These are the shareholder letters of Seth Klarman from 1995 to 2001. They were shared online. For those who cannot get to read his latest letter, the old letters are good read, too. You can get an idea of what he was thinking during the tech bubble, when most of the value investors were underperforming.
Baupost Fund Letters
For the 10-year period from 1992 to 2001, Baupost slightly underperformed the market:
H/T to Frank Voisin for the find.
Baupost Fund Letters
For the 10-year period from 1992 to 2001, Baupost slightly underperformed the market:
| Year | Return (%) | S&P500 (%) | Excess Gain (%) |
|---|---|---|---|
| 2001 | 27.1 | -11.9 | 39.0 |
| 2000 | 9.9 | -9.1 | 19.0 |
| 1999 | -18.3 | 21 | -39.3 |
| 1998 | 30 | 28.6 | 1.4 |
| 1997 | 24.8 | 33.4 | -8.6 |
| 5-Year Cumulative | 85.1 | 66.2 | 18.9 |
| 1996 | 13.1 | 23 | -9.9 |
| 1995 | 8.1 | 37.6 | -29.5 |
| 1994 | 13.4 | 1.3 | 12.1 |
| 1993 | 18.9 | 10.1 | 8.8 |
| 1992 | 9.5 | 7.6 | 1.9 |
| 10-Year Cumulative | 234.2 | 237.6 | -3.4 |
H/T to Frank Voisin for the find.
