Seth Klarman, the Baupost Group chief executive and value investing legend, just re-edited Benjamin Graham\u2019s and David Dodd\u2019s classic tome Security Analysis, originally published in 1934. In an interview with Institutional Investor, he talked of his biggest investing mistake. <\/p>\n
\u201cThe one I\u2019m guilty of the most\u2026is when you\u2019ve stayed with a position a long time and you still believe in the thesis but you\u2019re starting to grow a little skeptical about \u2018will it ever work?\u2019 I think that the human tendency that I have that I shouldn\u2019t have is to feel like\u2026and this isn\u2019t how I experience it but\u2026 maybe it owes you something. Maybe you\u2019ll be a schmuck if you sell it now. You\u2019ve waited all this time, you\u2019ve paid your dues, it owes you. Stocks never owe you,\u201d says Klarman, whose firm through the end of last year generated the eighth most gains of any hedge fund all time, according to data compiled by LCH Investments.<\/p>\n
He might be kicking himself if he applied that thinking to Lithia Motors But probably the most interesting element in the new 13-F released after Friday\u2019s closing bell are his buys, which include Amazon.com At 91 times current quarter earnings, Amazon might not screen as a value stock, but it\u2019s been a profitable trade no matter at what point the internet retailer and cloud services provider was purchased in the second quarter. Amazon obviously has been a long-term success, and in the second quarter it demonstrated how a cost-efficiency drive could quickly boost its profits.<\/p>\n Baupost\u2019s other three new positions are Dollar General, Union Pacific and CRH. Dollar General Union Pacific CRH <\/p>\n U.S. stock futures NQ00, For more market updates plus actionable trade ideas for stocks, options and crypto, subscribe to\u00a0MarketDiem by Investor\u2019s Business Daily. <\/strong><\/p>\n AMC Entertainment shares Tesla U.S. Steel Exor took a 15% stake in Royal Philips Mastercard The clean energy future is arriving faster than you think. (John Arnold, the billionaire former energy trader, has an interesting response to that piece<\/a>.)<\/p>\n Instead of sailing into the sunset, Carl Icahn is scrambling to save his empire. <\/p>\n Growing furor over \u2018authoritarian\u2019 police raid on Kansas newspaper.<\/p>\n Here were the most active stock-market tickers as of 6 a.m. Eastern.<\/p>\n <\/p>\n Paul Krugman, the Nobel laureate and New York Times columnist, says the Atlanta Fed\u2019s sticky price consumer price index is sounding the all-clear. The sticky price gauge measures the components of consumer price index that historically change very little. It should of course be noted that Krugman wrote a column in Sept. 2021 saying he was still on \u201cTeam Transitory\u201d with regards to inflation.<\/p>\n Mark Zuckerberg has given up on the idea that Elon Musk will fight him in a cage. <\/p>\n A 15-year-old survived a nearly 100-foot fall from the Grand Canyon. <\/p>\n This pitcher has a 3-13 record, a terrible earned runs average and is very valuable. <\/p>\n Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern. <\/strong><\/p>\n Listen to the Best New Ideas in Money podcast with MarketWatch financial columnist James Rogers and economist Stephanie Kelton. <\/strong><\/p>\n<\/p><\/div>\n
\n LAD,
\n
\n a big auto 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.<\/p>\n
\n AMZN,
\n
\n a stock that was a top-20 position in his portfolio last year when he pounced on beaten-up tech stocks. After selling Amazon in the first quarter, he got back in.<\/p>\n
\n DG,
\n
\n trades at 16 times earnings and on several metrics is more affordable than rival Dollar Tree
\n DLTR,
\n
\n Then again, store traffic was down by double-digits in the second quarter, according to data from Citi. The discounter reports second-quarter results on Aug. 31.<\/p>\n
\n UNP,
\n
\n turned out to be another trade that quickly made a profit, as the stock shot up in late July on the name of a new chief executive, even as earnings and revenue missed analyst estimates. Similar to Dollar General, Union Pacific is suffering from negative volume traffic growth, so the company\u2019s prospects will turn on its ability to improve efficiency.<\/p>\n
\n CRH,
\n
\n is an Irish-headquartered building materials supplier that makes three-quarters of its earnings from the U.S. and is moving its primary stock-market listing to the New York Stock Exchange, and is considerably cheaper than U.S.-listed peers Martin Marietta Materials and Vulcan Materials.<\/p>\nThe markets<\/h2>\n
\n ES00,
\n
\n
\n 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
\n BX:TMUBMUSD10Y
\n was 4.16%.<\/p>\nThe buzz<\/h2>\n
\n AMC,
\n
\n tumbled after a court approved the conversion of the APE
\n APE,
\n
\n preference shares. <\/p>\n
\n TSLA,
\n
\n cut prices for some of its Model Y versions in China, as that market\u2019s EV war heats up. <\/p>\n
\n X,
\n
\n rejected a $7.3 billion bid from Cleveland-Cliffs
\n CLF,
\n
\n PHG,
\n
\n the struggling Dutch health technology provider.<\/p>\n
\n MA,
\n
\n took a minority stake in the fintech unit of South African telecom MTN at a $5.2 billion valuation.<\/p>\nBest of the web<\/h2>\n
Top tickers<\/h2>\n
\n
\n \n Ticker<\/p>\n<\/td>\n \n Security name<\/p>\n<\/td>\n<\/tr>\n \n \n TSLA,
\n \n Tesla<\/p>\n<\/td>\n<\/tr>\n \n \n AMC,
\n \n AMC Entertainment<\/p>\n<\/td>\n<\/tr>\n \n \n APE,
\n \n AMC Entertainment preferreds<\/p>\n<\/td>\n<\/tr>\n \n \n MULN,
\n \n Mullen Automotive<\/p>\n<\/td>\n<\/tr>\n \n \n NVDA,
\n \n Nvidia<\/p>\n<\/td>\n<\/tr>\n \n \n NIO,
\n \n Nio<\/p>\n<\/td>\n<\/tr>\n \n \n TTOO,
\n \n T2 Biosystems<\/p>\n<\/td>\n<\/tr>\n \n \n NKLA,
\n \n Nikola<\/p>\n<\/td>\n<\/tr>\n \n \n GME,
\n \n GameStop<\/p>\n<\/td>\n<\/tr>\n \n \n AAPL,
\n \n Apple<\/p>\n<\/td>\n<\/tr>\n<\/table>\n The chart<\/h2>\n
Random reads<\/h2>\n