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1.Market Observations, 8.Was Sticky

13 Feb 2017 (TheAge,NYTimes) – A Quiet Giant of Investing Weighs In on Trump

(13 February 2017, The Age, BusinessDay, p23, Andrew Ross Sorkin)

‘He is the most successful and influential investor you have probably never heard of. His writings are so coveted and followed by Wall Street that a used copy of a book he wrote several decades ago about investing starts at $795 on Amazon, and a new copy sells for as much as $3,500. Perhaps that’s why a private letter he wrote to his investors a little over two weeks ago about investing during the age of President Trump — and offering his thoughts on the current state of the hedge fund industry — has quietly become the most sought-after reading material on Wall Street. He is Seth A. Klarman, the 59-year-old value investor who runs Baupost Group, which manages some $30 billion.’ <snipped…>

‘In his letter, Mr. Klarman sets forth a countervailing view to the euphoria that has buoyed the stock market since Mr. Trump took office, describing “perilously high valuations.” ‘

Read more at NYTimes.com

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