Seth Klarman - Timeless Value Investing (EP.328)

Seth Klarman is a legendary value investor and CEO and Portfolio Manager of The Baupost Group, an investment firm founded in 1982 that manages $27 billion. Seth authored the very out-of-print Margin of Safety and edited the recently released 7th edition of Graham and Dodd’s value investing classic, Security Analysis.
Our conversation covers Seth’s early experience in business and investing, path to Baupost, timeless value investing principles and those that have changed over time. We discuss Baupost’s application of value investing across sourcing, diligence, portfolio construction, and risk management. We then turn to Seth’s thoughts illiquidity, international investing, the weird current environment, positioning portfolios for it, alignment with clients, succession at Baupost, and his updated perspectives on Securities Analysis and Margin of Safety. We close discussing Seth’s personal investments in the Boston Red Sox, horse racing, and philanthropy.
Seth generally stays away from the public eye, so I was particularly grateful to share this conversation some twenty-five years after we first met.
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Original Publish Date: 07/17/2023
Show Notes
05:05 Early experience in business and investing
17:43 Path to Baupost
20:18 Value investing principles over time
34:39 Sourcing
42:47 Diligence
49:07 Portfolio construction
52:49 Risk management
56:04 Illiquidity
58:46 International investing
1:00:50 Current environment
1:09:13 Alignment with clients
1:12:23 Succession at Baupost
1:14:33 Perspectives on Securities Analysis and Margin of Safety
1:21:47 Boston Red Sox
1:23:59 Horse Racing
1:25:53 Philanthropy

[@YaoFei-il6ug]

It is always good to have a financial plan. I work with a portfolio manager and fixed income planner in the USA. The fixed income portion of your portfolio won’t simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income.

[@JoshuaOlfert]

Very true, people downplay planners role, until burnt by their mistakes. I remember just after my layoff 3 years ago amidst covid outbreak. I needed to stay afloat, hence researched for licensed fiduciary advisors. Thankfully, I came across someone of practical knowledge and decades of experience. I liquidated 200k of my 340k from my 401(k) it had yielded nearly 1M usd after subsequent investments so far.

[@JoshuaOlfert]

I’ve shuffled through a few experts in the past but settled with Mr. CHRIS RYAN STEWART.

[@JoshuaOlfert]

His strategy is recession proof, more specifically profit-oriented and most likely you’ll find his basic info on the net.

[@StellaAlmiron]

- I have turned over more than half a million working with Mr. Chris Ryan Stewart on a very wide array of options and finally sticking to a few that have been favorable in the past 2 years. I began working with him in October 2021.

[@vladimirpetkovic1221]

@@JoshuaOlfert who is the Chris Ryan Stewart you speak of? Can I get a contact?

[@colleen.odegaard]

Will this approach also work for a new investor with about $50,000 or more hoping to create a start up portfoIio? Or please how would you advice they go about it? It's all reliable advice that I'm searching for.

[@velayuthman]

@bastianrusso Exactly, a good number of people discredit the effectiveness of financial advisor, but over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but my portfolio can stand the test of time

[@kashkat987]

@@velayuthman Being heavily liquid, I'd rather not reinvent the wheel. Since this strategy works for you, how can I contact your advisor?

[@velayuthman]

Heather Ann Christensen is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.

[@Shultz4334]

I appreciate this share. I set up a call with her and I am keen on getting to talk to her particularly. Lady looks really great though even with the exams and other stuff.

[@susannnico]

The greater the automated income you can build, the freer you will become. Taking the first step is the hardest, but 5 houses later living off automated income since July 6, 2016. You’ve got to start taking steps to achieve your goal.

[@susannnico]

Wow!!! I know *ROCH DUNGCA-SCHREIBER* and I have been growing with her since 2017. Her expertise has been the best for my financial journey. I have created a passive income over the years and life feels really better and easy for me. I feel so delighted to read these good reviews about her

[@PhilipMurray251]

Like Warren Buffet said, dividends are only good if the business you’re investing into can’t make good use of that capital. So if you’re trying to invest into businesses with actual growth, looking at dividends is a waste of time. Why are you investing into a company if they’re returning capital to you because they think you can make better use of it than they can. It’s not much different from bond investing

[@Natalieneptune469]

There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.

[@BenjaminMcLeod815]

true, A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.

[@eastwood224]

Do you mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 46 now and would love to grow my finance more aggressively

[@BenjaminMcLeod815]

I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance wealth managers you could check out. I have been working with "NICOLE DESIREE SIMON" for about four years now, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.

[@eastwood224]

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible.

[@chris-pj7rk]

For first-time investors, it cannot be stressed enough how important it is to invest hard-earned money in the stock market rather than a bank where interest is guaranteed! The market appears out of control, the times are unpredictable, and the banks are deteriorating. Could there be a chance for a boomer like me? I'm working on a rough estimate of $5M for retirement, and I have a healthy six figures saved up for this.

[@alexyoung3126]

It's best to seek an advisor right now, unless you're canny yourself. As a business owner in both the service industry and eBay reseller of all product categories, I can tell you we’re in a deep recession and everyone is running out of money.

[@lawerencemiller9720]

Very true, people downplay advisors role, until burnt by their mistakes. I remember just after my layoff early 2020 amidst covid outbreak, I needed to stay afloat, hence researched for license advisors. Thankfully, I came across someone of practical knowledge, and decades of experience, my stagnant reserve of $325K has yielded nearly $1m after subsequent investments so far.

[@johnlennon232]

Please who’s this advisor that guides you?

[@lawerencemiller9720]

Helene Claire Johnson is the Consultant that oversees my portfolio. She's been able to gain some reputation and online recognition with over 3 decades in service, so it shouldn't be a hassle to find basic info.

[@johnlennon232]

She appears to be a true expert in her field. I looked her up on the internet and discovered her website, which I perused and read to learn more about her credentials, academic background, and profession. She has a fiduciary duty to me to act in my best interests. I scheduled an appointment to utilise her services.

[@cryptogoth]

The world is long overdue for more Seth Klarman, one of the classiest and understated followers of Ben Graham. Excellent pace and question choice, and I can tell Seth really enjoyed himself as well.

[@sanjeevgig8918]

Great interview. You fed him the perfect questions and let him talk as long as he wanted to.

[@udayhomeful]

I am glad that the interview is not taken by that guy from Bloomberg. I remember watching him interview Nassim Taleb when he wouldn't let Nassim finish his thoughts.

[@theWebWizrd]

My biggest issue with the interview and with letting Klarman talk is that here he sometimes/often descends into just promoting his firm rather than actually providing anything that is actually insightful. Quite a few times he just turns every question and point into how well they do it at his firm and how they do it right. For instance, he touched upon index investing, which might well be one of the most important ideas for investors that will in my view define at least the next decade if not my entire lifetime as an investor. And I felt he just reduced it to a sales pitch trying to tell us that 'we know what we are doing, we are experts, we are safe, choose us over the index, give us money' instead of anything actually interesting.

[@williamyejun8508]

As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have about $70k amount of capital to start up but I have no idea what strategies and direction I need to approach to help me make decent returns

[@jameswood9772]

Invest if you actually want to be wealthy. However, you should get guidance from a financial advisor if you want to create a successful long-term plan…

[@alexyoung3126]

Having an investment adviser is the best way to go about the stock market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly and I made over $800K within a short time

[@lawerencemiller9720]

How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings

[@alexyoung3126]

My financial advisor is Lisa Angelique Abel . I found her on a CNBC interview where she was featured and I reached out to her afterwards. She has long helped me with my portfolio

[@lawerencemiller9720]

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.

[@InnocentFred-hn1fp]

I started buying some more stocks at the beginning of the year, but nothing big. Why am I treating this so harshly? I still want to be the first person in my polygamous family to make a million dollars despite the fact that others in my field make six figures per person. I am well aware of the costs associated with working more to get more money.

[@AustinReid09]

If the market has taught me anything, it's that it usually makes a comeback, but I can't seem to concentrate on the long term, especially because important things like my retirement and my reserve are having a disastrous impact on inflation. I need a solution and a data trajectory that I can trust as soon as it is practicable.

[@AnthonyHart34]

Currently, the best market strategy is to work with a credible investing coach. Since a while ago, I've been in touch with a coach, mostly because I lack the depth of understanding and mental toughness to deal with the ongoing market conditions. You lack the information necessary to succeed in a competitive market, not because you're doing anything wrong, but rather because of your lack of experience.

[@godof-ou1dw]

@@AnthonyHart34 Due to the significant falls, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this teacher?

[@AnthonyHart34]

@@godof-ou1dw In fact, I'm not sure whether I'm permitted to say this, but I'd suggest searching for "Ruth Loralann Brennan" as she gained a lot of attention in 2020. She is both my coach and the manager of my portfolio.

[@harod033]

@@AnthonyHart34 She has an impressive career and impressive qualifications, so I can understand why she is so busy. I thus quickly copied Ruth's full name and entered it into my browser.

[@thegamerboneless2864]

What a great human being he is, everything he says has great value. Great interview done as well all around worth the time 100%

[@UNCLETQB]

This is a gem. Thank you.😊 Subscribed and 2 thumbs-up.

[@henryterranauta9100]

💰💰💰💰Klarman is clear and easy to follow in his insights ! I appreciate his ups and downs and at the end knowledge, insight, gut feelings play together a major role in decision making. Thanks 💰💰💰💰

[@fung9815]

My hero Seth Klarman, who hardly speaks publicly but FINALLY!!!

[@paragnandha2883]

Wow can't believe he's come on here well done! Genius of a man!

[@lenraake4964]

Thank you for posting the interview!

[@rupertpupkin27]

Such a wealth of knowledge here !!! Extremely insightful for understanding the right vs wrong mindset. Also, thankful for the way Seth explains how to select, accept, and manage client's expectations

[@AuditorInvestor]

Good catch - rare to get this much time with Klarman.

[@andreyb.1835]

Great interview.! Thank you!

[@amatuer2]

The best interview I've heard in years ! Professional host and and Seth is a model investor

[@alialjaber4929]

👏🏽👏🏽👏🏽 Great interview

[@Erikkurilla01]

For novice investors, it's crucial to understand that successful investing and trading go beyond technical analysis skills. Discipline and emotional maturity also play substantial roles in achieving positive outcomes. It is wise to embrace the mindset of "time in the market vs. timing the market," as it can assist in navigating market volatility. With the guidance of *STEPHANIE KOPP MEEKS* and my dedication to continuous learning and personal development, I have witnessed a notable increase in my earnings within a few months. Let's continue to progress and excel in our endeavors!

[@Erikkurilla01]

Her name is *STEPHANIE KOPP MEEKS* , and you can easily find more information about her by conducting a web search.

[@jessicasquire]

I have observed various individuals discussing diverse trading strategies, with some experiencing losses on a daily and weekly basis. However, it is widely acknowledged that BTC (Bitcoin) is currently one of the most valuable assets to possess. Engaging the services of a proficient trading expert like *STEPHANIE KOPP MEEKS* can help minimize losses in each trading session. I sincerely hope that everyone reading this achieves success in life.

[@Lemariecooper]

The program of expertise offered by STEPHANIE KOPP MEEKS can be found extensively across the internet.

[@Erikkurilla01]

Many individuals who have achieved success often acknowledge the importance of seeking knowledge and expertise from professionals in the field of wealth management and growth. However, some may claim to have attained success solely on their own, without acknowledging the assistance they received.

[@patrickbrussels4454]

During a bear market, it is crucial to have a skilled analyst who can assist in interpreting the market trends. It is vital not to enter the market without proper understanding and guidance. In the present market conditions, where risks often outweigh potential profits, the efficient utilization of funds becomes even more significant.

[@kevinkasimov651]

Word to Seth. It’s a constitutional republic, not a democracy, which Plato said is the last stage of government before tyranny.

[@GrantLeeEdwards]

OK but if we’re gonna follow Plato, I call philosopher king. And, based on this comment, I assign you to the role of ignorant slave. Drawing the democracy vs republic distinction in this way is very freshman year in college stuff. It’s like telling a conservative that they’re actually a liberal because the word derives from classical liberalism, etc etc. But thx. I’ll let Seth know.

[@GrantLeeEdwards]

And, putting aside Plato’s views which were formulated in a very specific context and in response to a political crisis, do YOU believe that a democratic republic is protected against dictatorship? Is mob rule the biggest threat we face? Just to undermine your position, I’ll point out that Citizens United is proof that those republican buffers can be exploited to subvert the popular will, which itself acts as protection against the rise of a dictator who enters not through the mob but through the ranks of the republican (and Republican, surely) elites. Good luck.

[@kevinkasimov651]

@@GrantLeeEdwardsLMAO. You're really deep in the Hegelian dialectic brainwashing machine. Yea republic = democracy and 2+2=5. Good luck out there. Enjoy your tyranny!

[@CP-wo4ou]

Enjoyed the interview. Great questions and conducted very professionally.

[@stephencostin2616]

What a great interview

[@Susanne-zuku]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family...

[@Susanne-zuku]

@@Christina-Gisela Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. Bridget Mary Turow, a licensed fiduciary whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help.

[@Susanne-zuku]

@@Christina-Gisela Bridget Mary Turow

[@Susanne-zuku]

Lookup with her name on the webpage

[@marcusaurelius9323]

Hi bots🤑 I love bots😁

[@sheepvwolf]

Super interesting!

[@johncoates968]

one of the best

[@richardstephenson5563]

fantastic interview in all aspects! thank you

[@monykhiev7347]

great interview

[@jinwingbu4717]

My HERO!! Of all the people out there he and Howard Marks are my Rabbi! This conversation has taught me so many lessons that I feel so grateful for Seth to share his wisdom. Thank you, Seth for sharing your great insights!!!

[@ryandavies6243]

No way Seth came on here. What a legend

[@barfly1984]

Timeless advice. Very similar to Howard Marks. If you follow the herd you can only expect average results. It's not about what you buy but rather the price you pay. Unpopular things get wildly mispriced which create the best opportunities.

[@erikwitkowski]

What a great guy.

[@marialaurabarbato8049]

Brilliant

[@David-2499]

What is up with the ads. Ive seen one every 5 minutes

[@thewilliams-]

Gold and silver are renowned for stability during economic volatility. However, one should not disregard cryptocurrencies, offering unique prospects like liquidity, continuous market availability, and potential gains. In this digital era, entering the world of crypto trading can be a wise decision for substantial growth. I owe significant portfolio growth in just 9 weeks to Eric Thomas Witt's expertise and guidance

[@ragabkamel_]

It's unexpected to find his name mentioned here. He skillfully guided me through the entire trading concept and generously shared his daily trading patterns when I was a beginner. Without a doubt, he is an expert in his field.

[@ragabkamel_]

@@CHOIWOOK-bb4hk He provides timely alerts for profitable trades, giving them priority and also advising against certain setups if he's not comfortable with them for the day.

[@thewilliams-]

@@ragabkamel_ Eric's expertise in technical analysis, coupled with his effective risk management strategies, has helped me navigate the volatile market with confidence.

[@ragabkamel_]

@@thewilliams- His daily trade signals and advice are truly exceptional! allowing me to increase my holdings from 0.7 to 5.9 b.t.c.

[@ragabkamel_]

@@CHOIWOOK-bb4hk It's wonderful to witness others prospering under his guidance. Thanks to his expertise and trade signals, I've established a well-diversified portfolio. His exceptional profit-making skills is truly commendable.

[@benjamin_herzberger]

This interviewer is outstanding. Asks questions about fundamental topics in Klarman’s investment philosophy and practice and just let’s him talk.

[@aliasoma]

He's been making the media rounds recently.

[@thomastom4232]

wonderful

[@phamtranucthang5495]

This mostly gives a lot of knowledge about earning money on the market, one of the best interviews I've ever heard. You have done great Ted Seides, you bring out his gut. Thank you so much

[@MariaClemons]

As a beginner, educate yourself, Learn the basics of investing and the stock market. There are many resources available online, including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions and inflation, its important to do your own research.

[@JenniferDrawbridge]

Remember that investing in the stock market carries risks, and it’s important to do your own research and consult with a financial advisor before making any investment decisions.

[@AntonioBianh]

Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament...?

[@cythiahan8455]

Big moving stochastic are not the secret to high returns. It involves controlling risk in relation to reward. Putting on the proper size and spinning your edge as many times as required to achieve your objective. That is valid for both day trading, and long-term investments.

[@MarkFreeman-xi3rk]

@@HarryCage-bg9mr Mind if I ask you to recommend how to reach this particular coach you using their service? Seems you've figured it all out unlike the rest of us.

[@SophiaChristian-so2of]

@@HarryCage-bg9mr Insightful... I was curious after reading what you shared, so I Googled her name. I came across her webpage.

[@spiderLeo0]

A very rare interview. He is Graham and Dodd‘s loyal believer and practitioner. This interview impressed me very much with the following points: 1. Regarding the investment in the AI era, he believes that human nature remains unchanged, so the response model of artificial intelligence designed based on human nature will not change, that is, people are sometimes overexcited and sometimes overly depressed, which brings continuous opportunities to value investors, and financial markets always change periodically, which is more ancient and unchanged; 2. The difficulty of value investment is that the market always tells you that you are a fool and you make a mistake, so the timing is very important. Early entry and making mistakes are actually synonyms; 3. Constantly finding the wrong pricing model, summarizing these and applying them when encountering similar opportunities in future investment, this is the practical method of value investment.

[@MichaelHenkel562]

This is a great video I really appreciate the dedication in each video you post, I learn a lot watching your videos and it has always been helpful to me. Building a steady income is quite difficult for newbies.. Thanks to Mrs. Maria Reyes for improving my portfolio. keep up with the good videos.

[@RobertJenkins835]

I'm surprised you know her. I've been making a lot of profits investing with her for a few months now.

[@sonyaturner5200]

Mrs Reyes changed my life because of the high profits I got from investing with her.

[@JeanelleMulligan]

You invest with Mrs Reyes too? Wow that woman has been a blessing to me and my family.

[@katelynncox]

I'm new at this, please how can I reach her?

[@PatrickVelazco]

I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much

[@kollykolly]

The financial market has been a really tough one this past months, but I watched an interview on CNBC where the anchor kept mentioning "...Tenley Megan Amerson this prompted me to get in touch with her, and from October 2022 till now we have been working together, and I can now boast of over $640k in my trading portfolio

[@stellaadams593]

Right research, properly evaluation and success is what you want to make earnings on this steady market.

[@patriciacarlos]

What kinds of investments do you make. I totally agree with you. I have a lump sum right now doing next to nothing in a savings account. but it's hard for me to take part in the market right now due to the fulltime nature of my job. it will be way to stressful to combine so i don't even think about-facing it

[@kollykolly]

@@patriciacarlos I earned more last year because I have been investing while working at the same time. I invested through Tenley Megan Amerson, same woman that the anchor kept mentioning on CNBC, and made multiple of my start up capital within three months . She lives here in the USA and she is licensed.

[@johnterry3109]

@@kollykolly Please do you mind sharing any means of reaching out to her easily. I am really interested.

[@kollykolly]

@@johnterry3109 I encountered Tenley Megan Amerson through a CNBC interview, and I emailed her. She is guiding me. Since then, she has given me chances to buy and sell the stocks in which I'm interested. You can hunt her up online if you require care supervision.

[@Saintjohn2711]

Gotta say this I think Seth is the true successor to Berkshire... lol

[@ChrisSMurphy1]

Im still trying to figure out what value buying bankrupt bonds does for the world. id guess absolutely nothing

[@lorenzmuller3542]

Buying stocks does nothing for the world. Except for when the company raises capital from you and it allocates that capital with an attractive return.

[@checkdown3774]

I hope he puts margin of safety in re print with updates and new insight. Its a republic not a democracy.

[@CyclingLasVegas]

Great interview but the amount of ads is ridiculous

[@importedmusic]

A voice of reason in a ridiculous clown market.

[@shantanushanto]

4. 0:6:43

[@imperial7873]

Life’s good when you underperform for 15 years and investors let you steal their money

[@Dalio906]

📌 *Nice video, love how you take your time to educate your viewers. You gave me the mindset to invest my savings now I have made profits over $120k Right now and still making more , I am enjoying a good life with what I made investing. Indeed ‚building a Portfolio income (investing) through a licensed investment adviser is one out of many ways to earn passive income.*

[@Noah-ts9dy]

Please how can I contact Mrs Angela Mae Mcclain, keep seeing her name pop up all over the place and I and my family are interested

[@rickybishop8388]

God bless Mrs Angela Mcclain for all Good works. We need such a person in the society

[@malone7655]

Such information we don't get from most KZbinrs, I am getting in touch with her right away.

[@keimo2007]

There's only one reason for this interv...buffpiece, That is: Baupost's current clients are bailing out... given his piss poor performance.

[@alistairfreedom2456]

Investing in a bad woman can cost you in many ways.

[@gorgeousgeorge643]

F**k me, can this introduction get any longer

[@twistedspine7300]

jesus the bot replies are unbearable

[@vicgill1980]

38:39 you are not going to make money on widely followed stocks with an undifferentiated opionion

[@christinabecker5495]

*I began my investment journey at the age of 27, primarily through hard work and dedication. I am to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.*

[@tomasfrederico576]

Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields

[@christinabecker5495]

Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of *$500k* in just the past two quarters. This experience has shed light on why experienced trader s are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently.

[@henrymartino4283]

wow that rocks! Can you put me in touch with your advisor please. I desperately need it to diversify my portfolio.

[@magalengo]

Seth’s performance over the last 5-10 years has been horrible. He is very good at marketing, but he hasn’t been a good investor for about 15 years. When your hedge fund manager buys part of a sports team and collects horses, he is no longer concentrating on creating wealth.

[@fadieldibs3242]

The most annoying podcast ever - how many ads can one person squeeze?!? First and last time