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' 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

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

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Analyzing One of Seth Klarman’s Best Quotes Seth Klarman - 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: More...

Seth Klarman


  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

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. More...

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Rating: 4.0/5 (2 votes)

Seth Klarman Nearly Doubles Stake in Atara Biotherapeutics Seth Klarman - 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. More...

Seth Klarman, Baupost Group, Atara Biotherapeutics


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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. More...

LONG, INTERNET


  • Currently 4.23/5

Rating: 4.2/5 (13 votes)

Seth Klarman Says This is the Single Biggest Investing Advantage You Can Have Seth Klarman - 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. More...

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Rating: 4.9/5 (8 votes)

Investment Reading: A Holistic Approach Seth Klarman, Charlie Munger - 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. More...

Research, Manhattan Research


  • Currently 5.00/5

Rating: 5.0/5 (5 votes)

Some Thoughts on Globetrotting Seth Klarman - 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. More...

International, Global


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Rating: 0.0/5 (0 votes)

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. More...

LONG, INTERNET


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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). More...

ABRAMS CAPITAL MANAGEMENT, SETH KLARMAN, BAUPOST GROUP


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Rating: 3.0/5 (1 vote)

Things I Learned From An Asian Value Investor
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Rating: 4.0/5 (1 vote)

Seth Klarman Buys Stake in 3 Pharmaceutical Firms Seth Klarman,Warren Buffett - 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. More...

SETH KLARMAN, BAUPOST GROUP, PHARMACEUTICAL


  • Currently 4.27/5

Rating: 4.3/5 (15 votes)

How Good is Your Argument? Bill Ackman, Seth Klarman, Kyle Bass - How Good Is Your Argument?
More...

GM,VRX, BILL ACKMAN, BILL NYGREN, THIRD AVENUE, CHARLIE MUNGER, MENTAL MODEL, SETH KLARMAN, HOWARD MARKS


  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

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. More...

VALUE INVESTOR,BILLIONAIRE,SELTH KLARMAN, BAUPOST GROUP,LONG-TERM,PHARMACEUTICAL COMPANIES,ENERGY COMPANIES,BULLISH,SOUND,MARGIN OF SAFETY,


  • Currently 4.00/5

Rating: 4.0/5 (4 votes)

Seth Klarman Buys Oil Company and Semiconductor Company Seth Klarman - 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. More...

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Rating: 3.0/5 (2 votes)

Expectations, Price, and Fundamentals (Or Congressional Questions Gone Awry) Seth Klarman - Expectations, Price, And Fundamentals (Or Congressional Questions Gone Awry)
I was watching a congressional hearing last week on climate change, and a congressman asked one of the scientists testifying, "but you have to admit if you took the 10 hottest days out of your analysis your thesis falls apart". The scientist replied, "Well, Congressman, I suppose if pigs could fly we could call them airplanes ... but they don't. As scientists we don't have the luxury of taking the 10 hottest days in recorded history off budget. They happened. They are real. And we simply can't deny they happened." More...

  • Currently 4.40/5

Rating: 4.4/5 (5 votes)

Seth Klarman Doubles Stake in Cheniere Energy Inc. Seth Klarman - Seth Klarman Doubles Stake In Cheniere Energy Inc.
Seth Klarman (Trades, Portfolio) has increased his stake in Cheniere Energy Inc. (LNG), a Houston-based energy company dealing in liquefied natural gas, making it his new largest holding, according to GuruFocus Real Time Picks. More...

  • Currently 4.90/5

Rating: 4.9/5 (10 votes)

The Necessary Cruelty of Seth Klarman
Seth Klarman (Trades, Portfolio) is perhaps one of the most direct writers and teachers when laying out his thoughts and techniques on investing. I have become fascinated by the following extracts from Margin of Safety, which are both illustrating and to the point. More...

Seth Klarman


  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

EBIX – Still a Bargain with at Least 25% Upside Potential Seth Klarman - EBIX – Still A Bargain With At Least 25% Upside Potential
The shares of insurance software provide EBIX (EBIX) jumped more than 30% to $21 a share in the last three trading days on large volumes. We believe that the stock is still undervalued and it has at least 25% upside potential. More...

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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


  • Currently 5.00/5

Rating: 5.0/5 (6 votes)

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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User Comments

Juandemarc
ReplyJuandemarc - 7 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 - 8 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 - 8 months ago
Can we please have an update on performance here.
Efranco
ReplyEfranco - 10 months ago
What does the ending ".WS" mean? thank you
Paulson545@yahoo
ReplyPaulson545@yahoo - 11 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 - 1 year ago
Goforit
ReplyGoforit - 1 year 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 - 1 year 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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