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
AGM Notes
Letters to the Clients of The Baupost Limited
Articles
- 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)
- 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
- 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
)
- Scanned copy (Full Copy – 257 pages) RE-UPLOADED Rapidshare – Source 1
Tagged copy (Full Copy – 257 pages) RE-UPLOADED Ifile – Source 2 - Notes from rbcpa.com
- Notes from Fool.com
- Notes from SBS
- This Book Will Make You Rich (Boston – April 2008)
- Scanned copy (Full Copy – 257 pages) RE-UPLOADED Rapidshare – Source 1
Quotes
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
Download link (Rapidshare) is not working. Can you fix it ?
Thanks,
Kannan
Kannan
24 Jul 08 at 2:04 am
RS Link is working!
toughiee
24 Jul 08 at 10:29 am
[...] Re: Margin of Safety by Seth A Klarman Here is PDF copy of Margin of Safety by Seth A Klarman: Seth Klarman | Value-Stock-Plus [...]
Margin of Safety by Seth A Klarman - Page 2 - Warren Buffett, Ben Graham Investment Community
17 Aug 08 at 4:48 am
You should try uploading it to Scribd.
Here’s what Greenspan’s Age of Turbulence book looks like via Scribd
http://bigpicture.typepad.com/comments/2008/07/age-of-turbulen.html
Barry Ritholtz
19 Aug 08 at 6:49 am
[...] Seth Klarman [...]
Value Investing - 5 Key Principals | Value-Stock-Plus
10 Oct 08 at 11:27 am
[...] Seth Klarman [...]
Interview with Seth Klarman - Harvard Business Review | Value-Stock-Plus
18 Dec 08 at 10:54 am
[...] Seth Klarman [...]
Compilations | Value-Stock-Plus
9 Jan 09 at 12:47 pm
Hi,
Can anyone please tell me how can i get letters written by Seth Klarman to his investors? I have heard that they are trasure trove for value investors.
Thanks
Ashish
Ashish
22 Apr 09 at 6:34 pm
[...] Seth Klarman [...]
Revisiting Seth Klarman’s “Margin of Safety” | Value-Stock-Plus
29 Apr 09 at 11:15 am
[...] Seth Klarman [...]
Seth Klarman - Video | Value-Stock-Plus
30 Apr 09 at 6:34 pm
RE: Seth Klarman’s Margin of Safety
I too am a huge fan of Seth Klarman and if have been looking for his book Margin of Safety. If you have a PDF copy and have a minute to post it, I would be truly appreciated.
Michael
4 Jul 09 at 9:20 am
Check out the seth klarman post for pdf copy (http://www.valuestockplus.net/seth-klarman)
Saumil Mehta
4 Jul 09 at 3:51 pm
Does anybody have an updated link where I can get a copy? Rapid Shares link isnt working.
Nick
8 Jul 09 at 6:27 pm
I’m looking for this book too. Could you send for me?
choonlin.lee@hotmail.com
I will appreciate if you can response as soon as possible.
CL
18 Aug 09 at 9:57 pm
the link to rapid share is not working. can you fix?
Mark Logan
6 Sep 09 at 6:07 am
Do you intend to re-issue or up date your book,”Margin of Safety”. I’m certain that it is worth $800 charged by amazon, but I can’t afford that right now.
Richard A. Schulman
22 Sep 09 at 3:16 am
[...] More on Seth Klarman [...]
E-book: Margin of Safety by Seth Klarman | Value-Stock-Plus
22 Sep 09 at 6:17 pm
[...] More on Seth Klarman [...]
Highlights from Seth Klarman’s “Margin of Safety” | Value-Stock-Plus
20 Oct 09 at 11:29 am
[...] Value-Stock-Plus compilation on Klarman is also a must [...]
The Wisdom of Seth Klarman | Value-Stock-Plus
22 Oct 09 at 7:37 pm
I am searching for this book for a long time, Can you please send me a copy.
Thank You !!
Anuj
19 Nov 09 at 5:00 pm
I am searching for this book for a long time, Can you please mail me a copy @ anuj_tp@yahoo.com
Thank You !!
Anuj
19 Nov 09 at 5:01 pm
[...] More on Klarman [...]
Insights from Seth Klarman’s ‘Margin of Safety’ | Value-Stock-Plus
15 Dec 09 at 8:31 pm
The link you have listed as “Searching for Rational Investors in a Perfect Storm” is actually an article written by Louis Lowenstein (Roger’s father):
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=625123
Eric
18 Dec 09 at 4:27 am
Also, the links to the notes from Klarman’s HBS talk no longer work.
Eric
18 Dec 09 at 4:28 am
hi – the link is not working. could you please send me the pdf of “margin of safety” when you have a chance? Thank you.
fishbeancake@gmail.com
John
4 Jan 10 at 12:01 am
The download link for MoS is woking perfectly!
One more source is here http://ifile.it/9cf7etr
- saumil
Saumil Mehta
6 Jan 10 at 2:35 pm
thanks so much saumil!
John
11 Jan 10 at 12:41 am
Download Link
http://special-situation-investing.blogspot.com/2009/09/margin-of-safety-risk-adverse-value.html
CL
8 Mar 10 at 2:49 pm
[...] More on Seth Klarman [...]
Quote by Seth Klarman | Value-Stock-Plus
9 Mar 10 at 7:32 pm