Seth Klarman

Seth Klarman

Last Update: 04-15-2015

Number of Stocks: 27
Number of New Stocks: 4

Total Value: $5,091 Mil
Q/Q Turnover: 19%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Seth Klarman Watch

  • 16 Nuggets Of Advice On Selling Stocks From Investing Greats

    • The truth is that selling stocks is hard but people just focus on the buy side.
    • Gaining the discipline to sell objectively takes time.
    • Even the best investors learned it through hard lessons.

  • Seth Klarman's Trades During Q1 2015

    Seth Klarman (Trades, Portfolio) 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 (Trades, Portfolio) is the author of the book "Margin of Safety" which sells for over $1,000. Klarman attended Cornell University where he received a degree in economics, and later attended Harvard University where he earned an M.B.A.

    Web Page:


  • The Importance Of Thinking Backwards, And 5 Inverted Questions That Will Flip Your Thinking Upside Down

    What You’ll Learn

  • Analyzing One of Seth Klarman’s Best Quotes

    I was reading Margin of Safety and ran into one of the most shocking quotes I have read in value investing. I have wrote about Seth Klarman (Trades, Portfolio) before, and I always highlight his raw comments that are both intelligent and concise. This is the complete quote:

    “Unsuccesful investors are dominated by emotion. Rather than responding coolly and rationally to market fluctuations, they respond emotionally with greed and fear. We all know people who act responsibly and deliberately most of the time but go beserk when investing money. It may take them many months, even years, of hard work and disciplined saving to accumulate the money but only a few minutes to invest it. The same people would read several consumer publications and visit numerous stores before purchasing a stereo or a camera yet spend little or no time investigating the stock the just heard about from a friend. Rationality that is applied to the purchase of electronic and photographic equipment is absent when it comes to investing.”


  • Long-Term Thinking and Seth Klarman

    While I generally write about general investment lessons, today I will touch on a point that has been recently on my mind: long-term thinking. I believe this is a point that many of us as investors tend to overlook and use in a simplistic way.

    I will try to answer three important questions:


  • Seth Klarman Nearly Doubles Stake in Atara Biotherapeutics

    Guru Seth Klarman (Trades, Portfolio), founder and president of Boston-based hedge fund Baupost Group, just added Atara Biotherapeutics Inc (ATRA) to his portfolio in the fourth quarter of last year, but he seems to be happy enough with it to want a second helping. He nearly doubled his stake in the first quarter of this year, apparently on the basis of Atara’s latest 13G filing with the Securities and Exchange Commission (SEC), making it the 19th-largest stake in his portfolio.

    Last month, Atara Biotherapeutics obtained a breakthrough therapy designation for its work on an innovative treatment for a disease associated with Epstein-Barr virus, one of eight viruses in the herpes family and one of the most common viruses in humans. Epstein-Barr is probably best known as the cause of infectious mononucleosis (informally known as the “kissing disease”), but it is also linked to specific forms of cancer, such as Hodgkin's lymphoma, Burkitt's lymphoma, nasopharyngeal carcinoma and conditions associated with human immunodeficiency virus (HIV).


  • Analyzing Seth Klarman's Top Holdings

    Seth Klarman (Trades, Portfolio) 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 (Trades, Portfolio) 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.

    Seth Klarman (Trades, Portfolio) 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.


  • Seth Klarman Says This is the Single Biggest Investing Advantage You Can Have

    Have you ever felt like you are at a steep disadvantage when investing in the stock market? Mutual funds and hedge funds have multi-million dollar research budgets, high frequency trading, and much better connections (I’m sure they never use their connections to gain an edge… right?). What is an individual investor to do? Seth Klarman (Trades, Portfolio) has the answer.

    Seth Klarman (Trades, Portfolio)’s Wisdom


  • Investment Reading: A Holistic Approach

    Over the past several months we have been asked what we might recommend for reading material in the field of investments. While we believe reading is an essential part of being a successful value investor, we think it’s only part of the total equation. We believe the old elementary school 3R’s (Reading, Writing, and Arithmetic) is the platform for constant study and self-improvement.

    Critical Thinking Is the Foundation


  • Some Thoughts on Globetrotting

    Undoubtedly many value investors are worried about the current level of U.S market valuation. Great investors such as Seth Klarman (Trades, Portfolio) and Wally Weitz have publicly opined that it is getting harder to find values in the U.S. markets. The cash levels at many renowned value funds speak for this concern in general.

    I am not writing an article to discuss the current valuation level of the market. It would be foolish and arrogant of me to do so. However, I do want to bring up the topic of global value investing again because I think the merit of global value investing is vastly underappreciated but more importantly, it makes so much sense to fish in a cheaper pond.


  • Should You Buy EBay Post Recent Analyst Upgrade?

    Recently, Susquehanna analyst James Friedman upgraded his rating on eBay (EBAY) to buy from neutral. He also raised his stock price target to $75, which implies significant upside from the current levels. Friedman is bullish about Paypal's business prospects once it demerges from eBay.

    In addition to positive sell side commentary eBay has also seen a lot of interest from fund managers of late. Last quarter, Seth Klarman (Trades, Portfolio), Daniel Loeb (Trades, Portfolio), Larry Robbins (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Jana Partners (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Murray Stahl (Trades, Portfolio), RS Investment Management (Trades, Portfolio) and Louis Moore Bacon (Trades, Portfolio) increased their stake in the company.


  • Kyle Bass' New Buys

    Kyle Bass is the managing member and principal of Hayman Capital Management's general partner, formed in December 2005. Hayman Capital Management serves as the investment manager to the Hayman Capital Master Fund LP and Japan Macro Opportunities Master Fund LP.

    Kyle Bass (Trades, Portfolio) makes bold bets according to his view on macroeconomics. He made a fortune in 2007 by betting against sub-prime CDOs.


  • David Einhorn's Most Weighted Low PE Stocks

    David Einhorn (Trades, Portfolio) is president of Greenlight Capital (a value-oriented investment advisor). Through August 2006, Einhorn had achieved annual returns of 29% since starting Greenlight in May 1996.

    Einhorn believes an investment approach emphasizing intrinsic value will achieve consistent absolute investment returns and safeguard capital regardless of market conditions. He is a noted activist investor, taking positions in companies, and then pushing management to implement changes.


  • Newest Guru David Abrams Increases Stakes in MGI

    David Abrams (Trades, Portfolio) of Abrams Capital Management recently increased his stakes in his latest position Moneygram International Inc (MGI).

    Abrams founded his firm in 1999 utilizing the value investing strategies he learned from working at Seth Klarman (Trades, Portfolio)'s Baupost Group. Investing in the U.S. public equity market, as well as having fundamental analysts and doing in-house research has allowed the firm to continuously earn annual returns around 20%.


  • Things I Learned From An Asian Value Investor

    It was one of those days when I got bored and just decided to try my luck visiting an investment firm. Being somewhat young and ignorant, I decided to pay a visit to one of Singapore’s more renowned value investment firms.


  • Part Four: A Continuing Discussion on Intrinsic Value

    In a recent interview with Consuelo Mack of WealthTrack (link), Jean-Marie Eveillard of First Eagle Funds said something that I’ve heard many times before – and something I have a tough time understanding. I figured it’s about time that I put my thoughts on this topic in writing.

    When discussing the different types of value investors, Mr. Eveillard had this to say about Warren Buffett (Trades, Portfolio):


  • Seth Klarman Buys Stake in 3 Pharmaceutical Firms

    Seth Klarman (Trades, Portfolio) founded The Baupost Group in 1982 and has suffered only two losing years since then.

    The value investor is the author of the famed book “Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor.” Written in 1991, less than 5,000 copies of the book were printed and can sell for almost $2,500 today. Even Warren Buffett (Trades, Portfolio) is said to have a copy of the book on his desk.


  • How Good is Your Argument?

    “One of the best ways to get confidence in an idea is to find the best argument out there and see if there is a case that you haven’t considered or if there is something you don’t know. If what I’ve heard are the best arguments that can be made against being short Herbalife, then I want to be short more.”


  • Seth Klarman: Bullish on Energy and Biopharmaceutical/Pharmaceuticals

    Baupost Group the $28 billion hedge fund has shown through 13-F filing that it is bullish on biopharmaceutical and pharmaceuticals, and energy companies as well. The firm reported that its equity portfolio has a market value of nearly $5.9 billion for the fourth quarter. Throughout the firms history its has return on average 20% thanks to its president legendary value investor Seth Klarman (Trades, Portfolio). In the Baupost Group end of year letter to investors Seth klarman said that the firm has identified opportunities in the energy after the crashing of crude oil prices.


  • Seth Klarman Buys Oil Company and Semiconductor Company

    Legendary value investor Seth Klarman (Trades, Portfolio) purchased two new stocks, Bellatrix Exploration Ltd. (BXE) and SunEdison Semiconductor Ltd. (SEMI), on Jan. 31, according to GuruFocus Real Time Picks.

    Klarman’s $28.5 billion Baupost Group returned 8% last year, Bloomberg reported, its sixth consecutive year of gains. The value of Klarman’s stock portfolio totaled $5.7 billion at the end of the third quarter, with 27 positions.


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