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Investing in the age of Trump

Baupost Group's Seth Klarman offers his thoughts on the current state of the hedge fund industry in a private letter that he wrote to his investors

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Much of Mr Klarman's anxiety seems to emanate from Mr Trump's leadership style.

New York

HE IS the most successful and influential investor you have probably never heard of. His writings are so coveted and followed by Wall Street that a used copy of a book that he wrote several decades ago about investing starts at US$795 on Amazon, and a new copy sells for as much

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