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Baupost Navigates a Tough, Yet Still Profitable, 2012

Despite a dearth of new investment opportunities, Seth Klarman’s Boston firm finished up 7 percent from last year.

       Baupost's Seth KlarmanAbout a year ago, Seth Klarman, founder and president of Baupost Group, wrote in his year-end letter to clients that 2011 was like “playing a great hand of cards in the basement of a condemned building filled with explosives during an earthquake.” Last year was nothing so perilous. Entering

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