Among the 20 most-viewed portfolios on Stockpickr.com is the Seth Klarman - Baupost Group portfolio, which reportedly has had annualized returns of about 20% per year since inception. It seems appropriate that this money manager is worth closer examination, due to the recent market correction and because Seth Klarman has been quoted as saying: "The Baupost Group seeks situations triggered by urgent, panicked, or mindless selling."

Klarman started Baupost, with $27 million under management, shortly after graduating from Harvard with an MBA in 1982. He is now managing about $5 billion. As of August of 2006, Klarman has returned 6,133% net of fees since starting the fund. He is also author of the out-of-print book Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor.

One of the stocks that Klarman owns is Rupert Murdoch's company, News Corp. (NWS-A), the world's largest media conglomerate company, by market capitalization, with segments in Filmed Entertainment, Television, Cable Network Programming, Direct Broadcast Satellite Television, magazines and inserts, newspapers, book publishing and miscellaneous media. News Corp. is the company that last year purchased Dow Jones, publishers of the Wall Street Journal, for approximately $5.6 billion. Its NBC network division just reported that it sold about $1.9 billion in “upfront” advertising sales for the fall season. The stock has a P/E of 10, a PEG of 0.89 and a yield of 0.7%.

News Corp. is also owned by Eton Park Capital, a hedge fund founded in 2004 by Eric Mindich. Previously, he worked for Goldman Sachs, where he became the youngest partner at age 27. Eton Park also owns Merrill Lynch (MER), which has a forward P/E of 7; Goodyear Tire & Rubber (GT), with a P/E of 5; and VeriSign (VRSN), with a forward P/E of 24.

Another company that the Klarman - Baupost Group owns is WellPoint (WLP), the commercial health benefits company and the largest member of the BlueCross BlueShield Association. The company just announced that employees received an increase in their annual bonuses this year due to a new program that monitors care for their patients. Its earnings call is scheduled for Wednesday, July 23. The stock has a P/E of 9 and a PEG of 0.65.

WellPoint is also owned by the Fairholme Fund, a five-star-rated fund managed by Bruce Berkowitz. It looks for stocks with long-term capital-appreciation potential that are selling at significant discounts to their perceived value. It has had an average annual return of 20.2% over the last five years. Fairholme also owns Canadian Natural Resources (CNQ), with a P/E of 17, and Sears Holdings (SHLD), with a P/E of 19.

Linn Energy (LINE) is another security owned by Klarman. This developer of oil and gas properties just sold about $256 million of senior notes due 2018. The stock has a P/E of 12, a PEG of 1.5 and a yield of 9.9%.

Linn is also owned by Leon Cooperman, formerly with Goldman Sachs and the founder of Omega Advisors, a $4.5 billion hedge fund. Cooperman also owns Mirant (MIR), with a P/E of 6, and Atlas America (ATLS), with a PE of 61.

For the rest of Klarman’s holdings, check out the Seth Klarman - Baupost Group portfolio at Stockpickr.com.