Value-Stock-Plus

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]

Letters to Partners of Baupost Limited

• Excerpts from 2005 Year-End Letter

Articles

• 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)
• 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

• 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)
• 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)
  1. Scanned copy (Full Copy - 249 pages)
  2. Notes from rbcpa.com
     
  3. Notes from Fool.com
  4. This Book Will Make You Rich (Boston - April 2008)

Quotes

• @BW (image)
  

Videos

• “Psychology of Leadership ” Guest Lecturer (Harvard’s “Psychology of Leadership” course - May 2006)
• Interview with Seth Klarman, MBA (HBS - 1982)

Others

• Relationship Map