: Baupost significantly ramped up exposure to distressed credit markets , which now account for nearly 25% of assets, up from just 5% two years prior.
: Massive stimulus and near-zero rates in previous years may have "pulled forward" returns, leaving future market outcomes highly uncertain. baupost letter 2024 pdf exclusive
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). : Baupost significantly ramped up exposure to distressed