Seth Klarman

Brief Biography

• Seth Klarman is a leading value investor. Mr. Klarman is the President of The Baupost Group, a Boston-based private investment partnership which manages over $7bn in assets on behalf of private families and institutions. Founded in 1983, the firm has achieved investment returns of 20% compounded annually. The firm invests in equities, distressed debt, private equity and real estate. Mr. Klarman is notable for his willingness to hold significant amounts of cash in his investment portfolios, sometimes in excess of 50% of the total. In 1991, Mr, Klarman authored Margin of Safety, Risk Averse Investing Strategies for the Thoughtful Investor, which since has become a value investing classic. Now out of print, Margin of Safety has sold on Amazon for $1,200 and eBay for $2,000. Before founding Baupost, Mr. Klarman previously worked for Max Heine and Michael Price of Mutual Shares. Mr. Klarman is a graduate of Cornell University and Harvard Business School.

Portfolio Holdings

• @GuruFocus
• @Nasdaq
• @SA
• @BW [old]

AGM Notes

• 2010
• 2oo9 [New Source]

Letters to the Clients  of The Baupost Limited

• Letters from 1995-2001
• Excerpts from 2005 Year-End Letter

Articles

• Seth Klarman’s Baupost Group To Return Cash After Extraordinary Run — Because He Can’t Find Enough To Invest In (Business Insider – November 10, 2010)
• Opportunities for Patient Investors – Seth Klarman & Jason Zweig (FAJ – Sep/Oct 2010 Issue)
• The Financial Life: Seth Klarman (Businessweek – June 17, 2010)
• Klarman Tops Griffin as Investors Hunt for ‘Margin of Safety’ (Bloomberg – June 11, 2010)
• The Value of Seth Klarman (Absolute AR – June 1, 2010) (PDF File)
• Klarman: Why Investing Is Like Chess (WSJ – May 19, 2010) (Interview) (Notes)
• Baupost’s Klarman sees poor outlook for stocks (Reuters – May 18, 2010)
• Baupost may consider returning money to investors (Reuters – May 18, 2010)
• The Fudge Factory (Barrons – March 15, 2010) (Comment)
• Seth Klarman: Forgotten Lessons of 2008
• Seth Klarman’s Preface to the Sixth Edition of Security Analysis
• Interview with Seth Klarman (II Magazine – June 25, 2009) (PDF)
• Why Most Investment Managers Have It Backwards by Seth Klarman (AP – June 16, 2009) (PDF format)
• Valuing a Business – Seth Klarman’s 3 Methods (Gurufocus – October 15, 2008)
• Seth Klarman Comments on Money Management and Baupost’s Approach (SA – June 12, 2008)
• Seth Klarman: Second Coming of Benjamin Graham? (SA – June 5, 2008)
• A scaredy-cat approach pays off for hedge fund (SMH – May 19, 2007)
• Manager Frets Over the Market, but Still Outdoes It (NYT – May 13, 2007)
• Seth Klarman on the Art of Complex Deep Value Investing (GuruFocus – September 27, 2006)
• 3 Lessons from Seth Klarman’s “Margin of Safety” (IU – August 8, 2006)
• The $700 Used Book: Why all the buzz about Seth Klarman’s out-of-print investing classic? (BW – August 7, 2006)
• Trade Like Seth Klarman (Real Money – April 19, 2006)
• Seth Klarman’s guide to finding value (Wharton J – May 12, 2005)
• Don’t be a yield pig (Forbes – February 17, 1992)
• Portfolio Talk – A bottom-fisher reveals his catch (Fortune – June 18, 1990)
• Are these New Warren Buffetts? – The dozen young investment managers you’ll meet here are brainy, ethical, and good at making money grow consistently. (Fortune – October 30, 1989)

Interviews & Lectures

• Notes from Seth Klarman’s Speech at the Ira Sohn Conference (Ira Sohn Conference – May 27, 2010)
• Interview at Endowment Management Seminar (TIFF – July 2008)
• Interview with Seth Klarman (Harvard Business Review – December 2008)
• Notes From Seth Klarman’s HBS Talk (HBS – December 2, 2008)Page1 & Page 2
• Channeling Graham and Dodd: A Conversation with Seth Klarman (SA – October 29, 2008)
• Seth Klarman Lecture Notes (CIMA Conference – October 2, 2008) (More)
• Seth Klarman Interview (Alpha Magazine – June 25, 2008)
• MIT Speech & Remarks (MIT – October 20, 2007) (html)
• Seth Klarman Speech at Columbia Business School (CBS – April 20, 2006)
• Psychology of Leadership – Guest Lecture at Harvard’s Psychology of Leadership Course (Harvard – May 1, 2006)
• Searching for Rational Investors In a Perfect Storm (April 1, 2005) (Link 2)

Books

• Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor (Hardcover) by Seth Klarman – 1991 (Amazon Link – Pl note: the book is out of print) (Amazon Used Book Link– Have a look :))
  1. Direct Download 
     
  2. Notes from rbcpa.com
  3. Notes from Fool.com
  4. Notes from SBS
  5. This Book Will Make You Rich (Boston – April 2008)

Quotes

• @BW (image)

Videos

• Interview with Seth Klarman (Richard Ivey School of Business – March 17th, 2009) (Notes)
• “Psychology of Leadership ” Guest Lecturer (Harvard’s “Psychology of Leadership” course – May 2006)
• Interview with Seth Klarman, MBA (HBS – 1982)

Others

• Relationship Map
• HBS Alumni Achievement Award