Guest Posted March 10, 2014 Share Posted March 10, 2014 Hey indy, I sent you a PM the other day. Did you receive it? Link to comment Share on other sites More sharing options...
Shawn Posted March 10, 2014 Share Posted March 10, 2014 This is the largest excerpt I've seen yet: http://www.gurufocus.com/news/250403/seth-klarman-2013-letter-to-investors-the-truman-show That was a good read, very fascinating. I think he's right and I think he's on to something. Should it come to life, it may present some great buying opportunities. I swear Prem said the same thing at last year's shareholder meeting with regards to global markets and there not being enough productivity to supplement growth. Link to comment Share on other sites More sharing options...
indythinker85 Posted May 20, 2014 Author Share Posted May 20, 2014 Klarman buying up Greek banks http://www.valuewalk.com/2014/05/baupost-letters-2014/ Link to comment Share on other sites More sharing options...
muscleman Posted May 20, 2014 Share Posted May 20, 2014 Klarman buying up Greek banks http://www.valuewalk.com/2014/05/baupost-letters-2014/ These Greek banks have been a mystery to me. What is so good to buy at 60% of common tangible book for a bank that has 30% NPA? I have BPOP and I am much more comfortable with it than these Greek banks. Why is Prem and Klarman buying? ::) Link to comment Share on other sites More sharing options...
KCLarkin Posted June 9, 2014 Share Posted June 9, 2014 Looks like he should have put his excess cash into IDIX. Lordy. http://www.cnbc.com/id/101728450 Link to comment Share on other sites More sharing options...
rukawa Posted June 10, 2014 Share Posted June 10, 2014 That was a good read, very fascinating. I think he's right and I think he's on to something. Should it come to life, it may present some great buying opportunities. I swear Prem said the same thing at last year's shareholder meeting with regards to global markets and there not being enough productivity to supplement growth. Except that Klarman and Prem believe in precisely opposite things. Klarman is betting on hyper-inflation and Prem is betting on deflation. My personal view is that neither is right now likely. My only worry is Janet Yellen. I think she is an idiot. A really stupid idiot. And it scares me that she is running the Fed. Luckily there are other Fed governors. But she really scares me. Link to comment Share on other sites More sharing options...
muscleman Posted June 10, 2014 Share Posted June 10, 2014 That was a good read, very fascinating. I think he's right and I think he's on to something. Should it come to life, it may present some great buying opportunities. I swear Prem said the same thing at last year's shareholder meeting with regards to global markets and there not being enough productivity to supplement growth. Except that Klarman and Prem believe in precisely opposite things. Klarman is betting on hyper-inflation and Prem is betting on deflation. My personal view is that neither is right now likely. My only worry is Janet Yellen. I think she is an idiot. A really stupid idiot. And it scares me that she is running the Fed. Luckily there are other Fed governors. But she really scares me. What made you think she is bad? Link to comment Share on other sites More sharing options...
sys Posted June 10, 2014 Share Posted June 10, 2014 My only worry is Janet Yellen. I think she is an idiot. that seems pretty unlikely. Link to comment Share on other sites More sharing options...
jay21 Posted June 10, 2014 Share Posted June 10, 2014 That was a good read, very fascinating. I think he's right and I think he's on to something. Should it come to life, it may present some great buying opportunities. I swear Prem said the same thing at last year's shareholder meeting with regards to global markets and there not being enough productivity to supplement growth. Except that Klarman and Prem believe in precisely opposite things. Klarman is betting on hyper-inflation and Prem is betting on deflation. My personal view is that neither is right now likely. My only worry is Janet Yellen. I think she is an idiot. A really stupid idiot. And it scares me that she is running the Fed. Luckily there are other Fed governors. But she really scares me. Can you post anything from Klarman from the last year or 2 about him being worried about hyperinflation? Sorry if it's a link already in thread, I just do not remember him saying that. Link to comment Share on other sites More sharing options...
peter1234 Posted June 10, 2014 Share Posted June 10, 2014 From his speech at Jim Grant's conference: “There will be a day when the world looks very different, so when we rack our brains – how we might protect ourselves – we’re looking for cheap optionality. Rates will be higher at some point,” he said, according to a transcript of the speech. “I don’t know where rates would be if not for all this QE and bond buying and expansion of the Fed balance sheet. So what we come up with over and over is gold, the one place you probably want exposure.” Link to comment Share on other sites More sharing options...
Ham Hockers Posted June 10, 2014 Share Posted June 10, 2014 “I don’t know where rates would be if not for all this QE and bond buying and expansion of the Fed balance sheet. So what we come up with over and over is gold, the one place you probably want exposure.” Are treasury prices (rates) more influenced by the incremental purchase of new issues or by the willingness to hold the currently outstanding stock? I don't know the answer for sure, but one of these has been more correct over the past several years. Link to comment Share on other sites More sharing options...
fareastwarriors Posted June 13, 2014 Share Posted June 13, 2014 Baupost Buys Stake in LNG Developer Looking at More Projects http://www.bloomberg.com/news/2014-06-13/baupost-buys-stake-in-lng-developer-looking-at-more-projects-1-.html Link to comment Share on other sites More sharing options...
Guest Posted September 19, 2014 Share Posted September 19, 2014 http://www.zerohedge.com/news/2014-09-17/seth-klarman-we-are-recreating-markets-2007 Most recent letter. Link to comment Share on other sites More sharing options...
innerscorecard Posted September 19, 2014 Share Posted September 19, 2014 http://www.zerohedge.com/news/2014-09-17/seth-klarman-we-are-recreating-markets-2007 Most recent letter. I enjoyed the letter. Thanks for the link. But I had to copy and paste it into MS Word and remove all formatting. I couldn't read it with Zero Hedge's sensationalist bolding and underlining. Link to comment Share on other sites More sharing options...
Guest Posted May 8, 2020 Share Posted May 8, 2020 anyone find it funny that Klarman was more bearish in 2010 than he is now (returning money then vs raising in March) but Buffett is way more bearish now? https://www.marketwatch.com/story/baupost-returning-some-money-to-investors-2010-11-10 Link to comment Share on other sites More sharing options...
jschembs Posted May 8, 2020 Share Posted May 8, 2020 anyone find it funny that Klarman was more bearish in 2010 than he is now (returning money then vs raising in March) but Buffett is way more bearish now? https://www.marketwatch.com/story/baupost-returning-some-money-to-investors-2010-11-10 Do you have a link to Klarman's recent musings? I do find it interesting to see Munger and Buffett signaling in their respective ways (Munger more overtly, Buffett more covertly) a real concern. From Munger's 4/17 WSJ interview: “I do think, sooner or later, we’ll have an economy back, which will be a moderate economy. It’s quite possible that never again—not again in a long time—will we have a level of employment again like we just lost. We may never get that back for all practical purposes. I don’t know.” Link to comment Share on other sites More sharing options...
Guest Posted May 8, 2020 Share Posted May 8, 2020 This is pretty much all I know: https://www.bloomberg.com/news/articles/2020-03-19/klarman-sees-bargains-baupost-seeks-more-capital-during-chaos Link to comment Share on other sites More sharing options...
Ballinvarosig Investors Posted May 15 Share Posted May 15 https://www.dataroma.com/m/hist/p_hist.php?f=BAUPOST Klarman's US equity exposure at the lowest level in over ten years. Link to comment Share on other sites More sharing options...
fareastwarriors Posted June 27 Share Posted June 27 Baupost Cuts Almost a Fifth of Investing Staff in Record Cull Seth Klarman’s Baupost Group dismissed about 19% of the hedge fund’s investing team in a shakeup of its real estate and equities units — the largest cull in the firm’s 42-year history. The move affected 11 of 59 investing personnel, with the cuts distributed roughly evenly between the two businesses, according to a letter sent to investors Thursday and seen by Bloomberg. Link to comment Share on other sites More sharing options...
Gregmal Posted June 28 Share Posted June 28 50 minutes ago, fareastwarriors said: Baupost Cuts Almost a Fifth of Investing Staff in Record Cull Seth Klarman’s Baupost Group dismissed about 19% of the hedge fund’s investing team in a shakeup of its real estate and equities units — the largest cull in the firm’s 42-year history. The move affected 11 of 59 investing personnel, with the cuts distributed roughly evenly between the two businesses, according to a letter sent to investors Thursday and seen by Bloomberg. What an asshole. He s sucked for an eternity and now just doesn’t want to pay people he can clearly afford to keep. Guess that 4-5% yielding cash wasn’t doing it for him. Link to comment Share on other sites More sharing options...
Cevian Posted June 29 Share Posted June 29 I have my doubts on whether Baupost has really outperformed over time. I think Seth is a marketing genius though. For instance, I don't believe he himself has ever said he has outperformed the market but, somehow, such image has been built slowly over the years. I remember an interview for example where he implied it was a conscious decision not to re-publish his book "Margin of Safety" since it had a cult-like following and had been a good marketing tool. Also, the secrecy behind the annual letters, the "leaks" that happen from time to time, going after websites which publish the letter, has created this aura of mystery and genius. Every interview starts with "Legendary Investor" but, again, he's never claiming that but the interviewer on CNBC. I would love to be proven wrong if his annual performance numbers were ever revealed. As with other investor who are, wrongly, seen as investor gurus, the only reason it bothers me is because it dupes people into investing with them for the wrong reasons. Link to comment Share on other sites More sharing options...
scorpioncapital Posted June 29 Share Posted June 29 He seems too focused on value (sometimes involving too much debt or lack of growth) to the point of falling for value traps. Then he had some biotech investments which I never understood - too random and how does it mesh with value anyway? Perhaps a focus on growth , even GARP might have been better? Then again, big size of the company might also be an issue. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now