“Surreal doesn’t even begin to describe this moment,” Seth Klarman noted in his second-quarter letter to the Baupost Group investors.
Commenting on the market developments over the past six months, the value investor stated that events, which would typically occur over an extended time frame, had been compressed into just a few months. He noted that a 34% decline in the S&P 500 from late February to mid-March was almost entirely reversed in a “dizzying degree” of volatility that may not yet be over.
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