For the 12 months ended October 31, 1997, Seth Klarman's Baupost hedge fund produced a return of 27%, despite holding 20% of its assets in cash during the period.
Over the same time frame, the S&P 500 returned 32%.
The late 1990s was one of the most volatile and tough periods in history to be a value investor.
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At the height of the dot-com bubble, investors rushed to dump any company that was not what part of the new world order. Only a handful of devout value investors continued to pay attention to valuation.
Throughout this environment, Klarman...
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