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 company the market forgot about

Last month while running my stock screeners to find attractively valued companies I stumbled onto something that will interest you.

As you know I look for the absolute cheapest companies in Europe, the UK and the USA, irrespective of size and market they are trading on.

This time however I discovered “a gem lying in plain sight”.

It’s a really large company (that you can buy nearly anywhere) that has gotten really cheap. But is so large and obvious that it is completely overlooked by the market.

Something like a diamond lying on the sidewalk, you do not believe that it is a diamond and thus ignore it as you walk by.

Another reason I like the company it that it recently got rid of quite a large millstone around its neck, another factor that should help it perform better in future.

I immediately analysed the company and recommended it to my subscribers.


To find out how you can also get ideas like this monthly click here.