We be- lieve this decline will be more than fully reversed in the future based on improved business perfor- mance. At the current level, the shares trade at a price approximately equal to net current assets; the company is involved in a number of projects that could very positively impact results in the second half of and beyond. Dep Corporation, while statistically cheap, did not perform in accordance with our expectations. The company overpaid for an acquisition and their debt load from the acqui- sition left little operating flexibility. Other leading declines, such as TLC Beatrice and Semi Tech Global, reflect temporary market fluctuations that have resulted in these undervalued situations becoming even more undervalued. We believe that both these situations have great upside potential with little downside risk.
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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. Share Tweet For exclusive info on hedge funds and the latest news from value investing world at only a few dollars a month check out ValueWalk Premium right here.
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2016 Baupost Group Annual Letter
Risk[ edit ] It was reported that the Baupost Group does not use leverage in its investments with the exception of real estate where for every one dollar invested the Baupost Group used one dollar of leverage. Walnut Place LLC et al. If the settlement were to be increased The Baupost group stands to make gains on bonds that they bought at very low values. It is unclear why the Baupost Group did not use their real name in the suit. Natural resource extraction in Melancthon, Ontario, Canada[ edit ] In Baupost Group formed Highland Companies, a Nova Scotia -based corporation that began buying farmland in Melancthon Township , approximately kilometres north of Toronto , Ontario , purportedly for the purpose of farming. Having amassed over 7, acres by early , then being actively farmed by Highland Companies, the Company submitted an application for a 2,acre Amabel dolomite mega-quarry.
Hedge Fund Letters