September 19, 2020

A $30 billion hedge fund’s foreboding letter on Trump starts with quotes from The Joker, ‘Lord of the Flies,’ and Thomas Jefferson


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By Rachael Levy From

Seth Klarman, Baupost’s founder. Getty Images/ Kevork Djansezian

Baupost Group’s Seth Klarman is worried about what the election of means for global markets.

In a private letter to investors dated January 20, reviewed by Business Insider, he starts with three quotes:

  • “In matters of style, swim with the current; in matters of principle, stand like a rock.” —
  • “The world, that understandable and lawful world, was slipping away.” — , “Lord of the Flies”
  • “Do I really look like a guy with a plan? You know what I am? I’m a dog chasing cars. I wouldn’t know what to do with one if I caught it. You know, I just … do things.” — The Joker, “The Dark Knight”

The rest of the letter serves as an explanation for the inclusion of those three quotes. Klarman runs through his thoughts on Trump, volatility, and the stock market. You can read more about the letter at The New York Times.

Baupost, the Boston-based hedge fund firm, managed $29.2 billion as of mid-2016, according to the Hedge Fund Intelligence Billion Dollar Club ranking. A spokeswoman for Baupost didn’t immediately respond to a request for comment.

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