Seth Klarman’s 2021 Letter: Baupost’s “Never-Ending” Hunt For Information

Baupost’s investment process involves “never-ending” gleaning of facts to help support investment ideas Seth Klarman writes in his end-of-year letter to investors. In the letter, a copy of which ValueWalk has been able to review, the value investor describes the Baupost Group’s process to identify ideas and answer the most critical questions about its potential investments. To make the best possible decisions, investors must seek facts and truth in an “intellectually honest” and unbiased way. Finding the answers to the most important questions is essential, as, without the answers to these questions, investors are flying blind. Generating information Whenever Baupost…