When billionaire hedge fund manager Seth Klarman looks at the investing world today, he sees asset bubbles pretty much everywhere. That includes things such as cryptocurrencies, so-called blank-check companies and a host of other trends that pose dangers to investors trying to keep up. “The first thing is, we’ve been in an everything bubble,” the media-shy investor said during a Tuesday morning ” Squawk Box ” interview. “I think that a lot of money has flowed into virtually everything. Historically low interest rates, even zero rates, have precipitated that bubble.” Klarman runs the Baupost Group, a Boston-based money manager with nearly $30 billion in client assets. In his CNBC appearance, the Cornell grad discussed a project in which he is updating the investment bible “Security Analysis” by Benjamin Graham and David Dodd. The book, written in 1934 in the depths of the Great Depression, has stood the test of time for its advice and analysis. With the investing world now ruled by trendy bubble-like investments such as Bitcoin and meme stocks, Klarman said the need for a sound, practical approach to investing is vital. “You’ve had speculation during that bubble in all kinds of things from crypto to meme stocks to SPACs in a way,” he said. “The book has some important reminders for people about the dangers of speculation and the importance of remembering what kind of environment” they’re in. Klarman has drawn comparisons to Warren Buffett — himself a student of Graham’s at Columbia University — for his patient, deliberate investment style. Both Klarman and Buffett have pivoted to technology stocks in recent years as heavyweights in the sector have come to dominate the major indexes. Most recently, Klarman increased his stakes in Google-parent Alphabet and cryptocurrency exchange Coinbase, according to recent security filings. His largest holding is communications giant Liberty Global. Along with his investment moves, Klarman has been critical of the Federal Reserve. In a letter to clients at the end of 2022, he accused the U.S. central bank of constructing a “financial fantasyland” of artificially low interest rates and liquidity pumping. “One of the things I really admire about Graham and Dodd writing almost 90 years ago is they knew they were in an unusual environment being enmeshed in the Great Depression, and yet they tried to write something for the ages,” he said. “They said we know this won’t be the permanent condition. But we don’t know what conditions we will experience.” In the current environment, investors face challenges relating to economic uncertainty and a central bank holding interest rates high to battle inflation. “I think every investor has that challenge that you have to look at the moment you’re in and say, ‘which part of this is real, which part of this may be enduring? And which part of this may look completely different as soon as tomorrow, and how do I position myself maintaining somewhat of a longer-term perspective?'” Klarman said. “I think trying to trade day to day is not a game that anybody really is well equipped to win when you’re a value investor,” he added.