Seth Klarman's Best Is About Half As Good As The S&P500

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The Baupost Group gained about 15% last year, even as it returned $4 billion to investors and kept 40% of its cash on the sidelines because there were simply no opportunities at all to make money in 2013.

Baupost Group, Boston’s largest hedge fund firm, with $26 billion under management, had investment returns averaging 15 percent in 2013, its best year since 2009, according to Institutional Investor’s Alpha report….

The firm kept a lot of its money in cash last year—about 40 percent, according to the trade publication, even as the stock market surged.

Hub hedge fund Baupost Group had its best year since 2009 [Boston Globe]

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