BAUPOST 2011 ANNUAL LETTER PDF

Dear Baupost Fund Shareholder,. We are pleased to report a gain . of all dividends. m arketfolly. Click here to read more hedge fund letters at MarketFolly. com. Seth Klarman Shareholder Letter March 4, at am by. I found some great excerpt from Seth Klarman’s Annual Letter (H/T to. During the financial crisis, Seth Klarman’s funds lost somewhere between 7% and . Letters – · My Favorite Quote from Baupost’s Annual Letter.

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In this environment, the chaos is so extreme, the panic selling so urgent, that there is almost no possibility that lteter are acting on superior information.

The business climate is more volatile now. Notes from the Wharton Restructuring Conferen Do you like it better?

In his most recent letter to investors, Third Avenue Management’s Marty Whitman discusses this topic at length. However, the developments in technology over the past 80 or so years since Benjamin Graham started teaching znnual the Columbia Business School, have seriously changed the way equity and debt markets operate. That is somewhat a special circumstance. According to a lecture given by Bruce Greenwald: Next is Greg Alexander.

Distressed Debt Investing: My Favorite Quote from Baupost’s Annual Letter

Covenant Analyst Capital Structure Arbitrage: The availability of information has also reduced the amount of mispriced securities there are available in the market place. Some of this is a function of selling some winners letetr in the month. Results of its Aucti The fact of the matter is that buying a well followed, well covered large cap stock as an individual investor that may look cheap in an overbought market could produce good relative returns i.

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A country of security analysts would still overreact.

Seth Klarman Shareholder Letter

The average person would have an incredibly hard time competing. For simplicity less say best case is a par recovery: A follow-up question was asked: If you’re looking for more recent market commentary from the value investor, we also posted up excerpts from Klarman’s letter. Operations not meeting these requirements are speculative. Also, do you dig into the level of looking at how their reserves trend and comparing it to competitors?

I’m playing against the general investment public the proliferate Yahoo! I also “riding the tide” as it were as many funds cannot invest in small bankrupt companies they can’t get any substantial size to move the needle and many people shrug these investments off. A special emphasis, like we’ve seen in past years, was on the process, culture, and modus operandi of Baupost. This philosophy is implemented with a bottom-up value investment strategy whereby we hold only those securities that are significantly undervalued, and hold cash when we cannot find better alternatives.

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 of opportunity as a major part of what we do—identifying where we are likely to find bargains.

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Hi – Love your blogs. Bonds will have make wholes where issuer needs to pay you for the missed interest payments if they take you out early.

Seth Klarman Resource Page

About Me I have spent the majority of my career as a value investor. The Wizard of Lies. While some of the investment specific information is obviously dated, the wisdom Klarman shares on how to evaluate markets is timeless.

How would you handle the following situation? In a bull market, anyone…can do well, often better than value investors. On the flip side, a big win would be a pull to par and possible more depending if you get cheap equity i.

Follow Us On Twitter Tweets by marketfolly. For the past 8 years, I have worked on the buy side as a distressed debt and high yield investor.

Seth Klarman Shareholder Letter 2010

Very curious to know whick bk equities youre invested in. I often gets asked what my personal investment portfolio looks like. In his preface to Security Analysis: Can you please provdie example of PA postions in each of the following categories?