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Seth Klarman March 2009 video


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Klarman (and Watsa) seem to me head and shoulders above many of the value apostles.  Of course Buffet being Jesus, Munger the Holy Ghost, and Ben Graham being God.

 

When I compare Klarman's ideas in that video and in the most recent OID to, say, Berkowitz's in the recent OID, it just seems like Klarman's ideas are much better and more diverse.

 

 

 

 

 

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Does anyone know what the returns of Baupost are 2002-2008? According to http://www.scribd.com/doc/14612126/BaupostFundLetters?secret_password=3mahest939sll7q8nx0 the returns for 1990-2001, compared to S&P are:

 

            Baupost    S&P

12/14/90 $50,000.00 $50,000.00

04/30/91 $50,000.00 $50,000.00

04/30/92 $54,757.07 $57,018.44

04/30/93 $65,132.71 $62,282.25

04/30/94 $73,877.69 $65,594.76

04/30/95 $79,846.02 $77,050.60

04/30/96 $90,320.94 $100,330.12

04/30/97 $112,676.72 $125,546.87

04/30/98 $146,526.23 $177,105.14

04/30/99 $119,738.49 $215,753.50

04/30/00 $131,635.70 $237,605.28

04/30/01 $167,244.13 $206,783.48

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turar-

 

Not sure what Baupost's returns are from 01 on. But keep in mind that those returns you listed are from ONE of Baupost's funds (not the original one). Although he underperforms for this 10+ year period, I think you can infer that the fund must have had fairly large outperformance over the last 7 years. You can see that even in '00/'01 the fund owned a lot of market puts and hedges, which would have had a huge relative impact in '02.

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