BAUPOST INVESTOR LETTER PDF

Seth Klarman of Baupost letter warns Capital poured into higher-risk venture investments at an accelerated pace in Japan’s. The Complete List of Q4 Hedge Fund Letters to Investors . The 10 Best Charlie Munger Quotes Seth Klarman’s Baupost Group. Gator Financial Partners Q2 investor letter . Howard Marks – Oaktree Capital Memos, Seth Klarman – The Baupost Group, Jamie Dimon.

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When the market started to fall, Klarman profited. That’s what makes it a market. First is Seth Klarman of the Baupost Group, who you will hear from later in the course. Timing is not a viable factor you can consistently depend on, IMHO. Combine the above with political risk, Chinese debt and the Fed removing the punch-bowl, and? In their Q2 letter port. Do you think Klarman is right invesor the current market or wrong?

Nobody likes losing money but baupkst you’re saying does not reflect investing reality. Third is Li Lu. Buffet had a period of 5 years where he under performed during the 90s and he is arguably the greatest stock investor of all time!

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lrtter That is perfectly okay. According to a lecture given by Bruce Greenwald: Stock prices fluctuate and no one can call the exact bottom of a stock price.

Seth Klarman on How to Diversify a Portfolio –

As market valuations have reached all-time highs over the past 12 months, value investors have been faced with a difficult environment. Special Opportunities Fund http: If anyone finds a Mittleman commentary on the Aimia hostile bid, can you send it my way?

It’s also worth noting, no other airline with a rewards program includes the miles redemption liability in their calculation of EV.

Also he is not getting frustrated with investors asking question. I read many of the letter last and was just aghast at the poor performance. When looking at the performance figures of the world’s best investors and how they got there, it is important to remember that these figures infestor dominated by survivorship bias. And if we look back at the list of the wealthiest people of all time, and how they got to that stage, it quickly becomes apparent that by having one substantial investment baupostt is a higher percentage chance of you making an obscene amount of money the list of the world’s wealthiest people today shows this trend in full force.

The people who have not must lerter complete morons considering how many assets and companies have grown massively and over performed the market, at less volatility even.

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invesor Klarman learnt his trade by reading the teachings of Graham and Dodd but over the years his strategy has changed. However, the developments in technology over the past 80 or so years since Benjamin Graham started teaching at the Columbia Business School, have seriously changed the way equity and debt markets operate.

Seth Klarman on How to Diversify a Portfolio

This points up the need to measure our results over an adequate period of time. If you want to win in the enterprise and sell technology to enterprises, it is very important to nail the sales piece of it as well as the technology piece.

Turtle Creek Asset Management: Grants – On Municipal Bonds. If you’re investing in illiquid small caps, dropping 30 percent isn’t unusual regardless of setup.

A collection of Seth Klarman’s Baupost Group Letters

The tariffs to date are quantitatively small by any macroeconomic metric. You can narrow it down pretty quickly that way. US 2y Treasury yields are the most attractive among the G10 economies and even exceed many emerging markets. We have seen this movie before.