Seth Klarman

Seth Klarman

Last Update: 2015-02-13

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

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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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Things I Learned From An Asian Value Investor
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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


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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


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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,


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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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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...

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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...

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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


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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


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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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User Comments

Juandemarc
ReplyJuandemarc - 6 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 - 6 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 - 6 months ago
Can we please have an update on performance here.
Efranco
ReplyEfranco - 8 months ago
What does the ending ".WS" mean? thank you
Paulson545@yahoo
ReplyPaulson545@yahoo - 9 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 - 11 months ago
Goforit
ReplyGoforit - 11 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 - 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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