Seth Klarman is one of the best value investors of all time. Since inception, his value-focused hedge fund, Baupost, has achieved a compound annual return for investors of more than 20%. This record is even more impressive considering that the percentage of cash in Klarman's portfolio generally exceeds 30%.
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Unlike other well-known hedge fund managers, Seth Klarman is relatively media shy. Over the past three decades, apart from his book on the topic of value investing, the Margin of Safety, Klarman has given limited interviews and talks. Those he has given, however, are packed full of invaluable information.
