Baupost Q2 Letter

Seth Klarman: We Are Looking For Egregious Mispricings

When it comes to value investing, there’s one investor that has earned himself a reputation as one of the best value investors alive today. No, it’s not Warren Buffett, but Seth Klarman, who’s value-focused hedge fund, Baupost has produced an annualized return of around 20% over the last three decades. What’s even more impressive about this performance is that Klarman has been able to beat the market with his portfolio 20% allocated to cash on average. On . . .


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