Seth Klarman

Seth Klarman

Last Update: 05-25-2017

Number of Stocks: 41
Number of New Stocks: 4

Total Value: $8,434 Mil
Q/Q Turnover: 18%

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...
Why Equities Are Not Overvalued Seth Klarman excoriates common investors for being 'yield pigs' blindly piling into common stock
The Most Important Stock Investment Lesson I Ever Learned Do not base investment decisions on stocks based on short-term price volatility
My investing career officially started in 1970, but for several years prior to that time I was an avid and interested student of common stock investing. My initial lessons were taught by studying the behavior and practices of the most renowned stock investors. Read more...
Is Benjamin Graham Still Relevant? Some people believe his principles are of no use today
Are the principles laid out by Benjamin Graham no longer of any use in today’s world? Read more...
Value Investors Love to Sell When Reaching Intrinsic Value Why dividends are frequently more important than price appreciation
Like most things investing, it seems I am constantly taking a contrarian approach. Value investing, at its core, is based on comparing a company’s fair market value with the way you calculate its intrinsic value and closing that gap. Ben Graham, Seth Klarman and others call it a margin of safety. Read more...
» More Seth Klarman Articles

Commentaries and Stories

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The Magic of Compounding Famous investors' thoughts on concept Warren Buffett,Seth Klarman,Charlie Munger,John Pa - The Magic Of Compounding
Once described as the eighth wonder of the world, the miracle of compounding is one of the most important concepts in investing. If you don't understand how compounding works and how it can accelerate your investment returns, I highly recommend you spend some time researching the topic right away; you won't regret it. More...

VALUE, COMPOUNDING, VALUE INVESTING


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The Art & Science of Successful Investing For those veterans incorporating a disciplined, systematic approach that integrates the artistic and scientific aspects of investing, exceptional long-term returns can be achieved Warren Buffett,Seth Klarman - The Art & Science Of Successful Investing
As I described in my book, "How I Managed $20,000,000,000.00 by Age 32," I believe successful investing is achieved by integrating aspects of both art and science. The science aspect of investing is fairly straightforward – most of the accounting and valuation math involved could be solved by a 7th grader. The more challenging aspect to successful investing is controlling the vacillating emotions of fear and greed when searching for attractive investments. More...

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Mr. Market: Who Is He and What Is He Doing Here? Some insight on Mr. Market and how he can impact your investment process Warren Buffett,Seth Klarman,Charlie Munger,Mohnish - Mr. Market: Who Is He And What Is He Doing Here?
The parable of Mr. Market was first introduced in Benjamin Graham’s "The Intelligent Investor," and this idea that the market is an irrational businessman has been used to describe investor psychology and market movements ever since. More...

VALUE, VALUE INVESTING, WARREN BUFFETT, BENJAMIN GRAHAM


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How to Tell if Your Investment Is Actually Speculative Are you really an investor or a speculator? Warren Buffett, Seth Klarman - How To Tell If Your Investment Is Actually Speculative
Everyone wants to be an investor, but few understand the difference between investing and speculation. Even though investors like Warren Buffett (Trades, Portfolio), Seth Klarman (Trades, Portfolio) and the godfather of value investing, Benjamin Graham, have all tried to extol the differences between investment and speculation, even today most investors are unaware of the difference between the two. More...

WARREN BUFFETT, VALUE INVESTING, VALUE, INVESTMENT, SPECULATION


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Position Sizing With the Kelly Criterion A method to help you with portfolio allocation Warren Buffett, Seth Klarman, David Tepper - Position Sizing With The Kelly Criterion
Position sizing is an interesting topic because it affects all investors. Yet, I would be willing to bet very few investors spend a significant amount of time on the subject. More...

KELLY CRITERION, PORTFOLIO MANAGEMENT, STOCK PICKING


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Why Value Investors Are Different Seth Klarman describes the qualities every value investor should have Warren Buffett, Seth Klarman - Why Value Investors Are Different
From time to time, it pays to read the writings of value investor Seth Klarman (Trades, Portfolio). Over the years, Klarman has written thousands of pages of advice for investors on the topic of value investing and the psychology of investing, which provides some great insight for investors of all experiences. More...

SETH KLARMAN, WARREN BUFFETT, VALUE, VALUE INVESTING


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Seth Klarman Adds Some Interesting New Positions The guru releases latest quarterly portfolio Seth Klarman - Seth Klarman Adds Some Interesting New Positions
It is that time of the year again. The largest hedge funds have just filed their 13Fs for the first quarter and, as usual, there are some interesting conversations about position changes. More...

SETH KLARMAN, VALUE, VALUE INVESTING, VALUE STOCKS


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Seth Klarman Expands Portfolio in 1st Quarter Guru adds 3 positions, including 2 in semiconductor industry Seth Klarman, Daniel Loeb, Warren Buffett - Seth Klarman Expands Portfolio In 1st Quarter
Seth Klarman (Trades, Portfolio), portfolio manager of the Baupost Group, seeks good returns by cautiously investing in an eclectic variety of securities. During the first-quarter, the investor added positions in Qorvo Inc. (NASDAQ:QRVO), Qualcomm Inc. (NASDAQ:QCOM) and Express Scripts Holding Co. (NASDAQ:ESRX). More...

SETH KLARMAN, DANIEL LOEB, WARREN BUFFETT


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Seth Klarman Sells Innoviva Days After Activist Stakeholder Defeat Activist fails to get nominees voted to board of Glasko-linked company Seth Klarman - Seth Klarman Sells Innoviva Days After Activist Stakeholder Defeat
Investor Seth Klarman (Trades, Portfolio) sold 93% of his stake in Innoviva (NASDAQ:INVA) April 30, days after the company’s shareholders rejected an activist investor’s slate of board nominees that wanted to overhaul employee compensation. More...

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The Most Important Stock Investment Lesson I Ever Learned Do not base investment decisions on stocks based on short-term price volatility Seth Klarman - The Most Important Stock Investment Lesson I Ever Learned
My investing career officially started in 1970, but for several years prior to that time I was an avid and interested student of common stock investing. My initial lessons were taught by studying the behavior and practices of the most renowned stock investors. More...

TRUE WORTH,LONG IDEAS,RETIREMENT,FASTGRAPHS


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8 Stocks Van Den Berg Continues to Buy Guru increased these holdings in the last 2 quarters Arnold Van Den Berg,Seth Klarman,Howard Marks,Mari - 8 Stocks Van Den Berg Continues To Buy
Arnold Van Den Berg (Trades, Portfolio), a value investor, founded Century Management in 1974. In both first-quarter 2017 and fourth-quarter 2016 the guru bought shares in the following stocks. More...

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Has Seth Klarman Sold Cheniere Energy Entirely? Guru started selling Cheniere last quarter; has he continued to do so? Seth Klarman - Has Seth Klarman Sold Cheniere Energy Entirely?
Seth Klarman (Trades, Portfolio) is one of the world’s most followed investors and is also one of the world’s most respected value investors. Whenever he makes an investment, you can be sure that hours of research have gone into the opportunity, and at the time of acquisition, the stock will be trading at a deep discount to its estimated intrinsic value as calculated by Klarman and his team at Baupost. More...

SETH KLARMAN, VALUE, VALUE INVESTING, CHENIERE ENERGY


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How to Manage Your Portfolio Management tips from Seth Klarman Seth Klarman - How To Manage Your Portfolio
Buying a stock is easy. Anyone can do it, with or without research. But when it comes to selling stock or managing your portfolio to achieve the best returns, the process is a bit more complicated. More...

SETH KLARMAN, VALUE INVESTING, VALUE, PORTFOLIO MANAGEMENT


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Wall Street Is Your Worst Enemy Seth Klarman on the downfalls of short-termism Seth Klarman - Wall Street Is Your Worst Enemy
The information below is based on Seth Klarman (Trades, Portfolio)’s out-of-print book, "Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor." More...

SETH KLARMAN, VALUE INVESTING, VALUE, PORTFOLIO MANAGEMENT


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5 Lessons From the Top 10 Gurus Reflections on some lessons learned from some of the best investing minds of our time David Tepper, Seth Klarman, Prem Watsa, Bill Ackma - 5 Lessons From The Top 10 Gurus
In recent weeks I have profiled the eight gurus with the best average annual returns over the past 10 years, as shown on the GuruFocus Scoreboard. The investing philosophy of another other guru, Seth Klarman, had been provided recently by GuruFocus writer Rupert Hargreaves, while I had profiled Donald Yacktman in late 2016. More...

DAVID TEPPER, PREM WATSA, BILL ACKMAN, SETH KLARMAN, CHUCK AKRE, VANGUARD HEALTH CARE FUND, JEROME DODSON, JEROME DODSON, FRANK SANDS, EATON VANCE WORLDWIDE HEALTH SCIENCES FUND, JEAN M. HYNES, JASON


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Is Cardinal Health a Better Bargain Than Ever? The company's investment prospects after its 10%-plus price decline Warren Buffett,Seth Klarman - Is Cardinal Health A Better Bargain Than Ever?
(Published on April 18 by Nicholas McCullum) More...

DIVIDENDS, HEALTH CARE


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Seth Klarman on Looking for Bargains How the Baupost Group leader searches for value Seth Klarman - Seth Klarman On Looking For Bargains
Seth Klarman (Trades, Portfolio) is one of the world’s most respected value investors, and he is an investor I have done a substantial amount of work on in the past. Klarman’s style of investing is simple; he is on the lookout for companies trading at a deep discount to intrinsic value. This is not as simple as it seems however. Klarman’s particular style of value investing is not just limited to estimating how a particular company will grow over the next few years. Instead, Klarman is on the lookout for businesses trading at a deep discount to their current asset value. More often than not, trying to find these companies requires plenty of work, which puts investors off. More...

VALUE, VALUE INVESTING, SETH KLARMAN


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Don’t Fall Into the Value Investing Trap It has become a misused term Seth Klarman,Warren Buffett - Don’t Fall Into The Value Investing Trap
The term "value investing" seems to have become one of the world's most misused descriptive statements. As plenty of research has shown that value stocks generally outperform the market over the long term, investors have flocked to the style over the years, and now any mention of a particular value stock is enough to attract the attention of investors all over the world. More...

VALUE, VALUE INVESTING, VALUE STOCKS, WARREN BUFFETT


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Learning From the Best: Keep Emotion Out of It The world’s best investors explain why emotion and investing should be separate Warren Buffett,Seth Klarman,Howard Marks,Bill Ackm - Learning From The Best: Keep Emotion Out Of It
As an investor keeping emotions under control is probably one of the most important skills required to be successful over the long term. Famous investors such as Warren Buffett (Trades, Portfolio) and Seth Klarman (Trades, Portfolio) have mastered this skill, which is why they can buy when others are fearful and make billions from volatile markets. More...

EMOTION, VALUE INVESTING, VALUE, INVESTORS


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Lessons From the Best: How to Pick the Bottom Quotes from the world’s best investors on how to bottom fish Mohnish Pabrai,Seth Klarman - Lessons From The Best: How To Pick The Bottom
Value investing is all about buying cheap stocks. Unfortunately, finding cheap stocks is easier said than done. Distinguishing between price and value is the first step in this process. Just because a particular company’s shares look cheap compared to previous price action does not mean they offer value. More...

VALUE INVESTING, INVESTING, VALUE


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