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Seth Klarman Warns of an AI Bubble

Deep Values

Imagine being in the market for like 44 years through Black Monday, the dot-com crash, 2008. A literal global pandemic. Yeah, that has a whole lot of volatility to survive. Right, and in all that time managing billions of dollars, you've only ever had five down years. It's honestly incredible. And your absolute worst drop ever, just 10%. But here's the hook for you listening today. This exact investor is looking at the artificial intelligence boom right now,

and he is seeing a massive, dangerous bubble. Yeah, the man who basically never loses money is terrified of the biggest tech revolution of our lifetime. Exactly. So today's Deep Dive is all about pulling apart this paradox. We're looking at a highly revealing interview with Seth Klarman. The legendary founder of Baupostt Group. Right, the interview is on the iConnections YouTube channel. And what he laid out isn't just, you know, a basic critique of AI hype. No, I mean, it's a masterclass in how to invert the way you think about risk.

Because in an ecosystem where everyone is obsessed with, like, catching the next rocket ship and maximizing upside, his entire superpower is an absolute obsession with the downside. So before we get into his brutal warnings about AI, I feel like we have to understand the mechanics here. Like, how does someone actually survive four decades of crashes with a near flawless record? Well, you do it by making structural safety your absolute baseline.

Like, most investors look at a stock and ask, you know, how much money can I make if everything goes right? Right. The upside? Exactly. But Klarman looks at an asset and asks, how much money will I lose if everything goes horribly wrong? So he refuses to use leverage. Oh, interesting.

Seth Klarman Warns of an AI Bubble

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Seth Klarman Warns of an AI Bubble

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.