"Even as value investors have struggled in recent years to navigate lofty valuations," Seth Klarman writes in his full-year 2017 letter to investors Baupost, "another significant challenge has emerged. In particular, the business environment is evolving in a way that makes fundamental analysis for many companies more uncertain than ever."
Seth Klarman's letter, a copy of which has been reviewed by ValueWalk, covers many topics but one of the more interesting observations from The Margin of Safety author is his current assessment of the environment for value investors in the age of disruption.
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Indeed, disruption is one of the biggest challenges investors face today with every industry...
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