At year end , Baupost Group had AUM of $approximately $30 billion. . tember and by the time Klarman wrote his letter to investors during December, the. Baupost Letter Excerpts. “Born Bulls”. In the face of mixed economic data and at a critical inflection point in Federal Reserve policy, the stock market. In , LCH Investments NV listed Baupost as the fourth-most successful fund in investment performance. In , Klarman told his investors.

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The question that Seth Klarman poses is one to reflect upon. My wife and I are Christians and our focus is to love God and love people. But what is the right multiple to play on juiced corporate earnings?

Value Investing World: Seth Klarman letter excerpts and summary

When others are recklessly confident and buying aggressively, we should be highly cautious; when others are frightened into action or panic selling, we should become aggressive. Seth Klarman of Baupost is clearly skeptical of two big themes today. As investors look at all the profits taken in recent years, their mouths bakpost be watering.

So based on the latest annual letter, here are 3 key takeaways you should know and the implications involved. We are proud supporters of Compassion and are grateful to be sponsoring 8 children.


Baupost Group Q3 Letter

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The information on this site, and in its related blog, email and newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. Before I continue on about Klarman, please click on the image below to download a PDF version of this article. Is the expensive price justified to enter now at the market? We are ordinary people and understand that we cannot change the world, but we can try.

It is a stock grader, value screener, and valuation tools for the busy investor designed to help you pick stocks 4x faster.

Howard Marks wrote in one of his memos. Box Mercer Island, WA Call me crazy, but our dream is to one day sponsor 1, children around the buapost. Thank you for helping us achieve this one child at a time. Check out notes from his annual letter here and here. Right now, the Shiller PE reflects a value that is Past performance is a poor indicator of future performance.


A skeptic would have to be blind not to see bubbles inflating in junk bond issuance, credit quality, and yields, not to mention the nosebleed stock market valuations of fashionable companies like NetflixInc.

Baupost Group Q3 Letter

This is related to what Bruce Greenwald means when talking about earnings power value. According to simple metrics, such as return ON capital, the company may be making a killing. But this difference is going to make many investors pour money into ketter assets and taking on unnecessary risks.

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He walks the walk. Under no circumstances does any information posted on OldSchoolValue.

Without question, QE has initiated a search for yield that impacted nearly every market available to investors.