nickenumbers Posted January 31, 2021 Share Posted January 31, 2021 Does anyone have the Baupost [seth Klarman] recent letter dated 1/2021, on the 2020 year? Or, does anyone know when it will be coming out? Thank all! Link to comment Share on other sites More sharing options...
Guest Posted February 1, 2021 Share Posted February 1, 2021 It's out. I've not read it. I can't say I've ever found anything really valuable from the letters though. https://www.ft.com/content/9c3ecb09-c4bd-4066-a462-af496725105d Link to comment Share on other sites More sharing options...
changegonnacome Posted February 3, 2021 Share Posted February 3, 2021 Any sign out there - usually floating around by now Link to comment Share on other sites More sharing options...
rational advisor Posted February 6, 2021 Share Posted February 6, 2021 Nicken - were you able to track down a copy of Bauposts letter? Link to comment Share on other sites More sharing options...
nickenumbers Posted February 6, 2021 Author Share Posted February 6, 2021 Rational Advisor, No. One of the cobf members on this thread kindly pasted a link to the Financial Times, but it wasn't the letter. It also had a paywall and I don't subscribe to FT. So, no, I haven't seen the complete letter. If you have a link or a method to it, let me know. Thank you. PS- Worst case, it will turn up at some point. Link to comment Share on other sites More sharing options...
mattee2264 Posted February 6, 2021 Share Posted February 6, 2021 https://nypost.com/2021/01/21/seth-klarman-likens-investors-to-frogs-slowly-boiling-in-a-pot/ The NY post has some quotes from the letter and I don't think it is behind a paywall. Link to comment Share on other sites More sharing options...
shamelesscloner Posted September 16, 2021 Share Posted September 16, 2021 I'd love to see the historical performance of Baupost to date if anyone has access to that info? Link to comment Share on other sites More sharing options...
Guest Posted January 31, 2022 Share Posted January 31, 2022 Looks like the 2021 letter is out. https://www.forbes.com/sites/jacobwolinsky/2022/01/28/heres-how-seth-klarmans-baupost-is-tackling-investing-during-the-pandemic/?sh=55f3ffd47c0f Let me guess, he's underperformed but blamed covid and/or some other things. But, they're working very hard and will maintain discipline? This is a jewel of insight about the "new definition of value investing" "includes any investment, whether growing or not, whose current price is materially below its underlying value." Link to comment Share on other sites More sharing options...
Gregmal Posted January 31, 2022 Share Posted January 31, 2022 Yup. Klarman is another clown. “I’m smarter than everyone else and my underperformance is better and more sophisticated than your outperformance so don’t question me and don’t you dare publish my letters”…LOL Link to comment Share on other sites More sharing options...
Guest Posted January 31, 2022 Share Posted January 31, 2022 11 minutes ago, Gregmal said: Yup. Klarman is another clown. “I’m smarter than everyone else and my underperformance is better and more sophisticated than your outperformance so don’t question me and don’t you dare publish my letters”…LOL Yep if the letters (and performance) become well known, the mystique is gone. Klarman, Pabrai and whoever else. It's really hard to make millions (or billions!) of dollars if everyone realizes a simple index has done better. Link to comment Share on other sites More sharing options...
Gregmal Posted January 31, 2022 Share Posted January 31, 2022 Yea not to mention that none of these guys are transparent at all about how they even made their money to begin with. Most of them were given money from mom and dad or made it doing sleazy shit and really if you never once had to worry about the basic shit 95% of normal folks do, “managing money” is easy. IMO how and when folks get their first mil or two changes everything. The Einhorns of the world who graduated Ivy League and then were given a half mil to play with didn’t earn shit and never had to deal with real adversity. Can’t imagine life was too tough for the Klarmans of the world either. Link to comment Share on other sites More sharing options...
ValueArb Posted January 31, 2022 Share Posted January 31, 2022 How did he do in 2007-2008? I can forgive someone with his style trailing during a big bull market, but isn't the point of his approach to outperform during bear markets/ Link to comment Share on other sites More sharing options...
Gregmal Posted February 1, 2022 Share Posted February 1, 2022 21 minutes ago, ValueArb said: How did he do in 2007-2008? I can forgive someone with his style trailing during a big bull market, but isn't the point of his approach to outperform during bear markets/ We hear it all the time from bear oriented funds….why should we care about one year? Especially 15 years ago…. Link to comment Share on other sites More sharing options...
thepupil Posted February 1, 2022 Share Posted February 1, 2022 3 hours ago, Gregmal said: Yea not to mention that none of these guys are transparent at all about how they even made their money to begin with. Most of them were given money from mom and dad or made it doing sleazy shit and really if you never once had to worry about the basic shit 95% of normal folks do, “managing money” is easy. IMO how and when folks get their first mil or two changes everything. The Einhorns of the world who graduated Ivy League and then were given a half mil to play with didn’t earn shit and never had to deal with real adversity. Can’t imagine life was too tough for the Klarmans of the world either. gregmal you are ranting for the sake of it. Klarman’s start up capital source is on…Wikipedia. Klarman got his startup $$$ from his HBS professors and he earned the carry from there https://en.m.wikipedia.org/wiki/Seth_Klarman Link to comment Share on other sites More sharing options...
thepupil Posted February 1, 2022 Share Posted February 1, 2022 4 hours ago, stahleyp said: Yep if the letters (and performance) become well known, the mystique is gone. Klarman, Pabrai and whoever else. It's really hard to make millions (or billions!) of dollars if everyone realizes a simple index has done better. Do you think Bauposts’ LP’s are unaware of the index’s performance? Link to comment Share on other sites More sharing options...
Gregmal Posted February 1, 2022 Share Posted February 1, 2022 Assuming HBS stands for…… Harvard Business School…then that’s kind of my point. None of these guys did real work or grinded through shit jobs saving their $100k a year for 5+ years hoping to launch their funds. They never put up with being shit on by bosses while working 12 hours a day. They were just given it. Link to comment Share on other sites More sharing options...
thepupil Posted February 1, 2022 Share Posted February 1, 2022 Is suffering through adversity a prerequisite for managing money? I don’t understand your point. does anyone in finance “do real work”? Link to comment Share on other sites More sharing options...
bennycx Posted February 1, 2022 Share Posted February 1, 2022 3 minutes ago, Gregmal said: Assuming HBS stands for…… Harvard Business School…then that’s kind of my point. None of these guys did real work or grinded through shit jobs saving their $100k a year for 5+ years hoping to launch their funds. They never put up with being shit on by bosses while working 12 hours a day. They were just given it. sad you just spelt out my life :] Link to comment Share on other sites More sharing options...
thepupil Posted February 1, 2022 Share Posted February 1, 2022 FWIW I know many managers from extremely privileged backgrounds and a few from less privileged backgrounds (I see no correlation to performance) Link to comment Share on other sites More sharing options...
Gregmal Posted February 1, 2022 Share Posted February 1, 2022 Eh I guess my gist is that they’re spoiled brats who have these big egos and shrouds of secrecy, generally don’t like being transparent, and I find it odd people give a shit what they do or say because you can look at the results and see a lot of it doesn’t add up or that they make their money in deals normal people can’t do. There’s rarely anything replicable you can learn from their investment styles(other than being extremely arrogant and entitled) and even less from how they are as people. So when I see these “ooh what did Seth do?” Or “why did monish sell?” “Eihnorn just bought XYZ” stuff it’s like who gives a shit. You have enough evidence to conclude the caliber of investor they are and don’t really need to read another quarterly letter making excuses about excess and the Fed and punch bowls and all that “I’m smarter which is why I underperform” crap. Link to comment Share on other sites More sharing options...
Gregmal Posted February 1, 2022 Share Posted February 1, 2022 It’s far easier to respect and learn from people who earned it. Who build their wealth with their own hard work. You know they put their money where their mouth is. They grew from a base that most normal people can relate to. Rather than a privileged Johnny who’s spent his whole life being silver spooned…went to great school mom and dad paid for, never worked a real job, and often when he s wrong throws temper tantrums or blames everyone else which is the big thing I see over and over again with Klarman. His underperformance is always someone else’s fault. Link to comment Share on other sites More sharing options...
thepupil Posted February 1, 2022 Share Posted February 1, 2022 1 hour ago, Gregmal said: It’s far easier to respect and learn from people who earned it. Who build their wealth with their own hard work. You know they put their money where their mouth is. They grew from a base that most normal people can relate to. Rather than a privileged Johnny who’s spent his whole life being silver spooned…went to great school mom and dad paid for, never worked a real job, and often when he s wrong throws temper tantrums or blames everyone else which is the big thing I see over and over again with Klarman. His underperformance is always someone else’s fault. I guess where you see “silver spoon”…I see the son of a smart polish immigrant*, who grew up in a professional but by no means wealthy household, went to the unglamorous Ivy (Cornell) and graduated magna cum laude, then impressed his rich professors at HBS who took a chance on him and proceeded to steward capital very well for 3 decades and has underperformed in the last decade. I mean his first 3 decades of great returns were not “given to him”…he didn’t become a legend for no reason. have you learned anything from the senator’s son from Omaha? *who became a leading economist Link to comment Share on other sites More sharing options...
thepupil Posted February 1, 2022 Share Posted February 1, 2022 https://www.institutionalinvestor.com/article/b1n5nhk92q3g62/I-Can-t-Believe-I-m-Saying-This-But-I-m-Passing-on-Seth-Klarman also if you wants fuel your klarman hate…this is a good article Link to comment Share on other sites More sharing options...
Guest Posted February 1, 2022 Share Posted February 1, 2022 1 hour ago, thepupil said: Do you think Bauposts’ LP’s are unaware of the index’s performance? Oh, I'm sure they're aware. I'm also sure they think they're brillant and feel they have "the guy" with Klarman. Never underestimate what ego will make you think. I don't think most people are aware of his underperformance though. Link to comment Share on other sites More sharing options...
Guest Posted February 1, 2022 Share Posted February 1, 2022 By the way, I believe he underperformed for the first 20 years if memory serves. Link to comment Share on other sites More sharing options...
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