A rousing set of suggestions from an investing legend himself, seth klarman. For years, when someone asked me what my biggest fear was as an investor in managing my portfolio, my answer was that it was buying too soon on the way down from often very overvalued levels. For many people that struggle to read the intelligent investor by benjamin graham, theres good news, billionaire seth klarman has written a book that does a better job of outlining the value investing approach. Book recommendations by seth klarman at the cfa institute annual conference. Seth klarman is an american hedgefund manager and a billionaire who founded the baupost group, a bostonbased private investment partnership, and the author of a book on value investing titled margin of safety. Seth klarmans recommended reading list market folly. A quiet giant of investing weighs in on trump the new. Seth klarmans book margin of safety has been a better. Seth klarmans margin of safety, the outofprint book on value. The term margin of safety is a key concept of value investing. In the past, weve detailed various investment book recommendations from some truly notable investors. This is a book summary of margin of safety by seth klarman. This book was written more than 20 years ago, yet klarmans ideas are perfectly suitable today.
I have not tried to interpret them for the simple reason that i couldnt have said better what klarman says through these thoughts. Seth klarman through his baupost fund is one of the greatest investors of the current generation, perhaps of alltime. Mar 31, 2020 seth klarman is not an investor you would read about much in business media. Finally marks does not specify any further books but states in the introduction ive been extremely fortunate to learn directly from some outstanding investors, his list includes the following people. He provided a number of specific books and authors that investors should consider reading. Riskaverse value investing strategies for the thoughtful investor. He provided a number of specific books and authors that investors. Specific book recommendations include the intelligent investor, greenblatts you can be a stock market genius, whitmans aggressive conservative investor, anything from jim grant hes a great thinker, even if his predictions may not turn out right, roger lowenstein has not written a bad book, anything from him. Finally marks does not specify any further books but states in the introduction ive been extremely fortunate to learn directly from some outstanding investors, his list. A slideshow of the top 10 stocks held by seth klarman. My notes are informal and often contain quotes from the book as well as my own thoughts. Latest stock picks current portfolio profile performance sector weightings related guru. Much to my delight, seth klarman does provide a sound method to achieve investment.
After all, apart from warren buffett, baupost groups seth klarman is widely regarded as one of the most successful investment managers in the game. This list could quite possibly top them all though. Seth klarman is one of worlds best investors, but gets very little attention relative to his peers. Seth klarman of baupost group great value investors series. Follow to get new release updates and improved recommendations customers also bought items by joel greenblatt howard marks. Nothing in holdings channel is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by bnk invest inc. Latest stock picks current portfolio profile performance sector weightings related guru trades. Seth klarmans margin of safety, the outofprint book on value investing so coveted on wall street that used copies can sell for thousands of dollars, is now listed on inc. Price change from avrg% price change from avrg% real time picks after 20190930 are displayed for premium p members only. Billionaire baupost founder seth klarman has been one of the mostfollowed voices in investing for years.
The making of an american capitalist by roger lowenstein, the aggressive conservative investor by ma. I found a pdf of this book as well last year, and read it. It refers to the discount between the price an investor pays for an asset, and its true value. Page 3 foreword with the possible exception of warren buffett, no investor today commands more respect than baupost groups seth klarman. Hes often likened to warren buffett when it comes to investment style and philosophy, so much so that seth klarman is even referred to as the oracle of boston, aping buffets own oracle of omaha moniker.
Seth andrew klarman born may 21, 1957 is an american billionaire investor, hedge fund manager, and author. During the interview klarman was asked for his book recommendations. A tight 249 pages, seth klarmans margin of safety was by all contemporary standards a commercial flop. Klarman also listed real world examples from time to time to illustrate how the philosophies can be applied. Mar 10, 2020 according to highly regarded value investor seth klarman trades, portfolio, value investing gives investors something to hang on to in volatile markets. Dan loeb, bill ackman, and seth klarman have all recommended joel. Like a lighthouse in a storm, value investors can look to intrinsic value as a marker of a companys worth, ignoring the mr. All ideas in this special report represent direct quotes of klarman from margin of safety. The investing secrets of hedge fund legend seth klarman.
The book was endorsed by seth klarman, warren bufett, jeremy grantham, and john bogle among others. Aug, 2018 back in 2010 jason zweig interviewed seth klarman at the cfa institute annual conference. They are probably the best example i have ever seen of someone and an entire firm keeping his head cool and staying disciplined while just about everyone else was going crazy. Tagged klarman, margin of safety, nyssa, quantitative value, wesley gray. When asked to compare himself to warren buffett in an interview with charlie rose, klarman said. How have you followed graham and dodd, and how have you deviated. These ideas are hardly all encompassing of the wisdom klarman distills through this amazing book, but these have helped me as an investor over the years. He went from buying cigarbutts and getting the last few puffs for free, to buying great businesses at really cheap prices, to buying and holding great businesses at soso prices.
For more great investment reading recommendations, head to. Klarman, who is based in boston and works with a team of 24 people, does not make bets on the. Seth klarman of baupost group is largely regarded as one of the best investors of all time. Feb 19, 2014 seth klarman quotes from the 2008 graham and dodd breakfast which took place on october 2, 2008. The best investing books of all time as voted by todays top investors. Seth klarmans list of 32 books that every investor should read. In 1991, mr, klarman authored margin of safety, risk averse. Seth klarman is virtually unknown outside value circles, despite his impressive record and value of assets under management. Since founding his investment partnership in 1983, klarman has not only produced unrivaled returns in excess of 20% per year, but he has also from time to time offered wise and timeless commentary on markets and the craft of investing. Since founding his investment partnership in 1983, klarman has not only produced unrivaled.
Brief biography seth klarman is a leading value investor. Sep 07, 2015 in october 1991, an unknown hedge fund manager published a book. Graham and dodd is really a way to think about investing, think about bargains and where they come from. Riskaverse value investing strategies for the thoughtful. Seth klarmans book pays tribute to benjamin graham, the father of value investing and buffett, but also describes his own unique value investing philosophies.
Seth klarman is a value investor and portfolio manager of the investment partnership the baupost group llc. The most legendary book in personal wpcontentuploads201112marginof safety1. Baupost is required to file fs six to seven weeks after the. She also made every accommodation to help free up time for me to devote to this project and urged me to press on to completion the many times when progress was slow. Klarman, a successful value investor and president of the baupost group, an investment firm in boston. Klarman avoids activism, rarely if ever graces magazine. Klarman, who leads the baupost group of hedge funds in boston, is a value investor.
Thats how much seth klarmans book, margin of safety, regularly sells for online. Back in 2010 jason zweig interviewed seth klarman at the cfa institute annual conference. Manager frets over the market, but still outdoes it the. I highly recommend anyone to read the book to learn about principles of value investing. May 17, 20 this book was written more than 20 years ago, yet klarmans ideas are perfectly suitable today. While some of the investment specific information is obviously dated, the wisdom klarman. Seth klarman quotes from the 2008 graham and dodd breakfast which took place on october 2, 2008. Lessons from seth klarmans margin of safety book on. Jul 10, 2018 seth klarmans margin of safety, the outofprint book on value investing so coveted on wall street that used copies can sell for thousands of dollars, is now listed on inc. According to highly regarded value investor seth klarman trades, portfolio, value investing gives investors something to hang on to in volatile markets. In october 1991, an unknown hedge fund manager published a book. You see, klarman is a bit of a value investing legend. Margin of safety riskaverse value investing strategies for the thoughtful investor is a name of a book written by seth a. The book has some good information, albeit much of it out of date.
Top 10 stocks held by seth klarman baupost group llc ma by holdings channel staff, updated friday, may 8, 2. By approaching investing with the philosophies klarman described, investors would become more sophisticated and invest with minimal risk. Follow to get new release updates and improved recommendations customers also bought items by. The intelligent investor you can be a stock market genius the aggressive. This year is the 50th anniversary of warren buffett taking control of his investment.
Manager frets over the market, but still outdoes it the new. This summary includes key lessons and important passages from the book. My wife, beth klarman, offered the fresh perspective of a nonfinancialprofessionalas she devotedly read every chapter and made numerous helpful recommendations. Seth klarmans recommended books for investors valuewalk. Klarman is known for his very deep value investing style and willingness to pursue value where others get very nervous. Klarman, a successful value investor and president of the. On average, klarmans hedge fund, baupost has returned 19% p. After all, apart from warren buffett, baupost groups seth klarman is widely regarded as one of. And maybe even this new area of buying weird securities from crappy.
Investors are frequently lured by the prospect of quick and easy gain and fall victim to the many fads of wall street. Klarman has long kept a low public profile, he is considered a giant within. Margin of safety is written by seth klarman, a superinvestor who found baupost group, which achieved investment returns of over 20% annually since 1983. Here are my notes on seth klarmans presentation at the cfa institutes annual conference today. The difference between seth klarman and warren buffett. It was a discussion with jason zweig of the wall street journal. With the possible exception of warren buffett, no investor today commands more respect than baupost groups seth klarman. This is my book summary of margin of safety by seth klarman. Seth klarman is not an investor you would read about much in business media. A tiny number of hard working and emotionally disciplined people who understand how to value a business can earn financial returns that are better than the market.