Seth Klarman (born 1957) is an American billionaire who founded the Baupost Group, a Boston-based private investment partnership. He is the author of “Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor,” a book on value investing. Before founding Baupost, Klarman worked for Max Heine and Michael Price of the Mutual Shares fund (now a part of Franklin Templeton Investments). He founded the Baupost Group in 1982. Klarman is a very conservative investor and often holds a significant amounts of cash in his investment portfolios, sometimes exceeding 50% of the total.