Asked how much different investing in a thoroughbred is to investing in a stock, mutual fund or company, Klarman said, "In my regular life, I'm a long-term investor, so we make patient, long-term investments on behalf of our clients. This is gambling, this is a risky undertaking. This is not at all like what I do the rest of my life, but it does provide one of the highest levels of excitement that a person can have."