Seth Klarman

Seth Klarman

Last Update: 2014-11-14

Number of Stocks: 27
Number of New Stocks: 3

Total Value: $5,741 Mil
Q/Q Turnover: 19%

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 (%)
200127.1-11.939.0
20009.9-9.119.0
1999-18.321-39.3
3-Year Cumulative14.1 (4.5%/year)-3.1 (-1%/year)17.2 (5.5%/year)
19983028.61.4
199724.833.4-8.6
5-Year Cumulative85.1 (13.1%/year)66.2 (10.7%/year)18.9 (2.4%/year)
199613.123-9.9
19958.137.6-29.5
199413.41.312.1
199318.910.18.8
19929.57.61.9
10-Year Cumulative234.2 (12.8%/year)237.6 (12.9%/year)-3.4 (-0.1%/year)

Top Ranked Articles

Seth Klarman on the Art of Complex Deep Value Investing
Seth A. Klarman, President of The Baupost Group, averaged about 20% per year for 24 years with only one negative year. This digest of Seth A. Klarman’s investment strategies and practices is mainly based on a guest lecture by superinvestor Seth Klarman at Columbia Business School and his book, Margin of Safety. Many sections here are not Klarman’s exact words, but our digest of the distilled essence of his investment methods. Read more...
Jason Zweig Interviews Seth Klarman At CFA Institute Annual Conference
I was reading Dah Hui Lau's notes from May in which Jason Zweig interviews Seth Klarman. It sparked my interest whether the interview would be available two months later and found it. Read more...
Charlie Rose Interviews Seth Klarman
Charlie Rose Interviews Seth Klarman. The first 18 minutes is about "Facing History", his nonprofit organizaiton. Then they got to the book of "Margin of Safety". Klarman's view of Warren Buffett's three stages of investing: "Warren evolves three stages". He said he is still in the first stage. Read more...
Analysis of Targacept: Seth Klarman's New Purchase
An analysis on Seth Klarman's new purchase: Targacept (TRGT) Read more...
Interview with Amitabh Singhi, Managing Director at Surefin Investments
Amitabh Singhi is managing director at Surefin Investments, an India-based portfolio management and investment advisory company. Since inception in mid-2001 the fund has returned 27.9% annualized, net of all fees to investors (as of 2011). Mr. Singhi graduated with a B.S. in economics from the Wharton School at the University of Pennsylvania, with concentrations in finance and management. Amitabh was one of the speakers at the last Value Investing Congress in New York. Read more...
» More Seth Klarman Articles

Commentaries and Stories

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Protect the Crown Jewels: Buy with a Margin of Safety – Vonage Holdings Study
The way most investors buy stock is no better than the strategy most use in playing craps in Las Vegas. Even if the stock market has averaged near 9% over the decades, the average investor performs much worse. As with every casino where the house is the real winner, securities firms usually come out of a crisis unscathed. More...

CROWN JEWELS, ASSETS, MARGIN OF SAFETY


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10 Investment Rules From Legendary Investors Ray Dalio,Seth Klarman,Jeremy Grantham,Howard Mark - 10 Investment Rules From Legendary Investors
1) Jeffrey Gundlach, DoubleLine More...

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Seth Klarman Keeps Buying LNG, KERX, PBF And Keeps Selling THRX
Seth Klarman (Trades, Portfolio) is an investor from America who founded the Baupost Group. The Baupost Goup is a private investment partnership and hedge fund. The Baupost Group has made over 20% annualized gains over the past three decades. Seth Klarman (Trades, Portfolio) is known for being the author of a book on value investing called Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor. More...

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Lessons We Have Learned Warren Buffett,Seth Klarman - Lessons We Have Learned
Over the past 15 years, we’ve had the privilege of managing our investment partners’ portfolios. During that time we have made mistakes that ranged from mild to significant impact on the portfolio. In this week’s article I wanted to share some of these mistakes, the reasons we made them and how we’ve changed to decrease the chances of making such a mistake again. More...

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Dividend Aristocrats In Focus Part 45: AbbVie Seth Klarman - Dividend Aristocrats In Focus Part 45: AbbVie
AbbVie (ABBV) is a major drug manufacturer with a $107 billion market cap. The company manufactures and markets Humira, Creon, and other pharmaceutical treatments in the U.S. AbbVie was spun-off from Abbott Laboratories (ABT) in January 2013. The company is a Dividend Aristocrat because it shares Abbott Laboratories’ long dividend history and has paid increasing dividends since the spin-off. AbbVie is the subject of part 45 of the Dividend Aristocrats In Focus series. The company’s business is analyzed below to give a clearer picture of AbbVie’s operations. More...

DIVIDENDS, DIVIDEND ARISTOCRATS, HEALTH CARE, PHARMACEUTICALS, LONG


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Seth Klarman's Stock Picks Indicate an Interest in Oncology and Muscle Diseases
We can thank Benjamin Graham for coming up with the value investing philosophy, which is when an investor buys a stock at less than the intrinsic value. Warren Buffett (Trades, Portfolio) also adopted this philosophy, but that's no surprise since he was Graham's pupil. More...

MULTIPLE SCLEROSIS, ONCOLOGY, MUSCLE EATING DISEASES, MARGIN OF SAFETY, SETH KLARMAN


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Baupost’s Seth Klarman Buys Cheniere Energy, Ocwen Financial, Antero Resources, Sells Boyd Gaming, Theravance
Renowned value investor, hedge fund manager Seth Klarman (Trades, Portfolio) just reported his third quarter portfolio. Seth Klarman (Trades, Portfolio) buys Cheniere Energy Inc, Ocwen Financial Corp, Antero Resources Corp, Veritiv Corp, Keryx Biopharmaceuticals Inc, eBay Inc, PBF Energy Inc, Forward Pharma AS, PBF Energy Inc, Atara Biotherapeutics Inc, sells Boyd Gaming Corporation, Theravance Inc, Syneron Medical Ltd during the 3-months ended 09/30/2014, according to the most recent filings of his investment company, The Baupost Group. As of 09/30/2014, The Baupost Group owns 27 stocks with a total value of $5.7 billion. These are the details of the buys and sells. More...

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Seth Klarman Buys Big Stakes in 3 Companies Seth Klarman - Seth Klarman Buys Big Stakes In 3 Companies
Seth Klarman (Trades, Portfolio), whose Boston-based Baupost Group has $26 billion in assets as of year-end 2013, bought or added to stakes worth more than 5 percent of three companies, reported on Oct. 31. The three companies are: Forward Pharma AS (FWP), PBF Energy Inc. (PBF) and Atara Biotherapeutic (ATRA). More...

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The Investing Parables of Klarman, Buffett and Munger
A shared trait that great investors have is their will to teach and share their knowledge. Just like in the Bible, sometimes they teach in parables, as these examples tend to stick longer in our heads. More...

WISDOM


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Our Investment Strategy and Portfolio Selection
Our Investment Strategy and Portfolio Selection Process More...

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A Few Lessons from Li Lu Warren Buffett,Seth Klarman,Charlie Munger - A Few Lessons From Li Lu
Li Lu is undoubtedly one of the most under-appreciated investors. According to Bruce Greenwald, Warren Buffett (Trades, Portfolio) says that when he retires, there are three people he would like to manage his money. First is Seth Klarman (Trades, Portfolio) of the Baupost Group. Next is Greg Alexander of the Sequoia Fund. Third is Li Lu, who manages Charlie Munger (Trades, Portfolio)’s family money. More...

CHARLIE MUNGER, LI LU, WARREN BUFFETT, BRUCE GREENWALD


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Li Lu's 2010 Lecture at Columbia
Bruce Greenwald: Warren Buffett (Trades, Portfolio) says that when he retires, there are three people he would like to manage his money. First is Seth Klarman (Trades, Portfolio) of the Baupost Group, who you will hear from later in the course. Next is Greg Alexander of the Sequoia Fund. Third is Li Lu. He happens to manage all of Charlie Munger (Trades, Portfolio)’s money. I have a small investment with him and in four years it is up 400%. More...

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TPCA: Assets for 35 Cents on the Dollar
"Value investing is at its core the marriage of a contrarian streak and a calculator."~ Seth Klarman (Trades, Portfolio) More...

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Seth Klarman’s The Baupost Group Buys eBay, SunEdison Semiconductor, Keryx Biopharmaceuticals, Sells BP, Theravance
Legendary value investor, hedge fund manager Seth Klarman (Trades, Portfolio) just reported his second quarter portfolio. Seth Klarman (Trades, Portfolio) buys eBay Inc, SunEdison Semiconductor Ltd, Keryx Biopharmaceuticals Inc, Kosmos Energy Ltd, Boyd Gaming Corporation, Triquint Semiconductor, RF Micro Devices Inc, Cheniere Energy Inc, Viasat Inc, Veritiv Corp, Veritiv Corp, sells BP PLC, Theravance Inc during the 3-months ended 06/30/2014, according to the most recent filings of his investment company, The Baupost Group. As of 06/30/2014, The Baupost Group owns 24 stocks with a total value of $6.1 billion. These are the details of the buys and sells. More...

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Seth Klarman Buys 14% of Newly Formed Company Veritiv Seth Klarman - Seth Klarman Buys 14% Of Newly Formed Company Veritiv
Seth Klarman (Trades, Portfolio), the value-driven founder of the Baupost Group, purchased 2,249,601 shares of Veritiv Corp. (VRTV), according to GuruFocus Real Time Picks. His holding represents 14.06% of the company, a filing from July 31 showed. More...

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Free Advice From Seth Klarman & Charlie Munger
It was Sir Isaac Newton who famously said, “If I have seen further than certain other men, it is by standing upon the shoulders of giants.” More...

VALUE INVESTING


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Japanese Net Nets: Fantastic or Foolish? Seth Klarman,Tweedy Browne - Japanese Net Nets: Fantastic Or Foolish?
Investors should be forgiven for feeling weary of investing in Japanese net nets. More...

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A Value Investing Framework: B.E. GREEDY Warren Buffett,Seth Klarman - A Value Investing Framework: B.E. GREEDY
More...

LONG, VALUE INVESTING, FUNDAMENTAL ANALYSIS, MARGIN OF SAFETY


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Seth Klarman Is Top-Performing Guru for First Half 2014 Seth Klarman - Seth Klarman Is Top-Performing Guru For First Half 2014
After making a $1 billion gain on Idenix Pharmaceuticals Inc. (IDIX) and his stock picks of the past six months on average gaining 60.8% in the first half of the year compared to about 6% for the S&P 500, Seth Karman resoundingly leads GuruFocus’ scoreboard. More...

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Running an Offense or Defense? Warren Buffett,Seth Klarman - Running An Offense Or Defense?
It’s not a secret that the latest gross domestic product (GDP) numbers were poor. It is more likely than not, that when the GDP is revised as more information becomes available, that it will be reported that the numbers were worse than first stated. Stories are now beginning to appear indicating that the second quarter may also not prove to be as robust as previously predicted. I won’t pretend to guess, however; the numbers are certainly not what one would expect from a recovering or strong economy. More...

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User Comments

Juandemarc
ReplyJuandemarc - 3 months ago
DrK,
I'm glad someone is following the finer details!
I agree, re- Seth Klarman (Trades, Portfolio) average price bought and sold , indeed would have made a loss on eg. Alere Inc.
The manor in which the data is presented anchors readers thoughts to a large gain of 70% rather than losses of circa 20-25%.
Current stock price does not equate to the value of the stock when sold!
This is a red herring data column and should be scrapped unless a true reflection of profit or loss on holdings is shown on both free and professional formats!
Great website although be careful of drawing false conclusions!
DrK
ReplyDrK - 4 months ago
The way you show "Gains" in the holding history of a guru makes absolutely no sense - you are calculating it as "price paid" vs. "current stock price". This is NOT the gain mthe Guru made, and can HIDE actual losses. Example: Seth Klarman (Trades, Portfolio) the way you calcute gain made more than 20% gain for the stock Alere Inc. (ALR) because you are comparing his price paid to the current stock price rather than to the price he sold out for. In reality he made a LOSS when selling it. THIS MUST BE CORRECTED - your information is misleading!
Paulmenezes
ReplyPaulmenezes - 4 months ago
Can we please have an update on performance here.
Efranco
ReplyEfranco - 6 months ago
What does the ending ".WS" mean? thank you
Paulson545@yahoo
ReplyPaulson545@yahoo - 7 months ago
There will soon be over 500 million diabetes world wide . It might be time to take a look at ( erb ) ERBA Diagnostics, a world wide company in the diabetic field.......jmho
Toddforthree
ReplyToddforthree - 8 months ago
Goforit
ReplyGoforit - 8 months ago
Why is your most recent performance data from 2001 - it's now 2014! How are we (and you) to rate Klarman when the most recent GuruFocus performance data is 13 years old? For all we know, his track record over the last 13 years could be 5% lower than the SP-500 index and yet he's listed as a Guru.
Wsjalerts13
ReplyWsjalerts13 - 10 months ago
Rishardo - You are so smart
Rishardo
ReplyRishardo - 1 year ago
59% Tech weighting while the Nasdaq makes all time highs? This is going to end in tears.

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