Baupost’s 2014 Letter To Investors: A Tale Of Two Halves

“Credit expansion is the government’s foremost tool in their struggle against the market economy. In their hands it is the magic wand designed to conjure away the scarcity of capital goods, to lower the rate of interest or to abolish it altogether, to finance lavish government spending, to expropriate the capitalists, to contrive everlasting booms, and to make everybody prosperous.” — Ludwig von Mises, 1940 (German)/1949 (English) Continuing ValueWalk’s coverage of Seth Klarman’s 2014 year-end letter to Baupost’s partners, this two part series will take a look at some of the key themes within Baupost’s year-end letter. Additional ValueWalk coverage…