BAUPOST LETTER 2012 PDF

Brian Spector leaving Baupost, Business Insider excerpts from his final letter Seth Klarman described Spector as “an Baupost Shareholder Letter. The Baupost Fund is managed with the intention of earning good absolute returns on the year-end shareholder letter of legendary investor Warren Buffett as. The Baupost Fund is managed with the intention of earning good absolute has delivered a compound annual return of %, the best such.

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Baupost Group’s Seth Klarman Sees ’50 Shades of Value’ in The Market

Klarman argues that the Antifragile approach means that the market can be unpredictable but stil follows a business cycles, which are artificially masked when over-zealous governments get into action. This is in line with thoughts of Warren Buffett who has also said that media scrutiny of investments can do more wrong than good.

The even bigger danger sign than the quantitative easing itself is the ease with which investors react to it and take it as a commonplace event.

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At the same time there are several indicators that have fallen even lower than levels like, government credibility, labor participation and median bsupost income.

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Currently the firm is wearing a risk-off approach and Klarman reiterates that the Baupost is sticking to the traditional ways of investing. The letter recounts the many big incidents that have moved markets in the last few years.

Subscribe to ValueWalk Newsletter. Klarman explained that he follows the investment philosophy of Graham and Dodd and prides himself on maintaining a handsome cash balance 33 percent on average. He also notes that despite of the volatility in U. In his year-end letter, Klarman criticizes the hyperactivity of the governments these days and said that this new approach to moving bbaupost and shotgun investing was not covered in his book. Klarman comments that the mindset of the current leadership is blindly ignorant while the business community has also shied away from worrying about the time when Fed ceases easing, increases interest rates and governments start selling the trillions they have accumulated in securities bauopst bonds.

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On a brighter note, Klarman is optimistic about the U. Moreover the budget defect keeps mounting up without any foreseeable means of funding except for taking more money. He comments that as the indirect result of the fiscal easing policies, U.

In an attempt to anchor the institutions that failed in crisis, it seems the U.

The managers will not indulge in following the herd but bsupost focus on protecting the capital of investors. We respect your privacy no spam ever. As mentioned in an earlier post, Baupost profited in its holdings in Greek sovereign debt. Seth Klarman, founder of the hedge fund, in his year end letter, commented on how the market has changed dramatically over the last few years.