The Baupost Group

Yeah.

If it's the shifting class of investors that is defining the next wave of the market, what do their partners need to think about? If you're used to dealing with a Two Sigma or a Baupost or a King Street, and now you're dealing with an Edan Ofer or a Safra or whatnot, how does the equation change for all the parties involved?

From my perspective, and I think probably from yours, it's a good thing because we're bringing characters back.

The rich guys who can swing it around a little bit, who aren't buttoned up and are willing to take risk or do crazy stuff.

But let's move on into the fourth big move coming out of the latest 13Fs, and it is Seth Klarman upping his stake in Amazon.

Baupost added 20% to their Amazon stake, which is right at the top of their portfolio, now occupying 16%, so it is ripping clear in that number one spot.

But interestingly this quarter, I also wanna point out that Bill Ackman, who we spoke about last quarter for buying Amazon, well, he's actually pulled back.

He's reduced his Amazon stake by 25%.

See app for details.

Seth Klarman is a legendary value investor with some $25 billion in assets under management at his Baupost Group.

In 1991, he released a book called Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor, which has become something of a must-read among sophisticated investors.

Unfortunately, it is out of print, and a physical copy costs $2,000 to get from Amazon.

His passion for mathematics and business led him to study economics at Cornell University in New York, followed by completing his MBA at Harvard Business School alongside the likes of Jamie Dimon.

After graduating from Harvard in 1982, he, alongside a Harvard professor and some others, founded the hedge fund Baupost Group.

What started with $27 million provided by Harvard professor William Pauvu has grown into one of the biggest hedge funds in the world with $25 billion of assets under management on the back of 25%-per-year compounded returns since inception.

When I asked Warren Buffett at one point, like people who could beat the market, there's probably about five people who could actually beat the markets over time, and you're one of the names that he, that he listed on that.

Wow.

"You'll get it done." And I was like, "Okay," like, "let's do it." And, you know, ninety days later, we landed a hundred million dollar joint ve- joint venture from Baupost Group out of, uh, Boston to be our joint venture partner on that deal and several other deals.

We closed the transaction.

Right.