Klarman: Economy ‘House of Cards’, ‘Will Eventually Implode’

Via ValueWalk. The full text of this speech is apparently available somewhere, but I (unfortunately!) have yet to see a copy.

The legendary Seth Klarman spoke at a private meeting with business leaders in June in which he criticized not just the Federal Reserve, but all the ‘silly’ investors and the even sillier rating agencies. Klarman has been an outspoken critic of the Fed’s interventions and the consequent ebullience of the markets.

His latest speech also includes a distinct tone of regret over where the current state of affairs is taking the U.S. He sounds positively saddened by how things are run in his country. In Klarman’s words:

“Like all of you, I am worried about our future, I am concerned about the prospect for upcoming generations to have the same opportunities that ours did, and I’m saddened that our generation was handed something unique, the stewardship of the greatest country in the history of the world– and we are far down the path of making it less great.”