Volatility

Klarman Tells Investors That COFINA Recovery Is Essential For Puerto Rico Success

At the beginning of October, it was reported that Seth Klarman's hedge fund Baupost, had acquired just under $1 billion of Puerto Rican debt (COFINA bonds -- municipal bonds issued by an entity created by the Commonwealth of Puerto Rico in 2006 to securitize future sales tax receipts), a revelation that attracted some interesting responses, which prompted a discussion of the topic in the recent Baupost Q3 Letter, unusual for the secretive hedge fund (in our opinion).


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