Boston, MA

The Boston billionaire giving away millions of dollars

Ash Jurberg

https://img.particlenews.com/image.php?url=0JOqcI_0ffEUhV800
Adobe Free Stock Image

One of the world's richest people, Warren Buffett, is known as the "Oracle of Omaha." But did you know that a billionaire in Boston is following in Buffett's footsteps?

He has even been dubbed the "Oracle of Boston."

Seth Klarman runs a Boston-based hedge fund, Baupost, and has a net worth of $1.5 billion. And just like Buffett, Klarman has made a public promise to give the majority of his fortune away.

Let's take a quick look at his story.

This Boston billionaire is giving away his fortune

Klarman showed an interest in investment from an early age.

In fifth grade, he presented to his class on how to buy stock, and he purchased his first shares when he was just ten years old.

He graduated Magna cum laude in economics from Cornell University before attending Harvard Business School.

In 1982 at the age of 25, he founded Baupost with a Harvard Professor and a few other partners. It has since become one of the largest hedge funds in the United States, with $30 billion under management.

Klarman's knowledge and strategy are considered so valuable that a book he wrote called “Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor” sells for up to $3000 a copy on Amazon.

All of this has made Klarman very wealthy. And he has decided to give it away.

Philanthropy

Klarman is a committed philanthropist and established the Klarman Family Foundation to distribute support amongst organizations. One particular focus is on local Boston initiatives as "the Klarman Family Foundation works to expand access to the critical services and enrichment opportunities that help make Greater Boston a stronger, healthier and more vibrant place for all its residents."

One recent Boston initiative the foundation has contributed to is the TEAM UP for Children in conjunction with Boston University and Boston Medical Centre. This "aims to promote positive child health and well-being through the delivery of evidence-based integrated behavioral health care in pediatric primary care clinics."

In 2018, Klarman and his wife Beth signed the Giving Pledge. This is a pledge to give away most of their fortune while they are alive.

We count ourselves among the fortunate and are pleased to join the Giving Pledge. America’s free enterprise system has enabled us to be successful beyond our imaginations, which we believe is accompanied by the obligation to give back to improve the lives of others.When we first began dating, we walked the beach in Cape Cod and talked about our values, including how, after providing for the needs of our families, any additional wealth we achieved would be given back to society. Since then, we have spent much of the years building wealth through value investing, but also devoting ourselves to our philanthropic activities.

Readers, what do you think of Klarman's promise to give away most of his fortune? What Boston organizations would you like to see him contribute to?

Please leave your comments below.

Comments / 0

Published by

Writing on business and local events. Follow me for the latest updates.

San Antonio, TX
36832 followers

More from Ash Jurberg

Comments / 0