Seth Klarman: Harvard lecture - interview

 Here is the link. 

Investment 

Strength: 

1. 
   

Weakness:

1. Deliver bad news - tell people do not perform very well 
2. Get outside of box, good instinct - contrarian - part of group
3. Care about them, work with them
4. Be effective leader - tell them the truth 

Advices:

1. Deal with problems - benefits
2. Be fair as a leader - Do not take burden - other people's work 
3. Let a person go who does not do good job 
4. Difficult to manage - over time not take action 
5. Be humane, compensation - tough decision - small problem -> big not dealt well
6. Empathy - leader - can you develop that? 

Look for people

1. honesty, their idea - not his idea
2. sense of humor - China test - flight together
3. straightforward test - team players
4. 22 year old graduate - look for a job - ethical test - get a good mentor - nurture you and help you develop - find one to set you on the road to success
5. People - decent people 
6. Work hard - buy a piece of it, and be the owner - his own experience

Career - make you smile

Mistakes you made, what you learned from them

1. Difficult person - tolerate too long - morale character - wait too long to take action
2. Short term hurdle to lose a talent - long term benefit

Distinct style - 

1. Hold more cash, hold standard - lose business, risk, try to do right things; 
2. Leader gets creditability from many things - attention to detail, hard work, consistency;
3. A good leader - hard to measure to avoid problems - leader on watch - best leader 

J. P. Morgan 9 months do 12 months - reflection -

1. 80 hours a week - student goes for consult job 
2. Marathon, not a sprint 
3. Measure by every single day, information - investment is a marathon, not a sprint
4. Charge battery, being a whole person, workaholic drone, avoid burnout, family first
5. Happy to leave work, take vacation time too 
6. 22 year old - work life balance - be successful, desire 
7. Peer pressure - Goldman Sach - partners - 100% male, fat, divorced
8. Good to be 100 hours/ week, some one 110 hours/ week. Try to hold out - next offer - goal to get situation to recognize - try to be entrepreneur - rewards go to you - work that hard