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When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to huge net cash in 2008, when the right thing to do in terms of value would have been to do the opposite.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Values
Opposites
Right
Terms
Many
Saws
Leveraged
Thing
Afraid
Liquid
Long
Value
Redemption
Would
Huge
Cash
Went
Managers
Term
Opposite

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