15 Aug 2023 Seth Klarman on What Makes a Value Investor and Committing ‘Sacrilege’ in New Edition of Security Analysis ( Portfolio )

To counteract the innate human talent for inventing reasons to hold on to their ideas despite bad or changing news, Baupost requires what it calls a “re-buy analysis.” When circumstances change, analysts use the new information to underwrite existing investments from scratch. Would they buy the same investments today? Baupost’s objective is not to hold investments forever; it’s to hold them until they’re no longer a good investment.