmer while he was in Columbia…

[linusjf]

Seth Klarman: We deal in probabilities

“We don’t deal in absolutes. We deal in probabilities.” —Seth Klarman.

[fitnessitaliano]

Seth Klarman - La Mentalità del Value Investor

Seth Klarman è uno dei più famosi e rispettati investitori al mondo, fondatore e presidente del Baupost Group, un hedge fund con sede a Boston che gestisce circa 30 miliardi di dollari di asset. Klarman è noto per seguire la filosofia di investimento di Benjamin Graham e David Dodd, gli autori del celebre libro Security Analysis, considerato la bibbia del value investing. Il value investing è…

[donshaughnessy]

On Value Investing

Warren Buffett is likely the best-known of the “value” investors. There are others who use the approach, too. The principle is clear enough. Find situations where you can buy dollars for seventy-five cents. Among the ones who have not come into the spotlight as Buffett has, is Boston-based Seth Klarman. He is the founder of Baupost Group. His 1991 Book, Margin of Safety: Risk-Averse Value…

[existencebringsonlypain]

kris influenza

kris pimple

kris bitch

krisland

kris skidmark

kris jojo

kris siberia

kris carolina

kris app

krishen klarman

kris cell

kris-chan

krisbane city

kris bryant

kris kringle

kris bane

kris wyden

[justinspoliticalcorner]

Tim Dickinson and Asawin Suebsaeng at Rolling Stone:

Donald Trump was slamming his fist on the Resolute Desk and, once again, calling for blood.  It was the second year of his presidency, and Trump was seething about gang members and drug lords. He wanted to see their bodies piled up in the streets. Specifically, he sought a series of mass executions — with firing squads and gallows, and certainly without the quaintness of an appeals process — to send a chilling message about the scope of his power.  Trump, who’d taken office inveighing against “American carnage,” wanted to create some of his own.  This violent fantasy became an obsession, according to former Trump administration officials. The 45th president brought up the topic so often during the early years of his presidency that one former White House official tells Rolling Stone they lost count. “Fucking kill them all,” Trump would say. “An eye for an eye.” Other times he’d snap at his staff: “You just got to kill these people.” Invoking the brutality of dictatorial regimes that Trump wanted to emulate, he’d add, “Other countries do it all the time.” 

For Trump, the spectacle was crucial. “He had a particular affinity for the firing squad,” says one of the former White House officials. He’d say, “They need to be eradicated, not jailed.” Administration officials privately referred to this demand as Trump’s “American death-squads idea,” comparing it to the drug-war bloodbath carried out by Filipino strongman Rodrigo Duterte. (The sources, some still very much within Trump’s circle, requested anonymity in order to speak candidly about sensitive conversations.) That mass executions were not a feature of Trump’s term is a credit to the American justice system and the more sober-minded government officials who were unwilling to be complicit in his mad schemes. These aides and advisers typically put the president off, making vague promises to “look into” the idea, long enough to let Trump’s tyrannical tantrum blow over. 

But if Trump defeats Vice President Kamala Harris this November, America will encounter a Trump unbound, a man whose darkest impulses will not be checked by “adults in the room” — ­creating potentially catastrophic consequences for the American experiment. “This election is about whether or not we remain a democratic society or we move to authoritarianism,” Sen. Bernie Sanders tells Rolling Stone, insisting that Trump “does not believe in the basic tenets and foundations of American democracy.”  The safeguards that kept Trump in check during his first term have collapsed — starting with the MAGA-fication of the Republican Party. “We know from the first administration that Trump was an amateur and lots of people stopped his most radical actions,” says Jason Stanley, a Yale professor and author of How Fascism Works. He underscores that Trump’s darkest ambitions were present from the beginning — from the Muslim ban to the coup attempt of Jan. 6. “The only thing that stopped him from being a full-on dictator was other people,” Stanley says. “We know that that’s not going to happen anymore.” 

Trump’s campaign to retain power after losing the 2020 election only collapsed because Vice President Mike Pence proved more loyal to the Constitution than to Trump’s cult of personality. But for 2024, Trump has a vice presidential candidate who appears even less committed to the democratic process than he is. J.D. Vance is a protégé and plaything of the billionaire venture capitalist Peter Thiel, who has written that “freedom and democracy” are not “compatible.”  A second administration will not feature advisers in the mold of former Chief of Staff John Kelly, or Defense Secretary Mark Esper — establishment Republicans with a stake in keeping Trump constitutionally in bounds. “These are going to be all MAGA people,” says Michael Klarman, a Harvard law professor and an expert in executive power. “Some of them are much more ideologically committed to the agenda than Trump is,” he says, listing deputies like Stephen Miller and Russell Vought, as well as masterminds of the Heritage Foundation’s extreme policy agenda, Project 2025.

[...]

Dictatorship Threat

TRUMP HAS BEEN PUBLIC about his plans, vowing to be a “dictator” — though just for a day, he claims, so he could supercharge fossil-­fuel production and seal off the border. How any of this would work is likely beyond Trump’s understanding, but he’s certainly going to pull every lever of power within his grasp. And the targets of his authoritarian ambition are not single-day, or even single-year, projects. Trump seeks autocratic power to implement his draconian immigration policies, including starting “the largest domestic deportation operation” in U.S. history and reinstating the Muslim travel ban. He’s called for ending the constitutional right of birthright citizenship with an “executive order” — a notion backed by Vance.

Trump also seeks to remake American energy policy to benefit the fossil-fuel industry, a plan he shorthands as “drill, drill, drill.” And he’s put criminal justice on the agenda, vowing to free the rioters who stormed the Capitol on Jan. 6, calling them “hostages” and vowing to “sign their pardons or commutations on Day One.” For those who have studied the rise of authoritarian leaders throughout history, the playbook of Trump and his allies dictates they will push through as many new laws, executive decrees, and emergency orders as possible before anyone understands what is happening. “They want to have a blitzkrieg — and then all you need to be is a dictator for a day,” says Ruth Ben-Ghiat, author of Strongmen: How They Rise, Why They Succeed, How They Fall and a professor at New York University. “It’s not just a change of methods, it’s a change of political system — a vast expansion of the powers of the executive, so that Trump will be able to rule as an autocrat.”

Get Out of Jail Free

TRUMP’S EFFORT TO REGAIN power is driven substantially by his desire to stay out of prison — part of a long pattern of putting his own interests ahead of the nation’s. He is a felon convicted on 34 counts stemming from the cover-­­up of a hush-money payout to a porn star at the height of the 2016 election. He also faces federal charges for election interference, as well as a Georgia indictment for his demand that GOP election officials “find 11,780 votes” to reverse his loss in that swing state.  Regaining the White House would put a naked abuse of power at Trump’s fingertips. Trump has long been open about his desire to meddle in his criminal cases, having called on Congress to defund the Justice Department until it dropped charges against him. No one in MAGA world denies that Trump would begin a second term by ordering federal charges against himself and his cronies dismissed. In a more normal time, such a brazenly corrupt act might define a political era. 

Trump’s tightrope walk to keep out of prison is a hallmark of autocrats. “Regular politicians wouldn’t even run for office if they had big legal problems. But strongmen are not normal politicians,” says Ben-Ghiat. “They have to run; they have to get back into power and make their legal troubles go away.” She points to the examples of Italy’s former Prime Minister Silvio Berlusconi, who faced dozens of criminal trials, and Russia’s Vladimir Putin. “This is how these guys think. And it’s why they all denigrate the press and the judiciary as corrupt, because that’s their enemy.” 

Retribution Agenda

TRUMP HAS POSITIONED HIMSELF as an avatar of a collective revenge fantasy for his followers. During a 2023 speech in Waco, Texas, site of the fiery 1993 standoff between the anti-government Branch Davidian cult, led by David Koresh, and federal authorities, Trump told the audience: “I am your warrior, I am your justice.… For those who have been wronged and betrayed … I am your retribution.”  The Waco setting was chilling ­— and no accident. The FBI’s deadly siege of the Koresh compound inspired the 1995 Oklahoma City bombing by militia member and anti-­government extremist Timothy McVeigh, the deadliest domestic terror attack in U.S. history and a horrific act of vengeance. McVeigh and Koresh are seen as martyrs by the far right, and Trump was speaking directly to the most radical core of his base.

Trump has already threatened to turn the Justice Department into a vehicle for retribution for what he perceives as unjust political persecution — for election interference, hush-money payments, as well as his alleged mishandling of classified documents. He has posted on Truth Social, for example: “IF YOU GO AFTER ME, I’M COMING AFTER YOU!” Trump has long blamed Biden for all of his legal woes, despite the president’s hands-off approach to the various cases against him. Trump has vowed to appoint “a special prosecutor” to go after President Biden and his family over what Trump describes as “bribes, kickbacks, and other crimes,” insisting, “Justice will be done.”  Trump associate and former counsel to the Senate Judiciary Committee Mike Davis, who has been talked up for a top post in a new Trump administration, said on a recent podcast that if he were selected as acting attorney general, he’d carry out a “three-week reign of terror” before getting “chased out of town with my Trump pardon,” pledging to “indict Joe Biden and Hunter Biden and James Biden and every other scumball, sleazeball Biden.” 

[...]

Controlling Families

LIKE MANY ASPIRING AUTOCRATS, Trump is a threat to families, seeking to impose government power on personal choices about reproduction. He’s “proud” of his success in overturning Roe v. Wade, which led to state-level, near-total abortion bans affecting millions of women. Trump has said he’ll personally vote to preserve Florida’s six-week abortion ban, and has even endorsed the idea of states choosing to punish women for seeking abortion care. The GOP platform, moreover, includes a declaration of fetal personhood, asserting that fetuses are entitled to 14th Amendment protections — logic that could lead to a court-imposed nationwide abortion ban. Vance, meanwhile, has opposed abortion even in the case of rape and incest: “It’s not whether a woman should be forced to bring a child to term,” he said in a 2021 interview. “It’s whether a child should be allowed to live — even though the circumstances of that child’s birth are somehow inconvenient to society.” Vance has also accused people without children of lacking a “direct stake” in the country and proposed that those with kids be given greater voting power. (His mentor, Thiel, has blamed his loss of confidence in democracy, in part, on “the extension of the franchise to women.”) Controlling reproduction is yet another hallmark of fascism, says Ben-Ghiat, whose expertise is in Benito Mussolini’s rule in Italy. Il Duce equated population growth with national strength, and restricted birth control and outlawed abortion while providing loans to married couples that would be forgiven in stages with the birth of each child. “Vance may not know that he’s repeating Mussolini proposals, but it’s the same stuff,” Ben-Ghiat says. “You have women seen as an enemy if they’re not contributing to the state by having babies.” Ben-Ghiat points out that this type of rhetoric doesn’t just impact women: “Mussolini actually passed a measure that taxed bachelors because they weren’t doing their duty” to reproduce. “It’s never just one target,” she warns. “The number of targets always expands.”

[...]

‘Real Danger to the Rule of Law’

TRUMP’S AUTHORITARIANISM ISN’T going to look the same as Putin’s in Russia or Xi Jinping’s in China. Think more of a WWE-style circus mixed with former FBI director J. Edgar Hoover-style crackdowns and Newt Gingrich’s limited-government fantasies. Much of what Trump and his government-in-waiting are plotting — including invading and even bombing Mexico to supposedly send a message to drug cartels — is rooted in Trump’s impulse to wallow in the spectacle of cinematic violence. The sheer cartoonishness of Trump’s vision for America can make it hard to accept as real. But Klarman insists that Trump and Co. must be taken at face value: “There’s no reason to doubt it. They admire Viktor Orban; Trump meets with him at Mar-a-Lago. He admires Putin’s strength. He admires Xi. They are authoritarian. There’s no reason in the world to doubt this.”  It is seductive to dismiss Trump’s darkest calls for revenge and bloodshed as red meat to rally his troops, and to doubt the likelihood of follow-through. “It’s a very common theme in the history of fascism that lots of people think that the fascist leader is joking,” Stanley warns. “People don’t want to believe what’s right in front of their eyes. Let’s take Trump seriously this time.” Trump allies like Davis call fears of an autocratic Trump term “silly.” He points to the fact that Trump never had Hillary Clinton arrested, despite the pervasive chants at his rallies to “Lock her up” — which he contends offers assurance that the former president’s most troubling rhetoric won’t translate into action: “Trump has already proven that he’s not going to be vindictive as president.” Others who have seen Trump operate up close, however, are strident in their warnings. Pence refused to endorse Trump on the grounds that “anyone who puts themselves over the Constitution should never be president of the United States.” John Kelly, Trump’s longest-serving chief of staff, has blasted Trump’s admiration for “autocrats and murderous dictators,” while insisting the former president has “nothing but contempt for our democratic institutions, our Constitution, and the rule of law.”  But the surge of excitement and creative energy for the candidacy of Kamala Harris — and a Democratic agenda centered on Tim Walz’s call for Americans to both root for their neighbors and to “mind your own damn business” — provides hope of defending against Trump’s threat to democracy.

Rolling Stone had an insightful column about how America would be a nightmare if Donald Trump wins. If you want a safe, free, and prosperous America, vote Kamala Harris!

Read the full story at Rolling Stone.

[mightyflamethrower]

Top U.S. Law Firms Warn University Deans to Stop Turning Students into Brainwashed Antisemites

Boston, MA – October 18: A pro-Palestinian protest of Harvard students and their supporters, ends on the lawn behind Klarman Hall, at Harvard Business School, after starting in the Old Yard by Massachusetts Hall. (Photo by Pat Greenhouse/The Boston Globe via Getty Images)

Some of the largest law firms in the United Stats have written a letter to law school deans, warning them to stop producing brainwashed antisemites if they want their graduates to get jobs at major firms.

“Everyone at our law firms is entitled to be treated with respect and be free of any conduct that targets their identity and is offensive, hostile, intimidating or inconsistent with their personal dignity and rights” 24 law firms began in their letter to law school deans.

“We prohibit any form of harassment, whether verbal, visual, or physical,” the letter continued.

Boston, MA – October 18: A pro-Palestinian protest of Harvard students and their supporters, ends on the lawn behind Klarman Hall, at Harvard Business School, after starting in the Old Yard by Massachusetts Hall. (Photo by Pat Greenhouse/The Boston Globe via Getty Images)

“Over the last several weeks, we have been alarmed at reports of anti-Semitic harassment, vandalism and assaults on college campuses, including rallies calling for death of Jews and the elimination of the State of Israel,” the firms added.

“Such anti-Semitic activities would not be tolerated at any of our firms,” the letter declared. “We also would not tolerate outside groups engaging in acts of harassment and threats of violence, as has also been occurring on many of your campuses.”

The firms then advised law school leadership to work at preventing the churning out of bigoted graduates from their schools, reminding the deans that unlike what has been taking place on college campuses, there exists “zero tolerance policies for any form of discrimination or harassment” in the workplace:

As educators at institutions of higher learning, it is imperative that you provide your students with the tools and guidance to engage in the free exchange of ideas, even on emotionally charged issues, in a manner that affirms the values we all hold dear and rejects unreservedly that which is antithetical to those values. There is no room for anti-Semitism, Islamophobia, racism or any other form of violence, hatred or bigotry on your campuses, in our workplaces or our communities. As employers who recruit from each of your law schools, we look to you to ensure your students who hope to join our firms after graduation are prepared to be an active part of workplace communities that have zero tolerance policies for any form of discrimination or harassment, much less the kind that has been taking place on some law school campuses.

“We trust you will take the same unequivocal stance against such activities as we do, and we look forward to a respectful dialogue with you to understand how you are addressing with urgency this serious situation at your law schools,” the letter concluded.

According to Reuters:

A Sullivan & Cromwell spokesperson said on Thursday that senior chair Joseph Shenker spearheaded the letter to the law schools known in the legal industry as the “T-14,” as ranked by U.S. News & World Report. Other signatories include some on the nation’s biggest and most profitable law firms, including Cravath, Swaine & Moore; Latham & Watkins; Skadden, Arps, Slate, Meagher & Flom; and Paul, Weiss, Rifkind, Wharton & Garrison.

On October 7, the Iranian-backed Palestinian terror group Hamas carried out a terrorist attack against Israel, which resulted in more than 1,400 dead civilians, and also involved rape, kidnappings, and innocent civilians being set on fire.

As Breitbart News reported, the mass murder of Jews in Israel has galvanized students across the U.S. into putting on pro-Palestinian, anti-Israel demonstrations on their college campuses, and issuing pro-terror statements, opening the eyes of many who are now shocked to see how widespread antisemitism is on college campuses.

Wake up kid. Your professors have turned you into a JEW hating Nazi.

Old Chinese saying: Take care. You become what you hate.

[realtorrasheeddubai]

The Secrets of Value Investing: Seth Klarman on Buffett & Graham’s Legacy

[leiabomsenso]

A maneira de maximizar o resultado é concentrar-se no processo.

Seth Klarman

[rebeleden]

Trump and the Threat to Democracy

[sorchanitua]

Cornell University Klarman Fellowships in Arts & Sciences

Deadline: October 11 Length/Track: Up to three years Description: Inviting “applications from early-career scholars of exceptional talent and initiative for up to ten Klarman Postdoctoral Fellowships. Klarman Fellows may pursue research in any discipline in the College, including natural sciences, social sciences, humanities and the creative arts as well as cross-cutting fields that…

[tieflingkisser]

Two Supreme Court Justices Favor Zombie Law From 1873 to Ban Abortion

Justices Alito and Thomas just lent credibility to the Christian right’s attempt to revive the Comstock Act.

U.S. Food and Drug Administration v. Alliance for Hippocratic Medicine, which the Supreme Court heard Tuesday, is a case in which a group claiming to represent anti-abortion doctors argues that the FDA was wrong to approve mifepristone in 2000 and subsequently to roll back restrictions on its use. The case does not require the court to decide the question of whether or how the Comstock Act should be enforced. But anti-abortion groups in recent years have repeatedly raised the issue of whether the Comstock Act implicitly outlaws the mailing of abortion medication in its blanket ban on the mailing of “obscene” materials. The 1873 law is named for an anti-vice crusader who, in 1915, in the middle of a trial based on the law, died and was mocked over his anti-obscenity “crusade” on the front page of The New York Times.

[...]

The Comstock Act gets shorthanded as an anti-obscenity law—which it is—but it’s also an anti-abortion law, making it a crime to use the mail to send or receive any device or object that could cause an abortion. Legal scholars have warned that a post-Roe resurrection of the Comstock Act was coming—a way to further attack access to abortion. Medication abortion has helped people in states where abortion is completely or effectively banned, because they can receive pills in the mail from other states and they can safely take them without having to go to a clinic. For the last several months, anti-abortion leaders have been speaking more openly about their plan for using the Comstock Act to ban medication abortion even in states where the procedure is legal, by criminalizing mailing pills. Justice Clarence Thomas went in another direction with his queries about the Comstock Act. In a back-and-forth with the attorney for Danco Labratories, a mifepristone manufacturer, Thomas asserted that the Comstock Act “specifically covers drugs such as yours,” that the law was “fairly broad,” and that it lacked “safe harbor” for manufacturers. Thomas also asked Erin Hawley, attorney for the Alliance Defending Freedom, the Christian-right legal group representing the Alliance for Hippocratic Medicine, what she thought of what the solicitor general and the Danco attorney said about Comstock, giving her free space to opine. Unsurprisingly, she said she does believe Comstock applies to mailing mifepristone. “The Comstock Act says that drugs should not be mailed either through the mail or through common carriers. So we think that the plain text of that, Your Honor, is pretty clear.” Hawley was only echoing the position of prominent conservatives and anti-abortion groups who filed briefs in the case. Nearly 150 members of Congress, in their brief, claimed that the Comstock Act should overrule FDA approval of mifepristone, while former U.S. Attorney General Edwin Meese (of the infamous Meese Commission on Pornography) went so far as to argue that the Comstock Act should be used to prosecute people who take mifepristone for self-managed abortion. A report released this month by the advocacy group Governing for Impact outlines the danger posed if the Comstock Act were to be enforced in this way, something also supported by the policy roadmap Project 2025, the mainstream right’s guide for the next conservative president. By asking about the law, said Rachael Klarman, the group’s executive director, Alito was “obviously trying to center the Comstock Act in that way, and make the case that it wouldn’t be a radical thing to enforce the Comstock Act.”

[...]

By bringing up the Comstock Act at all, Justices Alito and Thomas may have given credibility to the anti-abortion movement’s claim that the Comstock Act is being violated by mailing pills. And if there were any doubt, it is now dispelled: This law is back from the dead. What that means—and whether Comstock may rise again in the justices’ opinion (or dissents) in this case—remains to be seen.

[linusjf]

Seth Klarman: We work really hard

“We work really hard never to get confused with what we know from what we think or hope or wish.” —Seth Klarman.

[existencebringsonlypain]

kris pym

kris mckomb

kris mccarron

kris gordan jr

kris influenza

kris trump

krishen

kris koboch

kris pimple

kris bitch

krisland

kris skidmark

kris jojo

kris siberia

kris carolina

kris app

krishen klarman

kris cell

kris-chan

krisbane city

kris bryant

kris kringle

kris bane

kris wyden