Seth Klarman, founder of the $27B hedge fund Baupost Group and one of the most successful hedge fund managers ever, says possessing "contradictory qualities" is one of the biggest secrets to investments.
“These include the arrogance to act, and act decisively, and the humility to know that you could be wrong,” Klarman writes in his fund's year-end letter.
"The acuity, flexibility, and willingness to change your mind when you realize you are wrong," he writes, along with the stubbornness to stick to your guns, but only if you're confident in your position.
It might do well to pay attention to Klarman’s end-of-year diatribe—he’s made his investors $22.6B since Baupost’s beginnings in 1983. [BI]
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