Klarman on where to find investment opportunities:

1) Spin-offs: Complete lack of information in spin-offs.
拆分

2) Forced selling by index funds.
指数基金被迫卖出

3) Forced selling by institutions: Big mutual funds are often forced to sell tainted names.

机构被迫卖出：大的共同基金通常会被迫卖出名声受损的公司

4) Disaster De Jour: accounting fraud, earnings disappointment. Adversity and uncertainty create opportunity.
问题股票：会计欺诈，利润失望。灾难和不确定性创造机会。（夕注：目前的紫金矿业符合此项）

5) Bankruptcy: Unfavorable leases can be terminated. Bond investors tend to sell the recycled equity in a hurry.
破产：

6) Graham-and-Dodd deep value: Discount to breakup value, P/CF< 10.
格雷厄姆多德的深层价值：在清算价值（breakup value:the amount that a company would be worth if all its assets (=everything owned by the company) were sold)上再折扣,P/CF小于10。

7) Catalyst: tender, Dutch auction, spin-off. There are lots of competition from many event-driven hedge funds. Savings and loans conversions are often undervalued because they are only available to depositors and insiders.
催化剂：投标、拍卖、拆分。有很多事件驱动的对冲基金的竞争。存贷的转变经常被低估，因为只有存款人和内部人士才能获取。

8) Real estate: During the slump of 1992, the government had not been sophisticated sellers of real estate. You could buy properties at half of building costs. And there are far less competition in real estate.
房地产：在１９９２年的衰退期，政府并不是一个有经验的房地产出售者。你可以用建筑成本一半的价格买入资产。那里在房地产业几乎没有竞争。