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 explained that he follows the investment philosophy of Graham and Dodd and prides himself on maintaining a handsome cash balance 33 percent on average.

Subscribe to ValueWalk Newsletter. 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.

Seth Klarman, founder of the hedge letterr, in his year end letter, commented on how the market has changed dramatically over the last few years. The managers will not indulge in following the herd but will focus on protecting the capital of investors. At the same time there are several indicators that have fallen even lower than levels like, government credibility, labor participation and median household income.

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The letter recounts the many big incidents that have moved markets in the last few years. On a brighter note, Klarman is optimistic about the U.

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

He comments that as the indirect result of the fiscal easing policies, U. This is in line with thoughts of Warren Buffett who has also said that media scrutiny of investments can do more wrong than good. Moreover the budget defect keeps mounting up without any foreseeable means of funding except for taking more money. Never Miss A Story! He also notes that despite of the volatility in U.

As mentioned in an earlier post, Baupost profited in its holdings in Greek sovereign debt. Currently the firm is wearing a risk-off approach and Klarman reiterates that the Baupost is sticking to the traditional ways of investing.

In an attempt to anchor the institutions that failed in crisis, it seems the U. We respect your privacy no spam ever.

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Send me ocassional third party offers Yes No. 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 and bonds.

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. In his year-end letter, Klarman criticizes the hyperactivity of the governments these days and said that this new approach to moving markets and shotgun investing was not covered in his book.