Jean-Marie Eveillard 采访说的，挑选客户是很奢侈的一件事，但会成为最大的优势之一。 I was at a wedding last year where Seth Klarman of the Baupost Group was at the wedding too. And I was sitting at his table, and Seth told me that he had two advantages, he felt, over other professional investors. One, which is an advantage I think I also have, and genuine value investors also have, it has to do with the fact that as I’ve said before, value investing works over time.
Seth said two advantages, one, I’m a genuine value investor and two, he has an advantage which very few investors including value investors have, which is because he’s not in the mutual fund business, he’s in the hedge fund business and because he’s been so successful over such a long period of time that his fund, now that he runs $25 billion, is closed most of the time but every now and then he reopens it when he thinks he sees investment opportunities. And when he reopens it, he said he decides who comes in and who doesn’t.”