Income inequality, financialization, and a socially inefficient distribution of both capital and tal­ent are the legacies of shareholder capitalism.

n October 1, 2018, the newly christened Klarman Hall opened to much acclaim on the campus of Harvard Business School. The stunning $120 million building houses a conference center as well as a gleaming auditorium built around a 32-million-pixel, 1,250-square-foot video wall and a state-of-the-art, modular design that seats up to a thousand attendees.1 To mark the opening, the school held a daylong series of speeches and lectures, headlined by the building’s namesake and one of the school’s wealthiest living gradu­ates, billion­aire investor Seth Klarman.

Sixty-two-year-old Klarman leads Baupost Group, a hedge fund headquartered high above historic Boston Common. The New York Times has called Klarman “the most successful and influential in­vestor you have probably never heard of,” while theEconomist nick­named him the “Oracle of Boston,” a comparison to Warren Buffett.2 Like Buffett, Klarman has a cultlike following within so-called value investing circles. An out-of-print book that he wrote early in his career, Margin of Safety, now commands over $1,500 for a paperback copy on Amazon.

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