--- title: Review | Interview with Seth A. Klarman, President, The Baupost Group description: Review | Interview with Seth A. Klarman, President, The Baupost Group image: https://blog.naos.com.au/hubfs/Academic.jpg --- ##### [Subscribe to NAOS NEWS & Insights](https://www.naos.com.au/subscribe) [![](https://assets.website-files.com/5b3d7f5582ecae7f1e026ce2/60be9de099c2716fb2efb4a7_naos.svg) ![](https://assets.website-files.com/5b3d7f5582ecae7f1e026ce2/640666256ede5e8ae8e33da0_B-Corp-Logo-Black-RGB.png)](https://blog.naos.com.au/) [Home](https://www.naos.com.au) About [About NAOS](https://www.naos.com.au/about-our-firm) [Our Team](https://www.naos.com.au/about-our-firm#people) [Why invest with NAOS](https://www.naos.com.au/about-our-firm#why-invest) [Our Investment Beliefs](https://www.naos.com.au/about-our-firm#beliefs) [Our Investment Process](https://www.naos.com.au/about-our-firm#how-we-invest) Listed Investment Companies [NCC: NAOS Emerging Opportunities Company Limited](https://www.naos.com.au/ncc-naos-emerging-opportunities-company-limited) [NSC: NAOS Small Cap Opportunities Company Limited](https://www.naos.com.au/nsc-naos-small-cap-opportunities-company-limited) [NAC: NAOS Ex-50 Opportunities Company Limited](https://www.naos.com.au/nac-naos-ex50-opportunities-company-limited) [Our Listed Investment Companies](https://www.naos.com.au/our-lics-compare-our-lics) [How to Invest](https://www.naos.com.au/our-lics-compare-our-lics#how-to-invest) Private Opportunities [NAOS Private Opportunities Fund](https://www.naos.com.au/npof-naos-private-opportunities-fund) [NAOS Ideas Network](https://www.naos.com.au/naos-ideas-network) E.S.G. 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Klarman, President, The Baupost Group ###### October 25, 2019 # **By Ben Rundle | Portfolio Manager at NAOS Asset Management** This interview with famed value investor Seth Klarman is one of the best we have seen. Klarman has been compared to Warren Buffett on many occasions and is notoriously reclusive so getting to understand his investment approach can be difficult. Klarman, like Buffett, often disagrees with a lot of what traditional business school academics teach students about investing in the stock market. He follows this up with an example in the interview; “If you have a closed end fund that is trading at $10 per share, when its assets are worth $20 per share and then let’s say the price goes from $10 per share to $5 per share in a day, because of say a forced seller. Academics would say that has become more risky as the beta is too high. We would say the opposite and that now we have less risk for more return. Academics wouldn’t agree with that." He notes that he has had 26 years of outperforming the market and Warren Buffett has 50 years by saying “I’m right and academics are wrong.” A fascinating interview from one of the world’s most successful investors which will change your perception of risk. 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