Read interviews of Seth Klarman by Jason Zweig in 2010, and another of Late Parag Parekh in 2001. Always love finding common themes and connections between what I read. In the below thread, highlighting 2 common points highlighted by both of them.

Seth Klarman, being value investor, but not shying away to sell early if the price of the asset reaches its real value faster than what he had expected it to and not clinging on to it for long term.

Quoting his exact words " If we buy a bond at 50 and think it’s worth par in three years but it goes to 90 the year we bought it, we will sell it because the upside/downside has totally changed. The remaining return is not attractive compared with the risk of continuing to hold."

Even Parag Parekh tried explaining the same concept in his interview, quoting him "Although we believe in investing for the long term, if we think that we are getting an extraordinarily high return within a short span, I believe that it is better to get out."

Another similarity which I was able to find was the sheer importance which both the seasoned investors believe needs to be given to finding the right clients and clients having the same investing philosophy as the fund manager.

Quoting Seth Klarman "Having great clients is the real key to investment success. It is probably more important than any other factor in enabling a manager to take a long-term time frame when the world is putting so much pressure on short-term results."

"At the worst possible moment, when your
fund is down because cheap things have gotten
cheaper, you need to have capital, to have clients
who will actually love the phone call and—most of
the time, if not all the time—add, rather than subtract,
capital"

Quoting Parag Parekh "When we take money from our clients, we tell them that we can help in putting the money in the right wealth enhancing assets. We explain to them that they should be patient and that they should calculate returns over a 5-7 year period".

" We have clients who are willing to do that. Although we also have people with short investment horizons coming to us, we don’t take their money."

@npparikh6 @RajeevThakkar @oraunak