Comments on: Baupost Fund Allocations: 1995-2001 http://www.futureblind.com/2009/06/baupost-fund-allocations-1995-2001/ A blog about business, investing, innovation and creative engineering. Mon, 22 Feb 2010 09:50:01 -0700 hourly 1 http://wordpress.org/?v=abc By: Max http://www.futureblind.com/2009/06/baupost-fund-allocations-1995-2001/comment-page-1/#comment-4492 Max Fri, 26 Jun 2009 06:04:50 +0000 http://www.futureblind.com/2009/06/baupost-fund-allocations-1995-2001/#comment-4492 Jim, Yes - one big spreadsheet with all the investments is basically how I did the above analysis. As for the #2 reason, it wasn't very quantitative and was primarily based on my reading of Klarman's investment philosophy. Margin of Safety, his speeches, etc. However, I did look at his actual holdings, and if you classify the equities by industry, you can definitely see a bias toward more asset-heavy businesses. Things like Oil & Gas, Manufacturing, Telecom, and to a lesser extent, Banks and Insurance. Max Jim,

Yes – one big spreadsheet with all the investments is basically how I did the above analysis.

As for the #2 reason, it wasn’t very quantitative and was primarily based on my reading of Klarman’s investment philosophy. Margin of Safety, his speeches, etc. However, I did look at his actual holdings, and if you classify the equities by industry, you can definitely see a bias toward more asset-heavy businesses. Things like Oil & Gas, Manufacturing, Telecom, and to a lesser extent, Banks and Insurance.

Max

]]> By: Jim http://www.futureblind.com/2009/06/baupost-fund-allocations-1995-2001/comment-page-1/#comment-4456 Jim Thu, 25 Jun 2009 04:02:16 +0000 http://www.futureblind.com/2009/06/baupost-fund-allocations-1995-2001/#comment-4456 Max, This is a very interesting analysis. I always thought of Klarman as more Graham-like than Buffett-like, but I don't think I realized the extent until I saw how few positions over 5% he held in any given year. How quantitatively based was your conclusion #2 about tangible vs. intangible assets? I'm guessing from the spreadsheet you put up that you have an underlying database with all of Baupost's disclosed investments by year. Is that right? Did you go on to actually look at the ROAs, or purchase prices to assets to come to your conclusion? Thanks for sharing all of this. Max,
This is a very interesting analysis. I always thought of Klarman as more Graham-like than Buffett-like, but I don’t think I realized the extent until I saw how few positions over 5% he held in any given year.

How quantitatively based was your conclusion #2 about tangible vs. intangible assets? I’m guessing from the spreadsheet you put up that you have an underlying database with all of Baupost’s disclosed investments by year. Is that right? Did you go on to actually look at the ROAs, or purchase prices to assets to come to your conclusion?

Thanks for sharing all of this.

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