Baupost Letter 2024 Pdf Exclusive [2021] 〈POPULAR〉

The Alphabet reduction, in particular, garnered significant attention given that Baupost had first initiated the position during the COVID-19 crash of 2020. While profit-taking may explain part of the move, the scale of the reduction — reducing a multi-year position by nearly two-thirds — suggests that Klarman found the risk-reward profile less compelling at 2024 valuations.

Geopolitical and macroeconomic risks are central to the 2024 outlook. Klarman often writes about the unpredictability of central banks and governments. baupost letter 2024 pdf exclusive

Cash is no longer a drag on performance; it is a strategic asset class providing optionality. The Alphabet reduction