Hope, Hype, and the Herd

“…most investors tend to project near-term trends—both favorable and adverse—indefinitely into the future.” That’s what value investor Seth Klarman told a group of investors last February. Klarman, portfolio manager and co-founder of the Baupost Group where he has averaged just under a 20% annual return for 25 years. So when Klarman talks, I pay attention. But hey, [...]