BAUPOST INVESTOR LETTER PDF

He wanted people to read it. A good portion of the letter is on Trump. Klarman warn us about a Trump presidency. His shareholder letters are not like reading a personal email he sent to somebody. Publishing something like that would clearly be in violation of privacy and other rights. He knew that his letter was going to be leaked.

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He wanted people to read it. A good portion of the letter is on Trump. Klarman warn us about a Trump presidency. His shareholder letters are not like reading a personal email he sent to somebody.

Publishing something like that would clearly be in violation of privacy and other rights. He knew that his letter was going to be leaked. Why did I think I was doing the right thing? In his letter he share his thoughts on the current state of the market and investment philosophy. You can learn a lot and will make you a better investor. As mentioned his letter got taken down on this blog. Not sure how that makes it legal.

Anyway, people who want to read his letter will find it and read it. Baupost Group has a reputation for being extremely private. I like that and I respect that. But when he comes out in the media, it creates an impact.

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2016 Baupost Group Annual Letter

As always, he seems to have a cautious stance. Below are further excerpts from the letter that are more investment-focused. We will not complain about this; indeed, we see it as an opportunity. These are levels that traditionally occur closer to market bottoms than tops. The recent selloff likely presented a buying opportunity — you can go years without seeing such valuations — but not across the board and not one for the faint of heart. The Baupost founder also expressed another area of concern: "Moreover, we have been increasingly worried that the U.

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Baupost Capital 2018 Q4 Investor Letter

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