For Seth Klarman's value-focused hedge fund Baupost the early 1990s was a tricky time. According to his letters to investors, between the end of 1990 and fiscal year end of 1996 (October 31), the hedge fund turned every $50,000 invested into $120,585 a compound annual return of 16.17%.
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Any investor would be happy with this sort of return, but Baupost actually underperformed the S&P 500 over this six-year span. Between the end of 1990 and October 31, 1996,...
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