Large university endowments (Harvard, Yale) and pension funds (CalPERS, Ontario Teachers’) are Baupost LPs. Their libraries sometimes receive the physical letter. A research assistant at these institutions often scans the letter for internal use. If you are a student at Harvard Business School, you may find the 2024 letter on the Baker Library terminal (restricted to .edu IP addresses).
The Baupost Group's annual letters are among the most anticipated documents in the investment world, offering a rare glimpse into the mind of , one of the most successful value investors of his generation. The 2024 letter is no exception, providing critical insights into the firm's strategic pivot and Klarman's evolving view on the market's current complexities. The "Reset": Internal Overhaul and Refocusing baupost letter 2024 pdf exclusive
: Klarman argues that the shift toward passive indexing makes markets more inefficient, as index managers buy regardless of valuation. This creates a "distinct advantage" for active value investors who can target mispriced assets "cast adrift" by these trends. If you are a student at Harvard Business