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 information on this site, and in its related application software, spreadsheets, blog, email and newsletters, is not intended to be, nor does it constitute, investment advice or recommendations.

The information on this site is in no way guaranteed for completeness, accuracy or in any other way. A skeptic would have lettr 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.

Thank you for helping us achieve this one child at a time.

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.

Howard Marks wrote in one of his memos.


My wife and I are Christians and our focus is to love God and love people. Is the expensive price justified to enter now at baipost market?

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 could be watering. He walks the walk.

Value Investing World: Seth Klarman letter excerpts and summary

Fatten your portfolio with our checklists and other value investing resources straight to your inbox. Past performance is a poor indicator of future performance. This is related to what Bruce Greenwald means when talking about earnings power value. So based on the latest annual letter, here are 3 key takeaways you should know and the implications involved.

Before I continue on about Klarman, please click on the image below to download a PDF version of this article.

Baupost Group Q3 Letter

In lerter event shall OldSchoolValue. Pick the best value stocks with our Stock Ranks, screening and valuation tool. Box Mercer Island, WA The question that Seth Klarman poses is one to reflect upon. Check out notes from his annual letter here and here. Without question, QE has initiated a search for yield that impacted nearly every market available to investors.

It is a stock grader, value screener, and valuation tools for the busy investor designed to help you pick stocks 4x faster. We are proud supporters haupost Compassion and are grateful to be sponsoring 8 children. Call me crazy, but our dream is to one day sponsor 1, children around the world.


Under no circumstances does any information posted on OldSchoolValue. 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. Old School Value is a suite of value investing tools designed to fatten your portfolio by identifying what stocks to buy and sell. But this difference is going to make many investors pour money into overvalued assets and taking on unnecessary risks.

Baupost Group Q3 Letter

We are ordinary people and understand that we cannot change the world, but we can try. Use common sense, patience and diligence to protect letterr capital while achieving satisfactory returns. Right now, the Shiller PE reflects a value that is But what is the right multiple to play on juiced corporate earnings?

According to simple metrics, such as return ON capital, the company may be making a killing.