This is part two of a multi-part series on Seth Klarman, value investor and manager of Boston-based Baupost Group. Part one can be found here and to ensure you do not miss the rest of the series sign up for our free newsletter.
One of the toughest times for Baupost was the late 90s. While the rest of the market surged, Baupost underperformed and during 1998, the group lost a double-digit percentage, at a time when the wider market was reporting annual gains in excess of 20%.
The following is a timeline of Seth Klarman's letters to Baupost's investors from 1997 to 2001 and shows why value investors should keep a cool head in a rising market, stick...
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