Baupost: Making Use Of Market Inefficiencies To Buy Debt
[klarman]
A number of hedge fund managers and high profile investors have come out to criticize the deteriorating structure of the market over the past twelve months. Most of the complaints have centered around the volatility caused by high-frequency traders and a lack of debt in debt markets as regulators have forced banks out of their traditional market maker roles. In fact, the market's structure has become so fragile since the financial crisis that Bank of America research indicates:
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