There's 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 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 of the $27 billion hedge fund. The letter, included with Baupost's quarterly update, provides a rare glimpse into the the Boston-based fund, which is led by iconic value investor Seth Klarman. Spector, a senior member of the fund's public investment group, will retire at the end of the year after 17 years at the fund...
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