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Financial Times/Ortenca Aliaj and Eric Platt/1-20-2021
“Seth Klarman, the founder of hedge fund Baupost Group, has told clients central bank policies and government stimulus have convinced investors that risk ‘has simply vanished’, leaving the market unable to fulfil its role as a price discovery mechanism. The private letter to investors in his fund, seen by the Financial Times, amounts to a damning critique of market behaviour by one of the world’s foremost value investors.”
USAGOLD note: Nobody will be able to claim, as was the case in 2008, that they did not see it coming. We have had plenty of warning and it has not been across the fence in the backyard alone. It comes from many of the most respected minds in the financial game, including Baupost’s Seth Klarman. In 2008 during a visit to the London School of Economics Queen Elizabeth famously asked a question that was on the minds of many: “Why did nobody see it coming?” She asked the question again during a visit to the Bank of England’s gold room in 2010. Below Ed Stein captured the spirit of that moment in a 2010 cartoon:
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