Seth Klarman’s hedge fund, the Boston-based Baupost, is one of the most interesting hedge funds around. With around $25 billion to $30 billion of assets under management, it is one of the larger funds in the industry, and it’s also relatively secretive. Baupost targets positive absolute returns year after year, and it is completely unconstrained. It doesn’t have to invest in one sector or asset class. In fact, it dabbles in almost every asset class, from private businesses to esoteric credit instruments and equities. Typically around one-third of the portfolio is cash, but it does not have an asset allocation…
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