There are two types of investing, according to the departing partner of hugely successful and secretive hedge fund Baupost Group: “needle in a haystack investing” and “tide comes in and tide goes out investing.”
One type takes rigorous work as you search for a small number of opportunities. The other, “chutzpah.”
The partner, Brian Spector, made those comments in a letter to investors in the $27 billion hedge fund.
The letter, included with Baupost’s quarterly update, provides a rare glimpse into the Boston-based fund, which is led by iconic value investor Seth Klarman.
