Seth Klarman, the Baupost Group chief executive and value-investing legend, just re-edited Benjamin Graham’s and David Dodd’s classic tome “Security Analysis,” originally published in 1934. In an interview with Institutional Investor, he talked of his biggest investing mistake.
He might be kicking himself if he applied that thinking to Lithia Motors LAD , a big automobile dealer that he sold sometime between April and the end of June when it was bumbling along, only to see the company now up 55% this year. Baupost’s other three new positions are Dollar General, Union Pacific and CRH. Dollar General DG trades at 16 times earnings and on several metrics is more affordable than rival Dollar Tree DLTR . Then again, store traffic was down by a double-digit percentage in the second quarter, according to data from Citi. The discounter reports second-quarter results on Aug. 31.
The markets U.S. stock futures ES00 NQ00 advanced, after the S&P 500 declined by 0.3% last week, its second decline in a row. The yield on the 10-year Treasury BX:TMUBMUSD10Y was 4.16%.
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