Baupost Q2 Letter

Seth Klarman: Finding Your Investing Edge

You won't be a successful investor if you don't have an investing edge. You won't beat the market if you don't have a strategy that differs from other market participants, you'll either match the market's return or even worse, underperform. However, in a world like Wall Street, where all the participants are highly skilled individuals, finding an investing edge is extremely difficult. Trying to uncover something that the rest of the Street cannot see or understand, requires plenty of research, time and effort.


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The Life and Career of Charlie Munger

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