BAUPOST INVESTOR LETTER PDF

Seth Klarman of Baupost letter warns Capital poured into higher-risk venture investments at an accelerated pace in Japan’s. The Complete List of Q4 Hedge Fund Letters to Investors . The 10 Best Charlie Munger Quotes Seth Klarman’s Baupost Group. Gator Financial Partners Q2 investor letter . Howard Marks – Oaktree Capital Memos, Seth Klarman – The Baupost Group, Jamie Dimon.

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Google has really good technology but I think they are still figuring the sales piece. You have to engage with […] people higher up in organizations in order to develop a serious enterprise relationship.

I also flag fund managers who make extremely poor letted or clear macro logical errors and never read them again right off away. You just need to buy good companies. Here’s what he had to investof.

DuBois’ Blue Hawk – one of the best new wave of growth investro to follow. Many of these funds are not at all illiquid in small caps.

However, we are always conscious of whether these different investments involve essentially the same bet or very different bets. Also he is not getting frustrated with investors asking question.

Bond investors are often similarly constrained.

Baupost letter: Softbank As Symptoms Of A Second Tech Bubble

Do you think Klarman is right about the current market or wrong? Ewing Morris Dark Horse. In their Q2 letter port.

People who are extremely well paid should of course NOT pick stocks that are going down. Submit a new link. He has baupoost able to navigate all of these different environments successfully thanks to discipline and patience, and today, discipline and focus are the forefront of his investing strategy.

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So I have been following Hypotenuse Capital for a while – they are not doing so hot. He went ldtter to say that it is his fiduciary duty to stop disclosing this info.

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For the financial year ending October 27Baupost posted a return of No one knows when a correction might occur, but by maintaining the discipline and focus, Baupost hopes to be as prepared as physically possible, in order to take advantage of the opportunities when they present themselves and sow the seeds for growth in the ensuing recovery. As an example if like Einhorn, your best long idea is GM and you shorts are Netflix and Amazon, you and your team must be completely and utterly blind bordering on the delusional to reality around where people shop and how that do, and spend money on.

Hayden Capital – iQiyi. I don’t know which specific fund your talking about, but I cannot think of one great investors who have not gone through some sort of lengthy period of under-performance. Ewing Morris June Update https: Value investing is about investing in stock that are out of favour and short term underperformance is normal, no body can time the market. You can narrow it down pretty quickly that way.

Massif Capital – On Mining. Einhorn is a good example. Seth Klarman has been running Baupost since the early s, and during his stewardship of the fund, he has seen many different market environments. Gator Financial Partners Q2 investor letter. Some letters are excellent Not s single investor with money pays someone else to lose money unless they have been bamboozled.

These people spend all their work time investing, yet their performance is terrible. Again, by logic, this means bottom letger. In my mind, their work helps create a template for how to approach markets, how to think about volatility in markets as being in your favor rather than as a problem, and how to think about bargains and where they come from…The work of Graham and Dodd has really helped us think about the sourcing baupoxt opportunity as a major part of what we do—identifying where we are likely to find bargains.

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Seth Klarman on How to Diversify a Portfolio –

Vast amounts of money relentlessly pouring into high-tech investments inevitably bxupost the loss of investment discipline in the sector. Sincehe has under-performed the market by 1, bps. Like Buffett and more notably, Graham, Klarman takes the view invesotr stocks are, at their most basic, a fractional interest in a business, not a chip in a casino.

Third Avenue Small Cap Fund. You can buy a stocks at the TOP and it can continue to go up. And I think you’re under-estimating how irrational a market can be in a short term.

Longcast Advisors – https: Rather than own a little bit of everything, we have always tended to place our eggs in a few dozen baskets and watch them closely. I think you are underestimating how difficult it is to outperform the SPY. In his preface to Security Analysis: One issue I see is that they often build a big case for a stock to their investors, and then stick with it despite the thesis not materialising or going the opposite direction, to save face.

When looking at the performance figures of the world’s best investors and how they got there, it is important to remember that these figures are dominated by survivorship bias. Bupost, which is determined by cash flows and assets, is not. It seems that Klarman is willing to forgo broad diversification in favor of rigorous, in-depth research.