Seth Klarman

Seth Klarman

Last Update: 04-13-2016

Number of Stocks: 34
Number of New Stocks: 2

Total Value: $5,477 Mil
Q/Q Turnover: 22%

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

Seth Klarman' s Profile & Performance

Profile

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.

Web Page:http://www.baupost.com/

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.

Total Holding History

Performance of Baupost Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
200127.1-11.8939.0
20009.9-9.119.0
1999-18.321.04-39.3
3-Year Cumulative14.1 (4.5%/year)-3.1 (-1%/year)17.2 (5.5%/year)
19983028.581.4
199724.833.36-8.6
5-Year Cumulative85.1 (13.1%/year)66.2 (10.7%/year)18.9 (2.4%/year)
199613.122.96-9.9
19958.137.58-29.5
199413.41.3212.1
199318.910.088.8
19929.57.621.9
10-Year Cumulative234.2 (12.8%/year)237.5 (12.9%/year)-3.3 (-0.1%/year)

Top Ranked Articles

Tweedy Browne Global Value Invests in Bank of New York Mellon Fund buys more than 1.3 million shares
Tweedy Browne Company LLC, a successor to Tweedy & Co., was first established by Forrest Birchard Tweedy in 1920 as a dealer in closely held and inactively traded securities. The firm’s 96-year history is grounded in undervalued securities, first as a market maker, then as an investor and investment advisor. The firm takes a value investing approach that focuses on long term investments very similar to Joel Greenblatt (Trades, Portfolio), Seth Klarman (Trades, Portfolio) and the founder of value investing Benjamin Graham. Read more...
On Value Investing A description of value investing, how to implement it and a brief history of successful value investors
What is value investing? What does it mean? How do you use it as a strategy? And most importantly, does it work? Consider this your entry to – or rediscovery of – the wonderful world of value investing. Read more...
David Abrams Raises Stake in Barnes & Noble Education Guru acquires 9,544 company shares
Guru David Abrams (Trades, Portfolio) added 9,544 shares to his stake in Barnes & Noble Education Inc. (NYSE:BNED) on April 8. Read more...
Seth Klarman Profits From Biotie Therapies Buyout Company was developing the first Parkinson's treatment to be approved in 20 years
Seth Klarman (Trades, Portfolio)’s 2015 investment in pharmaceutical company Biotie Therapies Corp. (NASDAQ:BITI) paid off this week when the company was bought out at a premium. Read more...
Klarman: Risk Is Both Probability, Potential Amount of Loss Seth Klarman defines the real risk for investors
It is well-known that for value investors, risk is not standard deviation stemming from prices. Rather, it is the product of the expected loss times the probability of that loss occuring. One of the best efforts in defining risk that I have encountered comes from Seth Klarman (Trades, Portfolio), who, in one of his investor letters, provided a detailed explanation on how he thinks and acts upon this definition of risk.  Read more...
» More Seth Klarman Articles

Commentaries and Stories

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Tweedy Browne Global Value Invests in Bank of New York Mellon Fund buys more than 1.3 million shares Tweedy Browne,Seth Klarman - Tweedy Browne Global Value Invests In Bank Of New York Mellon
Tweedy Browne Company LLC, a successor to Tweedy & Co., was first established by Forrest Birchard Tweedy in 1920 as a dealer in closely held and inactively traded securities. The firm’s 96-year history is grounded in undervalued securities, first as a market maker, then as an investor and investment advisor. The firm takes a value investing approach that focuses on long term investments very similar to Joel Greenblatt (Trades, Portfolio), Seth Klarman (Trades, Portfolio) and the founder of value investing Benjamin Graham. More...

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On Value Investing A description of value investing, how to implement it and a brief history of successful value investors Warren Buffett,Seth Klarman,Charlie Munger,Mohnish - On Value Investing
What is value investing? What does it mean? How do you use it as a strategy? And most importantly, does it work? Consider this your entry to – or rediscovery of – the wonderful world of value investing. More...

VALUE INVESTING,WARREN BUFFETT, BENJAMIN GRAHAM, PETER LYNCH, SETH KLARMAN, MOHNISH PABRAI


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David Abrams Raises Stake in Barnes & Noble Education Guru acquires 9,544 company shares David Abrams,Seth Klarman - David Abrams Raises Stake In Barnes & Noble Education
Guru David Abrams (Trades, Portfolio) added 9,544 shares to his stake in Barnes & Noble Education Inc. (NYSE:BNED) on April 8. More...

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Seth Klarman Profits From Biotie Therapies Buyout Company was developing the first Parkinson's treatment to be approved in 20 years Seth Klarman - Seth Klarman Profits From Biotie Therapies Buyout
Seth Klarman (Trades, Portfolio)’s 2015 investment in pharmaceutical company Biotie Therapies Corp. (NASDAQ:BITI) paid off this week when the company was bought out at a premium. More...

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Klarman: Risk Is Both Probability, Potential Amount of Loss Seth Klarman defines the real risk for investors Seth Klarman - Klarman: Risk Is Both Probability, Potential Amount Of Loss
It is well-known that for value investors, risk is not standard deviation stemming from prices. Rather, it is the product of the expected loss times the probability of that loss occuring. One of the best efforts in defining risk that I have encountered comes from Seth Klarman (Trades, Portfolio), who, in one of his investor letters, provided a detailed explanation on how he thinks and acts upon this definition of risk.  More...

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Seth Klarman Slashes Bellatrix Exploration Holding GuruFocus gives energy company multiple warning signs Seth Klarman - Seth Klarman Slashes Bellatrix Exploration Holding
Guru Seth Klarman (Trades, Portfolio) attended Cornell University where he graduated with a bachelor's in 1979, and went on to graduate with an MBA from Harvard in 1982. Klarman founded The Baupost Group in 1982, an investment firm that focuses on long term value with similar investment philosophies to the legendary Benjamin Graham.  More...

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Seth Klarman Is Betting Big on Energy Of guru's top 5 holdings, 3 are in oil and gas sector Seth Klarman - Seth Klarman Is Betting Big On Energy
According to his latest fillings, Seth Klarman (Trades, Portfolio)’s exposure to the energy sector has never been higher. Three of his top five holders are in the oil and gas space. Here’s a quick primer on his biggest bets. More...

KLARMAN, LNG, AR, PBF, CHENIERE, ENERGY, OIL, GAS, ANTERO, RESOURCES


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How Seth Klarman Decides the Right Time to Sell Investors can easily suffer from anchoring bias Seth Klarman - How Seth Klarman Decides The Right Time To Sell
Seth Klarman (Trades, Portfolio) gave an interview directly from the Baupost headquarters for the Ben Graham Center for Value Investing in 2009. As you recall, during that time Baupost was openly active and buying assets when most funds were overly pessimistic about the environment. While I certainly recommend you to go through the whole interview, one of the most interesting comments stemmed from the question: How do you decide when to sell something? More...

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The Biggest Fear as an Investor Klarman says his fear is buying a stock too soon on the way down from overvalued levels Seth Klarman, Charlie Munger - The Biggest Fear As An Investor
Seth Klarman (Trades, Portfolio) was once asked what his biggest fear was as an investor. Here is what he said: More...

SETH KLARMAN, VRX


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Seth Klarman on the Best Way to Learn - Practice Klarman discusses the importance of practice, observation and common-sense conclusions Seth Klarman - Seth Klarman On The Best Way To Learn - Practice
After reading an article by Roger Lowenstein defending the efficient market hypothesis, Seth Klarman (Trades, Portfolio) wrote an article in which he provided arguments in favor of value investing and the obvious market inefficiencies ("A Response to Lowenstein’s Searching for Rational Investors in a Perfect Storm," Journal of Corporation Law, 2005). More...

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Seth Klarman and How to React to a Market Downturn Market downturns prove who is really a value investor, according to guru Seth Klarman - Seth Klarman And How To React To A Market Downturn
During 2009, The Outstanding Investor Digest interviewed Seth Klarman (Trades, Portfolio) on his views after the subprime bubble burst. Some of the comments made by Klarman remain as relevant today as in those days. Here are some of the best excerpts from the interview: More...

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Seth Klarman on the Disruptive Forces of Technology Baupost's most recent letter touches upon technology and its effects Seth Klarman - Seth Klarman On The Disruptive Forces Of Technology
In his most recent annual letter to Baupost's shareholders, Seth Klarman (Trades, Portfolio) discussed his views on how flexible investors' approach should be and the potential that technology has to transform investing and research. More...

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Buffett-Like Investor Allan Mecham on Making Mistakes Mistake-free investing is not possible Warren Buffett, Seth Klarman - Buffett-Like Investor Allan Mecham On Making Mistakes
With the inevitable comparisons to Warren Buffett (Trades, Portfolio), Arlington Value Capital's manager, Allan Mecham, has released his annual letter to investors. His 7.5-year annualized return is now 30.9% against the 8.7% generated by the S&P 500. However, this was the first year in over seven years in which the fund has registered a loss. I found it very interesting and peculiar the way Mecham approached and discussed the negative year. More...

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Insiders Roundup: Theravance Biopharma, Western Gas, Upland Software Insiders buying the biggest bundles of their companies' stock Seth Klarman, Chuck Royce, Joel Greenblatt - Insiders Roundup: Theravance Biopharma, Western Gas, Upland Software
The All-in-One Screener can be used to find insider buys and sells over the last week by clicking on the Insiders tab and changing the settings for All Insider Buying to “$1,000,000+” and duration to "March 2016." More...

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David Swensen Bets on Antero Resources The investment is now 56% of his total assets David Swensen,Seth Klarman,Glenn Greenberg,David T - David Swensen Bets On Antero Resources
David Swensen (Trades, Portfolio), the chief investment officer at Yale University since 1985, is responsible for managing and investing the university's endowment assets and investment funds, which total over $22 billion. The following are his heavily weighted trades during the fourth quarter. More...

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Seth Klarman and His Investment Philosophy During an interview with Barron's, Klarman discussed his investment tenets Warren Buffett, Seth Klarman - Seth Klarman And His Investment Philosophy
I recently got the opportunity to read a Barron's interview with Seth Klarman (Trades, Portfolio) in 1991. Overall, Klarman discusses his investment philosophy and some attributes that have propelled Baupost's success. Among my favorite quotes are the following: More...

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Buffett and Klarman on Modern Portfolio Theory The gurus discuss their thoughts on the strategy that emphasizes diversification Warren Buffett, Seth Klarman - Buffett And Klarman On Modern Portfolio Theory
It is very well-known that modern portfolio theory states that diversification is critical to achieve better results at investing. Why? Because the classification of risk goes hand in hand with standard deviation, a statistical measure of a stock's price volatility. However, value investors have spoken against the concept of diversification for a while now. Where are the opinions against modern portfolio theory? More...

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Seth Klarman’s Largest New Buys and Adds Margin-of-safety investor reports updated portfolio Seth Klarman - Seth Klarman’s Largest New Buys And Adds
Seth Klarman (Trades, Portfolio), whose hedge fund Baupost Group last year suffered its third down year in its 33-year history, bought two new stocks and added to nine other holdings in the fourth quarter. More...

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Seth Klarman Buys 763,889 Shares in Drug Development Company Guru adds to stake in Biotie Therapies Seth Klarman - Seth Klarman Buys 763,889 Shares In Drug Development Company
Guru Seth Klarman (Trades, Portfolio) added 763,889 shares to his stake in Biotie Therapies Corp. (NASDAQ:BITI) on Jan. 19. More...

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