Seth Klarman is an American billionaire who founded the Baupost Group, a Boston-based
Seth Klarman is an American billionaire who founded the Baupost Group, a Boston-based

private investment partnership, and the author of a book on value investing titled Margin
private investment partnership, and the author of a book on value investing titled Margin

of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor.
of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor.

Early life and education Klarman grew up in a Jewish family in Baltimore,
Early life and education Klarman grew up in a Jewish family in Baltimore,

where his father was a public health economist at Johns Hopkins University and his mother
where his father was a public health economist at Johns Hopkins University and his mother

taught high school English. Klarman is a graduate of Cornell University
taught high school English. Klarman is a graduate of Cornell University

and Harvard Business School where he was a Baker Scholar and was classmates with Jeffrey
and Harvard Business School where he was a Baker Scholar and was classmates with Jeffrey

Immelt, Steve Burke, Stephen Mandel and Jamie Dimon.
Immelt, Steve Burke, Stephen Mandel and Jamie Dimon.

Career Before founding Baupost, Klarman worked for
Career Before founding Baupost, Klarman worked for

Max Heine and Michael Price of the Mutual Shares fund. He founded the Baupost Group
Max Heine and Michael Price of the Mutual Shares fund. He founded the Baupost Group

in 1982, which managed USD 22 Billion as of 2010. Despite his unconventional strategies,
in 1982, which managed USD 22 Billion as of 2010. Despite his unconventional strategies,

he has consistently achieved high returns. He is a very conservative investor, and often
he has consistently achieved high returns. He is a very conservative investor, and often

holds a significant amounts of cash in his investment portfolios, sometimes in excess
holds a significant amounts of cash in his investment portfolios, sometimes in excess

of 50% of the total. He often makes unusual investments, buying unpopular assets while
of 50% of the total. He often makes unusual investments, buying unpopular assets while

they are undervalued, using complex derivatives, and buying put options. Klarman typically
they are undervalued, using complex derivatives, and buying put options. Klarman typically

keeps a low profile, rarely speaking in public or granting interviews. However, in 2006,
keeps a low profile, rarely speaking in public or granting interviews. However, in 2006,

he spoke pessimistically about the stock market and warned of future inflation. He is sometimes
he spoke pessimistically about the stock market and warned of future inflation. He is sometimes

referred to as "the Warren Buffett of his generation"
referred to as "the Warren Buffett of his generation"

In 1991, Klarman authored Margin of Safety, Risk Averse Investing Strategies for the Thoughtful
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
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.
has sold on Amazon for $1,200 and eBay for $2,000.

In 2014 Forbes listed Seth Klarman as one of the 25 Highest-Earning hedge fund managers
In 2014 Forbes listed Seth Klarman as one of the 25 Highest-Earning hedge fund managers

in 2013. His 2013 total earnings was $350 millions ranks him the 20th among the 25 top
in 2013. His 2013 total earnings was $350 millions ranks him the 20th among the 25 top

earning hedge fund managers. Philanthropy and politics
earning hedge fund managers. Philanthropy and politics

Klarman started The Klarman Family Foundation which donates to medical causes, Jewish organizations,
Klarman started The Klarman Family Foundation which donates to medical causes, Jewish organizations,

and Israeli causes. Klarman is the chairman of Facing History and Ourselves which develops
and Israeli causes. Klarman is the chairman of Facing History and Ourselves which develops

classroom programs to combat anti-Semitism and bigotry. Klarman also is active with the
classroom programs to combat anti-Semitism and bigotry. Klarman also is active with the

The Israel Project, a pro-Israel advocacy group that collects and provides information
The Israel Project, a pro-Israel advocacy group that collects and provides information

on Israel for journalists. He gave the organization $4 million between 2008 and 2010.
on Israel for journalists. He gave the organization $4 million between 2008 and 2010.

Klarman also heavily donates to Republican groups and candidates. Klarman is a major
Klarman also heavily donates to Republican groups and candidates. Klarman is a major

backer of political non-profits such as the Ending Spending Fund and the pro-same-sex
backer of political non-profits such as the Ending Spending Fund and the pro-same-sex

marriage American Unity Fund. Personal
marriage American Unity Fund. Personal

Klarman is married to Beth Klarman. Klarman is the brother of Harvard Law Professor Michael
Klarman is married to Beth Klarman. Klarman is the brother of Harvard Law Professor Michael

Klarman. Klarman is the key U.S. investor behind The
Klarman. Klarman is the key U.S. investor behind The

Times of Israel, an online English-language newspaper which reports on Israel, the region
Times of Israel, an online English-language newspaper which reports on Israel, the region

and the Jewish world. References
and the Jewish world. References

^ a b "Klaravich Stables", National Thoroughbred Racing Association
^ a b "Klaravich Stables", National Thoroughbred Racing Association

^ Forbes: The World's Billionaires: Seth Klarman April 2014
^ Forbes: The World's Billionaires: Seth Klarman April 2014

^ http:archive.breederscup.com/bio.aspx?id=27293 ^ The Oracle of Boston; Seth Klarman. The
^ http:archive.breederscup.com/bio.aspx?id=27293 ^ The Oracle of Boston; Seth Klarman. The

Economist July 7, 2012 ^ a b c d e Jewish Daily Forward: "The Softspoken
Economist July 7, 2012 ^ a b c d e Jewish Daily Forward: "The Softspoken

Man Behind Times of Israel - Famed Investor Seth Klarman Says Site Won't Pull Punches"
Man Behind Times of Israel - Famed Investor Seth Klarman Says Site Won't Pull Punches"

By Josh Nathan-Kazis February 29, 2012 ^ Forbes Israel: Jewish Billionaires - Profile
By Josh Nathan-Kazis February 29, 2012 ^ Forbes Israel: Jewish Billionaires - Profile

of Seth Klarman April 14, 2013 ^ a b "Herbert Klarman, 82, professor, health
of Seth Klarman April 14, 2013 ^ a b "Herbert Klarman, 82, professor, health

economist", The Baltimore Sun, June 19, 1999. ^ Scott Cendrowski. "A hedge fund bets big
economist", The Baltimore Sun, June 19, 1999. ^ Scott Cendrowski. "A hedge fund bets big

on a Canadian mega quarry". CNN Money. Retrieved 2012-02-15. 
on a Canadian mega quarry". CNN Money. Retrieved 2012-02-15. 

^ Fabrikant, Geraldine.. Manager Frets Over the Market, but Still Outdoes It. New York
^ Fabrikant, Geraldine.. Manager Frets Over the Market, but Still Outdoes It. New York

Times, Investment section. Accessed on 10-25-2008. ^ Opportunities for Patient Investors, Financial
Times, Investment section. Accessed on 10-25-2008. ^ Opportunities for Patient Investors, Financial

Analysts Journal, Volume 66, Number 5, Seth A. Klarman and Jason Zweig
Analysts Journal, Volume 66, Number 5, Seth A. Klarman and Jason Zweig

^ Baupost's Klarman sees poor outlook for stocks Reuters, Aaron Pressman and Matthew
^ Baupost's Klarman sees poor outlook for stocks Reuters, Aaron Pressman and Matthew

Lewis. May 18, 2010 ^ The Wharton Journal 1205
Lewis. May 18, 2010 ^ The Wharton Journal 1205

^ Brett Arends. "Klarman: Why Investing Is Like Chess". Wall Street Journal. 
^ Brett Arends. "Klarman: Why Investing Is Like Chess". Wall Street Journal. 

^ The Oracle of Boston, Economist ^ The $700 Used Book.. BusinessWeek, Personal
^ The Oracle of Boston, Economist ^ The $700 Used Book.. BusinessWeek, Personal

Finance section. Accessed 11-11-2008. ^ Vardi, Nathan, "The 25 Highest-Earning Hedge
Finance section. Accessed 11-11-2008. ^ Vardi, Nathan, "The 25 Highest-Earning Hedge

Fund Managers And Traders", Forbes  ^ Sullivan, Sean. "Who funded the super PAC
Fund Managers And Traders", Forbes  ^ Sullivan, Sean. "Who funded the super PAC

hitting Dem and GOP candidates? These three billionaires.". Washington Post. Retrieved
hitting Dem and GOP candidates? These three billionaires.". Washington Post. Retrieved

7 July 2014.  ^ Confessore, Nicholas. "Pushing the G.O.P.
7 July 2014.  ^ Confessore, Nicholas. "Pushing the G.O.P.

to Support Gay Rights". New York Times. Retrieved 7 July 2014. 
to Support Gay Rights". New York Times. Retrieved 7 July 2014. 

^ http:blogs.timesofisrael.com ^ Nathan-Kazis, Josh. "The Softspoken Man
^ http:blogs.timesofisrael.com ^ Nathan-Kazis, Josh. "The Softspoken Man

Behind Times of Israel". The Forward. Retrieved 17 March 2012. 
Behind Times of Israel". The Forward. Retrieved 17 March 2012. 

Further reading [1] Notes from Seth Klarman's discussion at
Further reading [1] Notes from Seth Klarman's discussion at

the CFA Institute's 2010 Annual Conference - May 18, 2010
the CFA Institute's 2010 Annual Conference - May 18, 2010

Klarman, Seth. Remarks at MIT. Website of Redfield, Blonsky & Co., LLC. Accessed 11-11-2008.
Klarman, Seth. Remarks at MIT. Website of Redfield, Blonsky & Co., LLC. Accessed 11-11-2008.

[2] Seth Klarman interview by Alpha [3] Excerpts from 2005 Baupost Group Letter
[2] Seth Klarman interview by Alpha [3] Excerpts from 2005 Baupost Group Letter

[4] Seth Klarman video conference at Ben Graham Center for Value Investing
[4] Seth Klarman video conference at Ben Graham Center for Value Investing

[5] Seth Klarman featured in Outstanding Investor's Digest March 2009
[5] Seth Klarman featured in Outstanding Investor's Digest March 2009

[6] Seth Klarman guest lecture at Harvard's Psychology of Leadership course - May 1, 2006
[6] Seth Klarman guest lecture at Harvard's Psychology of Leadership course - May 1, 2006

External links "Manager Frets Over the Market, but Still
External links "Manager Frets Over the Market, but Still

Outdoes It," New York Times, May 13, 2007 "How To Ride Seth Klarman's Coattails," Forbes,
Outdoes It," New York Times, May 13, 2007 "How To Ride Seth Klarman's Coattails," Forbes,

February 25, 2010 "The Financial Life: Seth Klarman," Bloomberg
February 25, 2010 "The Financial Life: Seth Klarman," Bloomberg

Business Week, June 17, 2010 [7]
Business Week, June 17, 2010 [7]

Profile of Seth Klarman and Baupost Letters Hedge Fund Letters
Profile of Seth Klarman and Baupost Letters Hedge Fund Letters

Seth Klarman Latest News Hedge Journals
Seth Klarman Latest News Hedge Journals