Seth Klarman - Contrarian Investing, Discipline, and Building Baupost
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Welcome to a new edition of the Value Investing with Legends podcast. My name is Michael Mobeson and I'm an adjunct professor at Columbia Business School and a faculty member at the Heilburn Center for Graham and Dot Investing. My co-host, Tano Santos, the Robert Heilburn Professor of Asset Management Finance at Columbia Business School and the faculty director at the Heilburn Center, couldn't join us today, but we'll be back soon. If you had to pick a time for the birth of what we call value investing, You could do worse than selecting the moment when Ben Graham started teaching advanced security analysis at Columbia about a century ago.
Our guest today is not only one of the most successful and visible practitioners of Falli Investing, he has also made major contributions to the field through his writing and commentary, including directly to the Columbia Business School community. He combines the sensitivity of a great value investor with modern tools and approaches. We are delighted to welcome Seth Klarman. Seth is the chief executive officer and portfolio manager of the Balpost Group, a firm with approximately $22 billion of assets under management. He has overseen the firm's investments since it was founded in 1982.
After graduating from Harvard Business School, where he was a Baker scholar, Seth was brought on at Baalpost's inception to manage the wealth of its four founding families. The name Bowpost is an amalgam of those family names. Before graduate school, Seth worked as an analyst at Mutual Shares, one of the great value investing firms, founded by Max Heine and eventually run by Michael Price. He graduated Magna cumlaudi from Cornell University with a degree in economics.
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