David C. Abrams is the founder of Abrams Capital Management, LLC, which reported $1 billion total assets in its last 13F filing. Abrams graduated from University of Pennsylvania with a B.A. degree in History. Prior to forming Abrams Capital Management in 1999, Abrams worked at Seth Klarman?s Baupost Group for 10 years. In the nearly 12 years since Abrams started his fund he has achieved an annualized return of around 20 percent (net of fees).
Abrams likes concentrated bets on a few good picks. He had only eleven different positions in his 13F portfolio at the end of March. He believes great companies with great management. At Wharton Investment Management Club's Speaker Series Abrams stated that "Good jockeys will do well on good horses, but not on broken down nags."
In the first quarter of 2011, Abrams sold out 1 security and bought 3 new securities. During that quarter, Abrams
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