If Benjamin Graham were alive today, he might, at first blush, be more impressed by the appreciated value of Seth Klarman's book Margin of Safety, than with the performance of his investment fund … that's at first blush. Seth Klarman is a value investor and Portfolio Manager of the investment partnership The Baupost Group, and when Klarman first published Margin of Safety it had an original cover price of $25. The book is now out of print, and today sells on eBay for $1,145. That's an increase of 4580%. But you can't deploy billions of dollars of capital on the purchase of a single book, so Klarman has done it in the stock market through The Baupost Group. Founded in 1982, The Baupost Group now manages $5.4 billion, and had you put $1 in the fund at inception, you would have $55 today. That's a whopping increase of 5500% … alas, first blushes are just that.
Klarman, accompanied by his colleague, Scott Nathan, visited Wharton on Monday as part of the Investment Management Club's Speaker Series. Klarman is a graduate of Cornell and Harvard Business School. Nathan also hails from HBS, but with a degree from HLS and Harvard undergrad, he is perhaps more affectionately termed, a triple H'er. Klarman gave us the good and the bad on value investing, and left the ugly entirely for another investment strategy, growth investing.
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Klarman, accompanied by his colleague, Scott Nathan, visited Wharton on Monday as part of the Investment Management Club's Speaker Series. Klarman is a graduate of Cornell and Harvard Business School. Nathan also hails from HBS, but with a degree from HLS and Harvard undergrad, he is perhaps more affectionately termed, a triple H'er. Klarman gave us the good and the bad on value investing, and left the ugly entirely for another investment strategy, growth investing.
Read the complete article
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