After a Tough Year, Klarman Accentuates the Negative

The Baupost chief pinpoints weaknesses in equity, debt and commodities markets, and suggests unicorns may be a bubble. Where is the line between action and inaction?

Seth Klarman (Bloomberg)

Seth Klarman is bearish. Frighteningly bearish.

While several reports have already highlighted that his Boston-based Baupost Group posted a decline in the mid-single digits last year — its first loss since 2008 and only the third since the firm’s 1982 inception — seemingly overlooked is the anxiety exhibited by Klarman over some key markets in...

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