Seth Klarman

Seth Klarman

Last Update: 01-08-2016

Number of Stocks: 40
Number of New Stocks: 8

Total Value: $5,971 Mil
Q/Q Turnover: 28%

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 Bets the Farm on Cheniere Energy It's no wonder Klarman and Carl Icahn are betting big
As the author of "Margin of Safety," Seth Klarman (Trades, Portfolio) is often known for his conservative, value-based approach. Recently, however, followers have been surprised at many of his largest positions. Not only do they include volatile biotechnology names like Atara Biotherapeutics Inc. (NASDAQ:ATRA) and Forward Pharma AS (NASDAQ:FWP), but it looks like he’s put 18% of his entire portfolio in Cheniere Energy Inc. (LNG). Read more...
Should We Use EBITDA to Compute True Business Earnings? EBITDA emerges as an important term for business valuation in Wall Street, but it contains many flaws
In the business valuation process, many Wall Street firms and investors have used EBITDA as a measure of business cash flow, and EBITDA multiple to determine the appropriate valuation of the business. However, there are other opinions that EBITDA is often a misleading number for real business operating performance. Let’s take a closer look to see whether we should use EBITDA in our valuation process. Read more...
Klarman Gives Insight on Keryx Biopharmaceuticals Investment Guru has confidence in sole FDA-approved product
Back in November, I tried to guess Seth Klarman's (Trades, Portfolio) motives for investing in Keryx Biopharmaceuticals (NASDAQ:KERX), an unusual biotech position for the renowned value investor. In his latest letter to shareholder, the secretive guru has finally commented on this company. In November I wrote: Read more...
Seth Klarman Blames Market, Investments for Rare Down Year Klarman discusses third down year in fund's history
One of the most widely followed and profitable value investors, Seth Klarman (Trades, Portfolio) told clients that in 2015 his firm Baupost Group lost money for the third year in its history. Read more...
» More Seth Klarman Articles

Commentaries and Stories

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Seth Klarman Bets the Farm on Cheniere Energy It's no wonder Klarman and Carl Icahn are betting big Seth Klarman - Seth Klarman Bets The Farm On Cheniere Energy
As the author of "Margin of Safety," Seth Klarman (Trades, Portfolio) is often known for his conservative, value-based approach. Recently, however, followers have been surprised at many of his largest positions. Not only do they include volatile biotechnology names like Atara Biotherapeutics Inc. (NASDAQ:ATRA) and Forward Pharma AS (NASDAQ:FWP), but it looks like he’s put 18% of his entire portfolio in Cheniere Energy Inc. (LNG). More...

LONG, ENERGY, GAS, OIL, SHIPPING, EXPORTS, CONTRARIAN, GURU, KLARMAN, SETH, ICAHN, CARL


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3 Investment Opportunities Insiders and Gurus Are Buying Interesting investment ideas on top of GuruFocus' double buy screen list Seth Klarman,David Abrams,Murray Stahl,Andreas Hal - 3 Investment Opportunities Insiders And Gurus Are Buying
GuruFocus has various tools and screeners available to make the quest for your next great investment a little bit more efficient. More...

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Should We Use EBITDA to Compute True Business Earnings? EBITDA emerges as an important term for business valuation in Wall Street, but it contains many flaws Seth Klarman,Warren Buffett,Charlie Munger - Should We Use EBITDA To Compute True Business Earnings?
In the business valuation process, many Wall Street firms and investors have used EBITDA as a measure of business cash flow, and EBITDA multiple to determine the appropriate valuation of the business. However, there are other opinions that EBITDA is often a misleading number for real business operating performance. Let’s take a closer look to see whether we should use EBITDA in our valuation process. More...

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Seth Klarman Comments on a Bad 2015 Guru shares his thoughts in his letter to investors Seth Klarman,Howard Marks,Warren Buffett - Seth Klarman Comments On A Bad 2015
As you might know, some of Seth Klarman (Trades, Portfolio)'s comments from the 2015 Letter to Investors have been disclosed. It is important to note that, since its inception 33 years ago, this is only the third year in which the fund has had a drawback. Overall, the result of its publicly traded positions was a loss of 6.7%, while the private investment portfolio raised 2.4%. Generally, Klarman is very blunt and straightforward in his comments yet, with a great deal of insight and wisdom, embedded. More...

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Klarman Gives Insight on Keryx Biopharmaceuticals Investment Guru has confidence in sole FDA-approved product Seth Klarman - Klarman Gives Insight On Keryx Biopharmaceuticals Investment
Back in November, I tried to guess Seth Klarman's (Trades, Portfolio) motives for investing in Keryx Biopharmaceuticals (NASDAQ:KERX), an unusual biotech position for the renowned value investor. In his latest letter to shareholder, the secretive guru has finally commented on this company. In November I wrote: More...

BIOTECH, LONG


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Seth Klarman Blames Market, Investments for Rare Down Year Klarman discusses third down year in fund's history Seth Klarman - Seth Klarman Blames Market, Investments For Rare Down Year
One of the most widely followed and profitable value investors, Seth Klarman (Trades, Portfolio) told clients that in 2015 his firm Baupost Group lost money for the third year in its history. More...

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How Much Research and Analysis Are Sufficient? Seth Klarman provides some insights on how to improve our research Seth Klarman - How Much Research And Analysis Are Sufficient?
As investors, we commonly face the dilemma of assigning time to different tasks, however, given that our time is limited, we need not only to prioritise, but also be very efficient in our research. How much time should we spend on researching companies, and how deep should our research be? In "Margin of Safety," Seth Klarman (Trades, Portfolio) comments upon this and provides us great insights on how to move faster as we do research. More...

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Seth Klarman on Contrarian Thinking Why a contrarian opinion is not always the best approach Seth Klarman, Howard Marks - Seth Klarman On Contrarian Thinking
As the market keeps suffering losses, several renowned investors have tried to shed some light regarding the direction a true investor must take, such as Howard Marks (Trades, Portfolio) with his most recent memo, "What Does The Market Know?" In times of turbulence, I find it refreshing to re-read some of these investors, and while bear markets are usually when a value investor prefers to enter positions, Seth Klarman (Trades, Portfolio) provides a warning on being contrarian just for the sake of it in his book, "Margin of Safety." More...

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Seth Klarman: Value Investing Shines in a Declining Market Klarman touches on the benefits of value investing in declining markets Seth Klarman - Seth Klarman: Value Investing Shines In A Declining Market
One of the most prominent value investors of our time, Seth Klarman (Trades, Portfolio), discussed how value investing thrives on declining markets, which is a soothing reading after the recent market turmoil, in his very hard-to-get book, "Margin of Safety." More...

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Alcoa Continues Sliding Waiting for an Upside Movement Company underperforms the Standard & Poor's 500, but price target is appealing Seth Klarman,Steven Cohen,Joel Greenblatt - Alcoa Continues Sliding Waiting For An Upside Movement
Alcoa (NYSE:AA), one of the world's largest producers of aluminum, alumina and engineered lightweight metal products used in a variety of different end markets, has been trading down since February 2015, when the last rally was seen. More...

ALCOA


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Sometimes a Bargain Isn't a Bargain - Part 2 Notes on Seth Klarman's talk at the 18th annual Graham & Dodd Breakfast Seth Klarman - Sometimes A Bargain Isn't A Bargain - Part 2
In my previous article (link), I posted the first part of my notes from Seth Klarman's comments and answers during the 18th Graham & Dodd Breakfast held in October 2008. This article contains the second part of my notes: More...

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Sometimes a Bargain Isn't a Bargain Notes on Seth Klarman's comments and answers during the 19th G&D Breakfast – Part I Seth Klarman - Sometimes A Bargain Isn't A Bargain
As a low profile legendary value investor, Seth Klarman (Trades, Portfolio) doesn’t appear in the spotlight very often, but when he does, it’s always the best learning opportunity for every value investor. While reading an old issue of OID (the March 2009 issue), I was lucky to bump into some excerpts from Klarman’s comments and answers to the questions during the 19th Annual Graham & Dodd Breakfast held on Oct. 2, 2008. Below is part I of my notes: More...

SETH KLARMAN


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'Alcoa's Transformation Is Paying Off' Presentation CEO Klaus Kleinfeld discusses the company's value-add and commodity businesses in detail Seth Klarman,Joel Greenblatt,Paul Tudor Jones,Paul - 'Alcoa's Transformation Is Paying Off' Presentation
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Seth Klarman Makes 3 Big Investments A look at Klarman's new stock holdings Seth Klarman - Seth Klarman Makes 3 Big Investments
Guru investor Seth Klarman (Trades, Portfolio), who founded the Baupost Group in 1982, continues to run the hedge fund focusing on value investing. It shows how much Klarman respects Benjamin Graham's philosophies and principles in this interview conducted in 2011 by Charlie Rose. More...

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Seth Klarman Sells Out of Stake in Alliance One Klarman held more than 5% of the company Seth Klarman - Seth Klarman Sells Out Of Stake In Alliance One
Influential investor Seth Klarman (Trades, Portfolio), founder of the $28.5 billion Baupost Group, has exited his position in tobacco company Alliance One International Inc. (NYSE:AOI) he reported in a filing dated Oct. 31, according to GuruFocus Real Time Picks. More...

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Why Seth Klarman Keeps Buying Keryx Biopharma Klarman continues to build his exposure even though biotechnology is often thought to be overvalued Seth Klarman - Why Seth Klarman Keeps Buying Keryx Biopharma
Seth Klarman (Trades, Portfolio) is a well-known value investment guru because of his excellent investment results over many years and his legendary out-of-print book called: "Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor." More...

BIOTECHNOLOGY, KLARMAN, LONG, GURU


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Seth Klarman Raises Position in Keryx Biopharmaceuticals Guru buys more than 16 million shares Seth Klarman - Seth Klarman Raises Position In Keryx Biopharmaceuticals
Seth Klarman (Trades, Portfolio) added to his existing stake in Keryx Biopharmaceuticals Inc. (NASDAQ:KERX), a New York City-based biopharmaceutical company, with the purchase of 16,224,598 shares for a price of $3.74 per share on Oct. 14. More...

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Seth Klarman on the Importance of a Margin of Safety Three key points to avoid value traps Seth Klarman - Seth Klarman On The Importance Of A Margin Of Safety
In his famous book "Margin of Safety," Seth Klarman (Trades, Portfolio) elaborates on why it is critical to have a margin of safety involved in every investment that we make. As we can recall, the concept was first introduced by who many consider the father of value investing, Benjamin Graham in "Security Analysis." More...

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Seth Klarman on Buying at Uncertain Times News from Walmart prompts some soul searching Seth Klarman,Howrd marks - Seth Klarman On Buying At Uncertain Times
As I read about Walmart's (NYSE:WMT) news on lower earnings guidance, it is fair to ask ourselves a couple of questions. Is the company's future doomed? What's next for Walmart? I think Seth Klarman (Trades, Portfolio)'s comments in "Margin of Safety" can answer these questions. More...

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User Comments

Scalett
ReplyScalett - 4 months ago
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Jiangpengju1985@yahoo
ReplyJiangpengju1985@yahoo - 9 months ago
Klarman was interest in energy when oil plunge.
Juandemarc
ReplyJuandemarc - 1 year 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 - 1 year 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 - 1 year ago
Can we please have an update on performance here.
Efranco
ReplyEfranco - 1 year ago
What does the ending ".WS" mean? thank you
Paulson545@yahoo
ReplyPaulson545@yahoo - 1 year 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 - 2 years ago
Rishardo - You are so smart
Rishardo
ReplyRishardo - 2 years ago
59% Tech weighting while the Nasdaq makes all time highs? This is going to end in tears.

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