Seth Klarman is a value investor and Portfolio Manager of the investment partnership The Baupost Group. Founded in 1983, The Baupost Group now manages $7 billion, and has averaged returns of nearly 20% annually since their inception. Seth Klarman is the author of the book “Margin of Safety?,” which sells for over $1000. Mr. Klarman attended Cornell University where he received a degree in economics, and later attended Harvard University where he earned an M.B.A.
Investing Philosophy:
Seth Klarman invests in a wide array of investments ranging from fairly traditional value stocks to more esoteric investments like distressed debt, liquidations, and foreign equities or bonds. Klarman doesn't mind "doing nothing" on occasion. He is completely unperturbed by the idea of sitting on the sidelines holding cash whenever investment opportunities are scarce. In fact, in 2005 and 2006, nearly half of his portfolio was held in cash. Investing, he cautions, is more than just producing absolute returns. Too often investors focus on that one easy number "return" and ignore the risks incurred to generate that number.
(GuruFocus, November 15, 2009) Investment Guru Seth Klarman has been busy buying distressed debt nowadays and he might just ignored stocks. For the third quarter, he purchase two stocks: More...
After almost 30 years in business, renowned value investor Seth Klarman just had his first annual shareholder meeting. He is heavily invested in debt. He thinks stocks are not cheap, and they are too competitive, too. This is the Q3 equity portfolio update for Baupost Group. More...
OK, that has to be one of the most misleading post titles ever but I couldn’t resist. Seth Klarman recently held the first-ever Baupost Group annual meeting after two-plus decades of existence. At the meeting, Klarman shared his views on the markets, housing, investment strategies and more. More...
We continue today discussing Baupost's 2006 Annual Letter to Investors. As discussed previously on this blog, Seth Klarman is arguably our favorite investor and we hope to enlighten readers with some of his wisdom and "Klarman quotes." More...
One of our favorite guru investors, Seth Klarman, repeatedly discusses the concept of absolute performance. Given such a basic concept, I am continuously amazed at how often the investment community ignores this wisdom. The focus on absolute returns and ignoring relative performance is much like to process of value investing. It requires a definite mindset of patience and strict discipline. One must block out the constant noise, opinion, and short-term obsession- concentrate only on the underlying characteristics of a particular investment opportunity. Easier said than done! More...
Seth Klarman is a value investor and Portfolio Manager of the investment partnership The Baupost Group which was founded in 1983; The Baupost Group now manages $7 billion, and has averaged returns of nearly 20% annually since its inception. Seth Klarman attended Cornell University where he received a degree in economics. He later attended Harvard University where he earned his M.B.A. Prior to founding Baupost, Klarman worked for Max Heine and Michael Price of the Mutual Shares fund which is now a part of Franklin Templeton Investments. More...
(GuruFocus, September 10, 2009) Investment Guru Seth Klarman sold shares in Facet Biotech Corporation (FACT) and Horizon Lines Inc.(HRZ) in his hedge funds. GuruFocus Real Time Data shows that Klarman sold out his position in HRZ on August 31, 2009 at prices of around $5.42 per share. He also reduced shares in FACT by 24.7% on September 4, 2009 at prices around $15.43 per share. After the sale, Klarman held 3.5 million shares. More...
Seth Klarman is President of the Baupost Group, LLC. His firm, founded in 1982, manages $15 billion for institutional and high net worth clients. His now out of print book "Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor" sells for $1,200 on Amazon and $2,000 on eBay and has been stolen from most libraries. More...
Seth Klarman has achieved outstanding results by deep value investing. He is willing to hold cash when valuation is high. Although closedly followed by value fans, not many investors understand how Klarman invest. This is the update of his Q2 buys and sells. More...
(GuruFocus, August 11, 2009) Investment Gurus Seth Klarman has sold out shares in Protein Design Labs Inc.(PDLI) and reduced shares in Horizon Lines Inc. (HRZ). On July 31, he sold all his shares (15.5 million shares) of PDLI at the price of 8.24 per shares, and reduced his holdings in HRZ by 39.61% at the price of $5.01 per share. After the sale, he still holds 2,199,129 shares of HRZ. More...
With the incessant barrage of CIT-based headlines over the past week or so, you would be forgiven if you hadn’t bothered to delve into the final details of the $3 billion financing the company has apparently secured. What you unfortunately would have missed as a result of CIT fatigue is the identity of those who are providing this capital. More...
If you find a stock that you believe is undervalued, it is important to try to determine the reason for the undervaluation. As Buffett wrote about poker in his 1987 letter to shareholders, "If you've been in the game 30 minutes and you don't know who the patsy is, you're the patsy." More...
(GuruFocus, July 10, 2009 ) Investment Guru Seth Klarman sold out his shares in chemical and building material company Omnova Solutions Inc.(OMN). On June 30, he sold all of the 3.2 million shares of OMN at the price of $3.26 per share. More...
(GuruFocus, July 1, 2009) Investment Gurus whom we track have different outlooks towards the current economic situation and market valuation level: John Hussman has called the current market modestly overvalued for almost two months now; Jeremy Grantham (whose portfolio information we do not track) would probably call the market fairly valued; George Soros wouldn’t make prediction for the future but stating the current market warrants no conviction one way or another; then you get gurus like Warren Warren who has infinite patience and confidence and do not really care how the market is doing. More...
The following is an article contributed by GuruFocus user Isiah Zhang. It profiles Mr. Danyang Zhao, who won the 2008 auction to have lunch with Warren Buffett. It is encouraging to see that Value Investing is also practiced else where in the world. More...
For value investors, last fall’s crisis provided an unprecedented opportunity. Down markets are a great time to buy securities, as Graham and Dodd said in Securities Analysis, since the average investor can usually only get them “at prices that the future may cause him to regret.” More...
The title to this post could be somewhat redundant for those who follow a value-investing philosophy. As Seth Klarman might suggest, risk-adverse investors should always exercise caution whether the economy is sprouting green shoots or withering away, during bull and bear market alike. In his classic tome, Security Analysis, Benjamin Graham counseled investors to treat the future as a threat to our investments, not as pending confirmation for our theses. More...
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