Seth Klarman is the founder and president of The Baupost Group, 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[1]. 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.[2] 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. [3]

Seth Klarman's investment style is sometimes considered similar to that of a young Warren Buffett.

Klarman initiated a small position in HRZ of 380,300 shares in 4Q05 and gradually increased to a peak holding of 7.1 million shares as of 2Q08. He has been selling since then, and in 2Q09 he reduced from 3.6 million shares to 3.0 million shares. The recent sell-out represents his complete exit from the HRZ investment in which he lost good money.