A hedge-fund billionaire who invests like Warren Buffett is hoarding cash and warning the bull market won't last
A hedge-fund billionaire nicknamed the "Oracle of Boston" for his similarities to Warren Buffett is hoarding cash and warning the bull run won't last.
"The rocket fuel that has propelled markets in 2019 will run out," Seth Klarman wrote in his annual letter to investors last week, according to Bloomberg, which reviewed a copy. Baupost made a return of less than 10% in 2019, Klarman told his investors. He blamed "conservative positioning, the continuing underperformance of value equities, the persistence of a generally lackluster opportunity set, and a few mistakes," Bloomberg said.
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