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Seth
Klarman's bio from Wikipedia
Seth
Klarman
is
the founder and president of The
BaupostGroup,
a Boston-based private investment partnership, and the author of a
book on value
investing.
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, 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.
Also here is some summary notes I have been able to find on the book:
-
Notes
on Margin of Safety from Redfield, Blonsky & Co. (pdf)
-
Notes
on Margin of Safety from the Fool.com
-
This
Book Will Make You Rich from the Boston magazine April 2008
Before
founding Baupost, Klarman
worked
for Max Heine and Michael Price of
the Mutual Shares fund (now a part of Franklin
Templeton Investments).
Klarman
is
a graduate of Cornell
University and Harvard
Business School.
At
Cornell, he was a member of the Delta Chi fraternity, where he
commonly studied while watching TV in the fraternity library/TV room.
Despite this unorthodox study style, he achieved Phi Beta Kappa.
Seth
Klarman'shedge
fund the BaupostGroup
Klarman's Holdings and
latest Stock
Picks.
Note:
The vast Majority of Klarman's holdings are not reported on his 13-F
See
this article What
Is Seth Klarman Hiding From Us? for
more information
Baupost
fund letters by Seth Klarman from 1995-2001
Articles
by year
2009
Seth
A. Klarman, MBA, The Baupost Group March 17, 2009 – Videoconference
Why
Most Investment Managers Have It Backwards
is
a good, short article about Klarman and his investment style
Seth
Klarman's Margin Of Safety, And Joel Greenblatt's You Can Be A Stock
Market Genius. The $1200 Vs $10 Book Article
comparing Joel Greenblatt's book You can Be a Stock Market Genius
with Seth Klarman's book Margin of Safety
AHarvard
Business School interview with Seth Klarman regarding his
experience at Harvard and his views on leadership and success and the
priority of giving back to one's community.
2008
A
short Interview
With Seth Klarman
Psychology-of-Leadership-Guest-Lecturer-
Seth Klarman. 48
minute video interview with Klarman
Article
based on excerpts from Margin of Safety which state Klarman's three
methods of Valuing
A Business:
-
DCF/NPV
-
Liquidation
-
Market
Value
Seth
Klarman: Second Coming of Benjamin Graham?
Harvard
Business Review interviews Seth
Klarman
Absolute
Return + Alpha interview with Seth Klarman
Interview
with Klarman titled Channelling
Graham and Dodd: A Conversation with Seth Klarman
Seth
Klarman at CIMA Conference
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Policy
2007
A
scaredy-cat approach pays off for hedge fund
Article about Seth Klarman from The Sydney Morning Herald
Seth
Klarman MIT Speech-
13 page text of Klarman’s speech
Manager
Frets Over the Market, but Still Outdoes It
- Interesting article about Seth Klarman from the NY Times.
2006
Klarman
discusses Today's
Market Environment in
some of his excerpts from Baupost's End of Year Letter. Klarman
correctly identifies the possible downturn of the US housing market,
and the increasing problems of households taking on too much debt
Article
about Klarman's Speech in Colombia University- 2006 Klarman
discusses how he made over 5 times his money investing in Enron debt,
what his investment principles are, his thoughts on the investment
management industry, why he doesn't go short and why he uses
derivatives.
Seth
Klarman on the Art
of Complex Deep Value Investing
Article
by James Altucher in TheStreet.com on how to Trade
Like Seth Klarman
Article
about Klarman's book Margin Of Safety The
$700 Used Book
Excerpts
from Baupost
Limited Partnerships 2005 Year-End Letter (pdf)
2005
From
the Wharton Journal Seth
Klarman's
guide to finding value
Article
by Seth Klarman regarding market efficiency Searching
for Rational Investors In a Perfect Storm - A Response to
Lowenstein's Searching for Rational Investors In a Perfect Storm
1989
ARE
THESE THE NEW WARREN BUFFETTS? The dozen young investment managers
you'll meet here are brainy, ethical, and good at making money grow
consistently.-
Interesting article from over twenty years ago from fortune magazine.
Many famous future investors are featuring including Seth Klarman,
Jim Cramer, Jim Chanos, Eddie Lampert, Glen Greenberg and Michael
Price.
P.S. A media company in the wrong country at the wrong time...

This month the company I found for subscribers is located in France.
In terms of the size of companies I look at its quite large with a market value of €1,72 billion.
The company owns the most popular television channel in one of the largest European countries but is also very active in new media channels including the internet, tablets and smart phones.
In spite of this, the market views it as an old media company that is soon going the way of the dinosaurs. However, when you look at its financial statements you will see what a great business it is.
Its balance sheet is solid with no debt, and it generates a high amount of free cash flow and profits. This enables it to pay a dividend of just under 7% that can easily be maintained and has room to increase.
When I recommended the company it was trading at 7 times free cash flow, 7,7 times 2010 earnings and 5,6 times EBIT to enterprise value.
I am sure you will agree this is undervalued.
To immediately get your hands on this value investment idea (for as little as €39) click here.
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