| 词条 | Baupost Group |
| 释义 |
| name = The Baupost Group | logo = | type = LLC | traded_as = | foundation = 1982 | founder = Seth Klarman | location = Boston and London | key_people = Seth Klarman (President) Jim Mooney (Managing Director) | area_served = | industry = Investment management | products = Hedge funds | assets = US$30 billion (Q4 2016)[1] | num_employees = 42 (2012) | homepage = {{URL|www.baupost.com}} }}The Baupost Group is a long-only hedge fund[2] founded in 1982 by Harvard Professor William Poorvu and partners Howard Stevenson, Jordan Baruch and Isaac Auerbach. Seth Klarman, who was asked by Poorvu to help run the fund, remains at its head today.[3] Baupost Group's investment philosophy emphasizes risk management.[4][5] The firm, one of the largest hedge funds in the world, is a value investing manager.[6][7] According to Bloomberg L.P., Baupost is ranked 4th in net gains since inception.[8] Investment strategyRiskIt was reported that the Baupost Group does not use leverage in its investments with the exception of real estate where for every one dollar invested the Baupost Group used one dollar of leverage.[9] It was reported that Baupost CEO Seth Klarman explained in a speech to MIT students that investment research driven by emotion is risky and can lead to a bad investment.[10] PerformanceFrom its founding the firm's three private partnerships have generated an average annual return of 19%.[6][9] Investment historyWith the rise of distressed debt sales in Europe caused by the sovereign debt crisis Baupost Group in 2011 opened its first international office in London to take advantage of investment opportunities in European commercial property market, corporate debt trading at distressed valuations and structured products.[13] Walnut PlaceAccording to a Reuters article, which cites Bank of New York Mellon v. Walnut Place LLC et al.,[11] the Baupost Group is Walnut Place. Using a traditional hedge fund tool, legal challenges of distressed bond settlements, the Baupost Group is attempting to force Bank of America to increase its settlement of Reps & Warranties of Countrywide sub-prime bonds. If the settlement were to be increased The Baupost group stands to make gains on bonds that they bought at very low values. It is unclear why the Baupost Group did not use their real name in the suit. Natural resource extraction in Melancthon, Ontario, CanadaIn 2006 Baupost Group formed Highland Companies, a Nova Scotia-based corporation that began buying farmland in Melancthon Township, approximately 120 kilometres north of Toronto, Ontario, purportedly for the purpose of farming. Having amassed over 7,000 acres by early 2011, then being actively farmed by Highland Companies, the Company submitted an application for a 2,316-acre Amabel dolostone (limestone) mega-quarry. The application has seen heated opposition, as opponents raise concerns about groundwater contamination, local heritage, food security concerns, as well as a host of ancillary issues such as truck traffic congestion, highway safety, noise and dust pollution.[12] In November 2012, Highland Companies withdrew the application in response to that concerted community opposition.[13] Post 2008 credit crisisAfter the financial crisis in 2008 Baupost Group sought to purchase insurance as a hedge against the value of money declining as a result of government intervention which was a risk researchers at the company were concerned about. To execute this the Baupost Group purchased options for five-year Treasury bonds that would become profitable if Treasury bonds dropped sharply.[6] CompanyIt was reported that in 2004, 42 employees worked at Baupost Group: 12 investment focused and 30 administrative.[3] AssetsBaupost Group's assets were $30 million in 1982, and $29.9 billion as of December 31, 2013.[7] Offices
Key people
References1. ^https://vintagevalueinvesting.com/seth-klarmans-2016-baupost-group-letter-investors/ 2. ^{{cite book|author=John Longo|title=Hedge Fund Alpha: A Framework For Generating And Understanding Investment Performance|url=https://books.google.com/books?id=z_nFCgAAQBAJ&pg=PA294|date=20 March 2009|publisher=World Scientific|isbn=978-981-4469-92-0|page=294}} 3. ^1 {{cite book|author1=Bruce C. N. Greenwald|author2=Judd Kahn|author3=Paul D. Sonkin|author4=Michael van Biema|title=Value Investing: From Graham to Buffett and Beyond|url=https://books.google.com/books?id=gvCzlskpZxoC&pg=PA231|accessdate=30 July 2011|date=12 January 2004|publisher=John Wiley and Sons|isbn=978-0-471-46339-9|pages=231–}} 4. ^{{cite book|author=Frank K. Martin|title=A Decade of Delusions: From Speculative Contagion to the Great Recession|url=https://books.google.com/books?id=wUjB4OWlnU0C&pg=PT181|accessdate=30 July 2011|date=24 May 2011|publisher=John Wiley and Sons|isbn=978-1-118-07816-7|pages=181–}} 5. ^{{cite book|author1=Roger Lowenstein|author2=Long-term Capital Management (Firm)|title=When genius failed: the rise and fall of Long-Term Capital Management|url=https://books.google.com/books?id=Ihb49tvCYqEC&pg=PT97|accessdate=30 July 2011|date=12 September 2000|publisher=Random House Digital, Inc.|isbn=978-0-375-50317-7|pages=97–}} 6. ^1 2 {{cite news|last=Zweig|first=Jason|title=Legendary Investor Is More Worried Than Ever|url=https://www.wsj.com/articles/SB10001424052748704167704575258442772338282|accessdate=30 July 2011|newspaper=WSJ|date=22 May 2010}} 7. ^1 {{cite web|title= 2013 - Baupost Group To Get Substantially Richer With Lehman|publisher=ValueWalk|url=http://www.valuewalk.com/2013/10/baupost-group-lehman/}} 8. ^{{cite web|title=Dalio Earned Clients $13.8 Billion to Lead Hedge Funds as Paulson Slumped|publisher=Bloomberg|url=https://www.bloomberg.com/news/2012-02-28/dalio-earned-clients-13-8-billion-to-lead-hedge-funds-as-paulson-slumped.html}} 9. ^1 {{cite book|author=Janet Lowe|title=The Triumph of Value Investing: Smart Money Tactics for the Postrecession Era|url=https://books.google.com/books?id=AApakFrkB4wC|accessdate=30 July 2011|date=30 December 2010|publisher=Penguin|isbn=978-1-59184-374-0}} 10. ^{{cite book|author1=David Gardner|author2=Tom Gardner|title=The Motley Fool Million Dollar Portfolio: How to Build and Grow a Panic-Proof Investment Portfolio|url=https://books.google.com/books?id=DejppSJ5TsYC&pg=PA18|accessdate=30 July 2011|date=26 January 2009|publisher=HarperCollins|isbn=978-0-06-172003-1|pages=18–}} 11. ^The case is Bank of New York Mellon v. Walnut Place LLC et al, 2nd U.S. Circuit Court of Appeals, No. 11-4571. 12. ^{{cite web|url=http://nomegaquarry.ca/|work=No Mega Quarry|title=No mega quarry|accessdate=10 January 2012}} 13. ^[https://www.theglobeandmail.com/news/national/mega-quarry-killed-by-a-wide-coalition-of-foes/article5546334/ Coalition of farmers and urban foodies halts Ontario mega-quarry (Globe and Mail)] 14. ^1 2 {{cite news|last=Kuo|first=Patricia|title=Klarman’s Baupost to Set Up in London to Cash In on European Debt Crisis|url=https://www.bloomberg.com/news/2011-05-06/klarman-s-baupost-hedge-fund-to-open-its-first-overseas-office-in-london.html|accessdate=31 July 2011|newspaper=Bloomberg|date=May 6, 2011}} External links
3 : Hedge fund firms in Boston|Hedge funds|American companies established in 1982 |
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