Baupost Group LLC, the hedge-fund firm run by Seth Klarman, bought a stake in Liquefied Natural Gas Ltd. as the Australian company studies further projects to follow its proposed $3.5 billion U.S. venture.
Baupost Group LLC, the Boston-based hedge-fund firm run by Seth Klarman, stands to make a paper profit of more than $900 million today after Merck & Co. agreed to pay a record premium for a big health-care deal with its acquisition of Idenix Pharmaceuticals Inc.
Ah, to be a rentier! Gone are the days when Vladimir Lenin could rail against these “parasitic” capitalists for “clipping coupons” from their bonds while doing no work at all. Nowadays, with 10-year Treasury notes yielding a mere 2.5 percent and junk bonds barely 5 percent, investors who want a decent stream of income have to scramble.
Chuck Akre beat 99 percent of peers over more than a decade picking stocks based on price and ignoring much of what happened in the economy and government. He changed his approach after his fund declined 34 percent in 2008.