View photo. (Getty Images/ Scott Olson) Seth Klarman, the president and CEO of The Baupost Group. There are two types of investing, according to the departing partner of hugely successful and secretive hedge fund Baupost Group: "needle in a haystack investing" and "tide comes in and tide goes out investing." One type takes rigorous work as you search for a small number of opportunities. The other, "chutzpah." The partner, Brian Spector, made those comments in a letter to investors in the $27 billion hedge fund. The letter, included with Baupost's quarterly update, provides a rare glimpse into the Boston-based fund, which is led by iconic value investor Seth Klarman. Spector, a senior member...
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