Seth Klarman

Seth Klarman

Last Update: 11-13-2017

Number of Stocks: 36
Number of New Stocks: 4

Total Value: $7,986 Mil
Q/Q Turnover: 4%

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

A Fond Farewell After 100 articles, it's time to hear new voices
In an article last year, I used a quote by Seth Klarman (Trades, Portfolio) that said investing was an "arrogant act." Having just published my 100th article here on GuruFocus, it seems to me being a writer on value investing could fall under the same definition. First, one has to assume that he or she has something valuable to add to the dialogue. Second, one must be able to package this so-called wisdom in such a way to make your points succinctly and in an engaging style. Lastly, the writing must provide readers with an interesting perspective missing in the conversation. Each of these alone is a difficult goal to meet, but achieving a blend of all three really is a leap of faith - and ego. Read more...
Re-Reading Seth Klarman Excerpts from 2 OID issues
I sat on a couch and re-read two old issues of OID – one from March 2009 and one from February 2008. Seth Klarman (Trades, Portfolio) was featured in both issues. His warnings in the February 2008 issue turned out to be prescient, and his comments in the March 2009 issue were both timeless and timely. Read more...
Some Thoughts on Holding Cash As markets reach record highs, investors have questioned whether it makes sense to continue holding cash
The S&P 500 continued climbing in the first half of 2017, with a total return of 9.3% (according to Morningstar). Over the past five years, the compounded return for the index has been nearly 15% per annum (enough to double your money). It’s been a wonderful time to be long U.S. equities. Read more...
Interest Rates and Stock Prices The impact of long-term interest rates on equity valuations, and what that means for forward rates of return
During a recent CNBC appearance, Warren Buffett (Trades, Portfolio) said the following about the relationship between interest rates and equity valuations: Read more...
Why Equities Are Not Overvalued Seth Klarman excoriates common investors for being 'yield pigs' blindly piling into common stock
» More Seth Klarman Articles

Commentaries and Stories

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Seth Klarman's Bite-Sized 'Margin Of Safety': Part 1 A breakdown of the guru's book Seth Klarman - Seth Klarman's Bite-Sized 'Margin Of Safety': Part 1
Seth Klarman (Trades, Portfolio)’s "Margin of Safety" is one of the best and most highly valued investment books of all time. There are many key takeaways from the text and advice that will help you shape and build a value investing strategy. More...

SETH KLARMAN, VALUE INVESTING, VALUE STOCKS


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After Buffett Adds to Synchrony, Company Rewards Him The company announced a huge acquisition Warren Buffett, Seth Klarman - After Buffett Adds To Synchrony, Company Rewards Him
It is that time of the year again. Over the past week, the 13F filings of the world’s best investors have been published, revealing the holdings they bought, sold and maintained in the third quarter. More...

WARREN BUFFETT, SYNCHRONY FINANCIAL, VALUE INVESTING, INVESTING


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Klarman's Top Buys for the 3rd Quarter The guru added 4 stocks to his portfolio Seth Klarman - Klarman's Top Buys For The 3rd Quarter
Seth Klarman (Trades, Portfolio)’s Baupost Group did not make many portfolio changes during the third quarter, but the positions added were, as always, interesting. More...

SETH KLARMAN, VALUE, VALUE INVESTING, AMC ENTERTAINMENT, MCKESSON


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Seth Klarman Is Betting on Energy and Health Care Investing giant picks four new stocks mostly from his favored sectors Seth Klarman - Seth Klarman Is Betting On Energy And Health Care
A king of the value hedge fund scene, Seth Klarman (Trades, Portfolio) picked four stocks for his concentrated portfolio that bets on only 36 stocks as of the end of the third quarter, according to his portfolio update released Monday. More...

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Seth Klarman on the Importance of Catalysts in Value Investing Catalysts are required for value investors to achieve the best results Seth Klarman - Seth Klarman On The Importance Of Catalysts In Value Investing
Value investing can be a very stressful and tiring discipline. In a bear market, finding value is relatively easy. In today's market environment, however, finding the market's most undervalued equities is a lot harder--you need to dig deep to find the hidden value. More...

VALUE INVESTING, VALUE, SETH KLARMAN


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Re-Reading Seth Klarman Excerpts from 2 OID issues Seth Klarman - Re-Reading Seth Klarman
I sat on a couch and re-read two old issues of OID – one from March 2009 and one from February 2008. Seth Klarman (Trades, Portfolio) was featured in both issues. His warnings in the February 2008 issue turned out to be prescient, and his comments in the March 2009 issue were both timeless and timely. More...

SETH KLARMAN


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Interest Rates and Stock Prices The impact of long-term interest rates on equity valuations, and what that means for forward rates of return Warren Buffett, Seth Klarman - Interest Rates And Stock Prices
During a recent CNBC appearance, Warren Buffett (Trades, Portfolio) said the following about the relationship between interest rates and equity valuations: More...

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7 Quotes That Sum Up Buffett's Entire Strategy Insight into how the average investor should look for value and high-quality investments Seth Klarman, Warren Buffett - 7 Quotes That Sum Up Buffett's Entire Strategy
Warren Buffett (Trades, Portfolio) is the world’s greatest and most prominent value investor.Unlike other highly successful value investors, such as Seth Klarman (Trades, Portfolio), Buffett spends a large amount of time doing interviews. There have also been thousands of articles written about him and possibly hundreds of books. More...

VALUE INVESTING, WARREN BUFFETT, VALUE, INVESTING, BERKSHIRE HATHAWAY


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Warren Buffett’s Synchrony Financial Rises on Earnings Beat Company reports strong organic growth across sales platform Warren Buffett, Seth Klarman - Warren Buffett’s Synchrony Financial Rises On Earnings Beat
Synchrony Financial (NYSE:SYF), one of Warren Buffett (Trades, Portfolio)’s newest holdings, reported third-quarter net interest incomes increased 11% from the prior-year quarter. More...

WARREN BUFFETT, SETH KLARMAN


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Thoughts on the Margin of Safety There's more to this vital value investing principle than meets the eye Warren Buffett, Seth Klarman - Thoughts On The Margin Of Safety
The margin of safety is an essential principle of value investing. More...

VALUE INVESTING, MARGIN OF SAFETY, WARREN BUFFETT, VALUE


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Time to Consider a Barbell Portfolio? A barbell portfolio combines 'risk-free' investments with very aggressive ones Warren Buffett,Seth Klarman - Time To Consider A Barbell Portfolio?
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LONG, BITCOIN, CRYPTOCURRENCY,


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Is It Time to Follow Seth Klarman and Cash Out? Seth Klarman is returning cash to investors Seth Klarman - Is It Time To Follow Seth Klarman And Cash Out?
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SETH KLARMAN, VALUE INVESTING, VALUE, VALUE STOCKS, BAUPOST, CASH


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Is There Hidden Value in These Klarman-Backed SPACs? Seth Klarman has stakes in 3 SPACs, indicating that he believes their futures are bright Seth Klarman - Is There Hidden Value In These Klarman-Backed SPACs?
Seth Klarman (Trades, Portfolio)’s investment portfolio is full of exciting ideas. More...

SILVER RUN ACQUISITION CORP, CONYERS PARK ACQUISITION CORP, SABAN CAPITAL ACQUISITION CORP, SETH KLARMAN, VALUE INVESTING


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-3.9% Annualized Return for the Next 7 Years: Any Takers? Asset class forecasts are very bleak and well-known superinvestors are sounding the alarm and tempering expectations Howard Marks,Seth Klarman,Paul Tudor Jones,Ray Dal - -3.9% Annualized Return For The Next 7 Years: Any Takers?
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LONG, INSIDER BUYING,


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You Won't Guess Seth Klarman's Biggest Position With the CAPE ratio at its 2nd-highest level ever, what is the bearish Klarman doing? Seth Klarman - You Won't Guess Seth Klarman's Biggest Position
Baupost Group's largest U.S. equity positions are Cheniere Energy (LNG), Synchrony Financial (NYSE:SYF) and Viasat (NASDAQ:VSAT). Seth Klarman (Trades, Portfolio) allocated 11.6%, 10.04% and 10.02% of his portfolio to just these three names. Cheniere is a liquefied natural gas exporter whose revenue is based on 20-year-long contracts with big oil companies. Synchrony Financial is a credit card processing company. Viasat is a sattelite company with subscribers like the government, the military and airlines. You could say these appear to be fairly defensive positions with locked-in revenue streams. His largest position, however, cash, makes up 42% of the entire portfolio. If we ignore for a moment Baupost may have global positions and private real estate investments, more than 70% of the portfolio is invested extremely defensively. I have identified three reasons why. More...

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The Best Value Investing Quotes Quotes from some of the best value investors who ever lived Warren Buffett,Seth Klarman,Charlie Munger,David H - The Best Value Investing Quotes
There have been many value investors who have earned a good reputation for themselves over the years. From Warren Buffett (Trades, Portfolio) to Walter Schloss and Peter Cundill all of these investors had their own styles but followed the main principles of value investing as laid out by Benjamin Graham. More...

WARREN BUFFETT, IRVING KAHN, WALTER SCHLOSS, MICHAEL BURRY


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Meet GURUG, GURUF’s New Cousin You can now retrieve guru portfolio information using user-defined Excel functions Warren Buffett, Seth Klarman - Meet GURUG, GURUF’s New Cousin
We are proud to introduce GURUF’s new cousin, GURUG. More...

NEW FEATURE ANNOUNCEMENT, WARREN BUFFETT, SETH KLARMAN


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Could Buffett and Klarman Be Wrong on Synchrony? Will higher charge-offs cost Buffett and Klarman? Warren Buffett,Seth Klarman - Could Buffett And Klarman Be Wrong On Synchrony?
Last month, Warren Buffett (Trades, Portfolio)’s Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) reported a small (small by Berkshire standards) $512 million holding in credit company Synchrony Financial (NYSE:SYF) following highly acclaimed value investor Seth Klarman (Trades, Portfolio) into the stock. More...

SETH KLARMAN, VALUE, VALUE INVESTING, VALUE STOCKS, WARREN BUFFETT, BERKSHIRE HATHAWAY


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Why You Can’t Trust EBITDA Buffett and Klarman discuss why they don't use this metric Warren Buffett, Seth Klarman - Why You Can’t Trust EBITDA
The earnings before interest tax depreciation and amortization metric, or EBITDA, splits opinions. On one hand, there are those analysts and investors who hate using EBITDA because it provides a misrepresentation of the company's finances. On the contrary, for businesses with high capital spending requirements and interest costs, some analysts will claim this metric is a more appropriate representation of its growth. EBITDA has also been proven to be a strong determining factor of value when combined with enterprise value. The metric is commonly used to judge a company's level of gearing, giving a simple and easy to understand picture of leverage. More...

SETH KLARMAN, VALUE INVESTING, WALTER SCHLOSS, VALUE, WARREN BUFFETT, MARGIN OF SAFETY


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What Do Buffett and Klarman See in Synchrony? The financial services company has attracted attention despite its rocky year Warren Buffett, Seth Klarman - What Do Buffett And Klarman See In Synchrony?
I recently wrote about Seth Klarman (Trades, Portfolio)’s interest in Synchrony Financial (NYSE:SYF), the financial services company that has seen its share price suffer this year thanks to higher reported loan impairments. More...

SETH KLARMAN, VALUE, VALUE INVESTING, VALUE STOCKS, WARREN BUFFETT, BERKSHIRE HATHAWAY


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