I am happy to announce that a new permanent page has been added to Value Walk: Seth Klarman Resource Page. The page consists of his bio, investment philosophy, links to his updated holdings, interviews, books he wrote and recommends, latest news feed, and quotes. I attached a brief excerpt below. The full page can be found on the top menu bar under legendary value investors or at the following link-Seth Klarman Resource Page
Seth Klarman is a name that is almost unknown outside the value investing community. However, Klarman is undoubately one of the greatest investors of our time. Klarman manages Baupost Group, the 11th largest Hedge Fund in the US, with over $20 billion in assets. As reported on value Walk, Warren Buffett is a big fan of Klarman. There are rumors that Buffett keeps a copy of Klarman’s out of print and super expensive book Margin of Safety, by his desk.
At this year's annual Robin Hood conference, which was held virtually, the founder of the world's largest hedge fund, Ray Dalio, talked about asset bubbles and how investors could detect as well as deal with bubbles in the marketplace. Q1 2021 hedge fund letters, conferences and more Dalio believes that by studying past market cycles Read More
According to a lecture given by Bruce Greenwald: Warren Buffett says that when he retires, there are three people he would like to manage his money. First is Seth Klarman of the Baupost Group, who you will hear from later in the course. Next is Greg Alexander. Third is Li Lu.
Here is Klarman’s biography from Guru Focus
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.
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.
I will add a bit on his investment philosophy soon.
Excerpt from Baupost 2007 Year End Letter- Financial Market Cycles
Excerpt from Baupost 2004 Shareholder Letter – A Paucity of Worry
Baupost Shareholder Letters 1995 – 2001
The Value of Seth Klarman ( Absolute Return) – June 2010
Full page is here-Seth Klarman Resource Page