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Seth Klarman resource page

 

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:

  1. Notes on Margin of Safety from Redfield, Blonsky & Co. (pdf)

  2. Notes on Margin of Safety from the Fool.com

  3. 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:

  1. DCF/NPV

  2. Liquidation

  3. 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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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.


 

 

On that basis, here is my order:

 

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Pay in US Dollar

 

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When you click on the “Buy Now” button you will then be directed to

the PayPal website where you can safely and easily pay with all major credit

cards or with your PayPal account.

 

 
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