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☆ Baupost's Seth Klarman builds new stake in Amazon, adds a discount retailer to his portfolio
▼ + stars: | 2023-08-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Baupost Group's Seth Klarman picked up a few stocks last quarter during the market rally, including tech giant Amazon and discount retailer Dollar General . The billionaire hedge fund manager bought $125 million worth of Amazon shares in the second quarter when the e-commerce juggernaut rallied more than 26%. Klarman has traded in and out of Amazon in the past year. He also bought $41 million worth of Dollar General , as well as $36 million of Union Pacific shares last quarter. Shares of the retailer fell nearly 20% in the second quarter as it slashed its full year outlook after missing Wall Street's estimates for quarterly earnings.

Persons: Baupost, Seth Klarman, Klarman, Warren Buffett, Benjamin Graham's, Klarman hasn't Organizations: Union Pacific, Oracle, Boston, Liberty Global, ViaSat, Liberty Media, CNBC Locations: Union, Baupost

☆ Help! JetBlue Stranded Our Boy Scout Troop in New York City
▼ + stars: | 2023-08-10 | by ( Seth Kugel | More About Seth Kugel | ) www.nytimes.com time to read: +2 min

But when our refunds from JetBlue came through, they totaled $261 for nine of us, only 18 percent of the original cost. A customer service representative later explained to me by phone that we had been reimbursed for only the New York to Savannah leg. I thought you were going to ask me how to feed six growing Boy Scouts on $12 meal vouchers at an airport food court. You had every right to receive a full flight refund from JetBlue Airways. Derek Dombrowski, a spokesman for the airline, admitted that JetBlue erred here, and told me that someone would reach out to you.

Persons: —, Dear Spencer, Phew, Derek Dombrowski, apologetically, Dombrowski, ” Organizations: Colorado Rockies, Boy Scouts, Troop, Kennedy Airport, JetBlue Airways, JetBlue, Transportation Department Locations: Savannah, Ga, Denver, Atlanta , Charleston, S.C, Jacksonville, Fla, New York, Spencer

Titles from a handful of trusted brands appeared near the top of the page: Rick Steves, Fodor’s, Lonely Planet. Also among the top search results was the highly rated “France Travel Guide,” by Mike Steves, who, according to an Amazon author page, is a renowned travel writer. “I was immediately drawn by all the amazing reviews,” said Ms. Kolsky, 53, referring to what she saw at that time: universal raves and more than 100 five-star ratings. Its price tag — $16.99, compared with $25.49 for Rick Steves’s book on France — also caught Ms. Kolsky’s attention. When it arrived, Ms. Kolsky was disappointed by its vague descriptions, repetitive text and lack of itineraries.

Persons: Amy Kolsky, Rick Steves, Mike Steves, “, ”, Kolsky, Rick Steves’s, France —, Amazon’s Locations: France, Bucks County, Pa

☆ 'Oracle of Boston' Seth Klarman's value investing principles have stood the test of time
▼ + stars: | 2023-07-31 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Baupost Group's Seth Klarman, nicknamed "the Oracle of Boston," is revered in value investing circles for his disciplined investment philosophy, maybe because his style has stood the test of time. The billionaire hedge fund manager has been an almost religious follower of Benjamin Graham's investing style, buying out-of-favor and undervalued assets to ensure a margin of safety. Klarman has drawn comparisons to Warren Buffett — Buffett being a student of Graham's at Columbia University — for his patient, disciplined investment style. The 66-year-old Harvard and Cornell grad published his investment book, "Margin of Safety," in 1991. The hedge fund manager posted a mid-single digit decline last year, beating the S & P 500 which fell nearly 20%, the Financial Times reported.

Persons: Baupost, Seth Klarman, Benjamin Graham's, Klarman, Warren Buffett — Buffett, Columbia University —, Benjamin Graham, David Dodd, Klarman hasn't Organizations: Oracle, Boston, Columbia University, Harvard, Cornell grad, CNBC, Financial Times Locations: Baupost

☆ Help! I Signed Up for a $4,800 Bird-Watching Trip but the Company Shut Down.
▼ + stars: | 2023-07-20 | by ( Seth Kugel | ) www.nytimes.com time to read: +1 min

Dear Tripped Up,In 2021, my husband, my sister and I signed up for a five-day Tremendous Tawas Lake Huron tour run by Pardson, the Ohio company that publishes Bird Watcher’s Digest magazine. Shortly before the rescheduled trip was to leave in May 2022, the company emailed to tell us it was going out of business, and someone would contact us about a refund. No one did, but through my own efforts I got in touch with Jack Harris, the receiver responsible for the dissolution of Pardson. Paige, AtlantaDear Paige,My inbox is full of messages from people who, like you, gave no thought to whether the company they booked a trip with would remain solvent until their departure date. What this avian cutie has against the shade of more mature trees is beyond the scope of this column.

Persons: Jack Harris, Paige, Atlanta Dear Paige Organizations: Pardson, Express Locations: Huron, Ohio, Atlanta, Michigan, Wisconsin

☆ Return to Office, Recession Fears End Wall Street's Hamptons Work-From-Home Party
▼ + stars: | 2023-07-09 | by ( Linette Lopez | ) www.businessinsider.com time to read: +13 min

It may seem counterintuitive, but the pandemic was like a brief visit to Shangri-La for Wall Street. For the first time in years, Wall Street has to sing for its supper. A return to the office also means a return to more-classic Wall Street social norms. Wall Street, for all its highfalutin personalities and big paydays, is an apprenticeship system. For Wall Street, the heart of the pandemic was a moment to consider what life would be like at a slower, more-nurturing pace.

Persons: You've, Crypto, Dealmaking, Goldman Sachs, me, Seth Klarman, Klarman, Lee Felty, Harrison, Felty, Jim Chanos, Chanos, Jamie Dimon, David Solomon wouldn't, Fenty, Goldman, Solomon, Wall, Young, It's, Al Mare, Topping Rose, Jean, Georges, Maison, Wall Streeter, Linette Lopez Organizations: Wall, JPMorgan, Hamptons, CNBC, Compass, Chanos, East Hampton, Citigroup, Bloomberg, SoHo Locations: New York, East, Manhattan, Long, Stocks, Bridgehampton, It's

☆ The billionaires' beef at Two Sigma seems pretty petty
▼ + stars: | 2023-06-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

ICYMI: This is the last week of 10 Things on Wall Street. Insider's Rebecca Ungarino has more details on how long the beef between Overdeck and Siegel has been brewing behind the scenes. What stands out to me about the drama at Two Sigma is how it all seems to be so petty. The Two Sigma cofounder was included only as an example of the type of managers Haider had eclipsed. The asset manager tapped two internal executives to serve as co-CEOs of the firm, succeeding CEO Jay Wintrob, The Wall Street Journal reports.

Persons: Dan DeFrancesco, I'm, Billy Joel's, —, we've, Goldman, Cofounders David Siegel, John Overdeck, David Siegel, cofounders, Insider's Rebecca Ungarino, Siegel, Rebecca, Haidar Capital's Said Haidar, Haider, Penny, Warren Buffett, Charlie Munger, Scott Olson, Ruobing Su, Michael Broadbery, Goldman Sachs, Maza, Andreessen Horowitz, Seth Klarman, Jay Wintrob, Robert O'Leary, Armen Panossian, Everybody's, they're, Joey Hadden, Jeffrey Cane, Hallam Bullock Organizations: Sigma, Baupost, Oaktree Capital, Street, Wall, LinkedIn Locations: Omaha, New York, London

☆ Help! A British Travel Agency Has Our $3,891 and We Want It Back.
▼ + stars: | 2023-06-29 | by ( Seth Kugel | ) www.nytimes.com time to read: +2 min

We didn’t hear from them for weeks, eventually filing a dispute with our credit card issuer. That seemed to jolt them, because then Jetline got back to us: They would give us a two-year credit. We ended up booking a trip to Portugal for April 2022, but were concerned when Jetline didn’t send us confirmation details. We complained, waited weeks for a response and eventually were told we owed $800 dollars because of a fare increase. I reached out to Jetline, which also goes by the more British name Jetline Holidays.

Persons: Jetline, Jetline didn’t, Meghan, Jay, Richard Levy, ” Locations: Iceland, Portugal, Clifton, Va ., London

☆ CNBC Daily Open: Consumers might just fend off a U.S. recession
▼ + stars: | 2023-06-28 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Recession warningThe U.S. will slip into recession in the fourth quarter this year, and will continue languishing in it for 2024, according to HSBC Asset Management. With the new marketplace, users can choose software from other companies to generate AI graphics, text, voice and so on. [PRO] Seth Klarman on marketsLegendary investor Seth Klarman of Baupost Group spoke with CNBC Tuesday in an exclusive interview.

Persons: fintech, Wise, Christine Lagarde, Lagarde, Unity's, Seth Klarman, Klarman Organizations: CNBC, HSBC Asset Management, HSBC, Reserve, European Central Bank, Unity, Baupost Locations: U.S

☆ CNBC Daily Open: Consumers might just prevent a U.S. recession
▼ + stars: | 2023-06-28 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Australia's S&P/ASX 200 added around 1% after May's inflation reading was lower than expected. The fourth industrial revolutionGenerative artificial intelligence isn't hype — it's the "fourth industrial revolution playing out," said Dan Ives, managing director of Wedbush Securities. [PRO] Seth Klarman on marketsLegendary investor Seth Klarman of Baupost Group spoke with CNBC Tuesday in an exclusive interview.

Persons: Australia's, Christine Lagarde, Lagarde, Dan Ives, Ives, Seth Klarman, Klarman Organizations: CNBC, China's Shanghai, HSBC Asset Management, HSBC, Reserve, European Central Bank, Wedbush Securities, Unity, Baupost Locations: U.S, Asia, Pacific

☆ Seth Klarman says regular investors make this mistake that ruins their returns
▼ + stars: | 2023-06-27 | by ( John Melloy | ) www.cnbc.com time to read: +2 min

Seth Klarman has some words of advice for regular investors who are following the guidance of Warren Buffett, and others, and are putting their money into stock index funds. In other words, when using index funds, you have to stay in the markets to capture the upside when it comes. The notable value investor also gave one other word of caution on index funds. Many financial advisors recommend steady buying over time when investing in index funds. Klarman is the editor of the recently released seventh edition of Benjamin Graham and David Dodd's investing classic "Security Analysis."

Persons: Seth Klarman, Warren Buffett, Benjamin Graham, David Dodd's Organizations: Baupost, Bank of, Klarman

☆ Baupost Group's Seth Klarman found the next 'hunting ground' for value investors
▼ + stars: | 2023-06-27 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Baupost Group's Seth Klarman called real estate a "hunting ground" for investors searching for opportunities. "There are hunting grounds that one would want to look," the press-shy Klarman told CNBC's "Squawk Box" in an exclusive interview Tuesday morning. "We think real estate is an area that is full of so many fundamental challenges. The S & P 500 sector is down nearly 1%, even as the broader index is 12% higher. Last year, the billionaire investor posted a mid-single-digit decline, outperforming the S & P 500's double-digit retreat, according to a Financial Times report .

Persons: Baupost, Seth Klarman, Klarman, CNBC's, Warren Buffett Organizations: Investors, Harvard, Cornell, Financial

☆ Watch CNBC's full interview with legendary investor Seth Klarman
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with legendary investor Seth KlarmanLegendary investor Seth Klarman, The Baupost Group CEO, joins 'Squawk Box' to discuss the changing market landscape, where to find value in today's market, cryptocurrency, and more.

Persons: Seth Klarman Organizations: Baupost

☆ Legendary investor Seth Klarman on investing challenges: We've been in an 'everything bubble'
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLegendary investor Seth Klarman on investing challenges: We've been in an 'everything bubble'Legendary investor Seth Klarman, The Baupost Group CEO, joins 'Squawk Box' to discuss the changing market landscape, the challenges facing investors, value investing in today's market, and more.

Persons: Seth Klarman, We've Organizations: Baupost

☆ Legendary investor Seth Klarman on investing: Look for the most inefficient pockets in the world
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLegendary investor Seth Klarman on investing: Look for the most inefficient pockets in the worldLegendary investor Seth Klarman, The Baupost Group CEO, joins 'Squawk Box' to discuss the changing market landscape, where to find value in today's market, cryptocurrency, and more.

Persons: Seth Klarman Organizations: Baupost

☆ Seth Klarman says investors face the challenge of an 'everything bubble'
▼ + stars: | 2023-06-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

When billionaire hedge fund manager Seth Klarman looks at the investing world today, he sees asset bubbles pretty much everywhere. Historically low interest rates, even zero rates, have precipitated that bubble." With the investing world now ruled by trendy bubble-like investments such as Bitcoin and meme stocks, Klarman said the need for a sound, practical approach to investing is vital. In a letter to clients at the end of 2022, he accused the U.S. central bank of constructing a "financial fantasyland" of artificially low interest rates and liquidity pumping. In the current environment, investors face challenges relating to economic uncertainty and a central bank holding interest rates high to battle inflation.

Persons: Seth Klarman, we've, Klarman, Benjamin Graham, David Dodd, You've, Warren Buffett — Buffett, Columbia University —, Graham, Dodd Organizations: CNBC, Cornell, Columbia University, Buffett, Liberty, Federal Reserve Locations: Boston, U.S

☆ Seth Klarman explains why he avoids crypto yet has a Coinbase investment
▼ + stars: | 2023-06-27 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Veteran hedge fund manager Seth Klarman said Tuesday that his firm's investment in a key player in the crypto industry was a bet on cash, not the future of digital currency. Klarman's Baupost Group reported a $29 million stake in Coinbase at the end of the first quarter , but Klarman said on " Squawk Box " that it was a convertible debt investment and should not be seen as a bullish bet on Coinbase or crypto more broadly. "Our team is focused in the sector because there's been so much trouble in the sector, so we actually are invested in convertible bonds of Coinbase. Coinbase reported $5 billion in cash and cash equivalents at the end of the first quarter , compared with $3.4 billion of long-term debt. Klarman said he struggles to see the long-term case for crypto and has decided to stay on the sidelines, other than the debt investment.

Persons: Seth Klarman, Klarman, there's, Coinbase, I've, I'm Organizations: Klarman's Baupost, U.S . Securities, Exchange Locations: Coinbase

☆ A Walk in Rio de Janeiro: Along Fabled Beaches
▼ + stars: | 2023-06-19 | by ( Seth Kugel | ) www.nytimes.com time to read: 1 min

For first-timers, a five-mile stroll along Copacabana and Ipanema beaches — Rio de Janeiro’s two most fabled sand parentheses — will stir up feelings even in those who have long and unironically listed “walks on the beach” as a favorite pastime. Such reactions may range from counterfactual nostalgia (“Imagine coming of age in a place like this”) to cultural aha moments (“Bossa nova makes so much sense now”) to medium-term reverie (“What are the rules on Brazil’s digital-nomad visa again?”). More than 20 visits in, I still turn some kind of emotional every time I return to Rio and set foot on the boardless boardwalk where the vast majority of this stroll takes place. Brazilians call such a beachfront sidewalk the “calçadão,” but forget pronouncing it and focus on its official sound: a thousand flip-flops slapping the wave-patterned Portuguese pavement.

Locations: Copacabana, Ipanema, Rio

☆ Help! United Owed Us $8,370 in Cash, But Offered Credit. That’s Not What We Paid For.
▼ + stars: | 2023-06-02 | by ( Seth Kugel | ) www.nytimes.com time to read: +2 min

Because of health issues, we intended to book refundable tickets. I called United immediately, and an agent changed those tickets to refundable for a $300 fee. And if you paid with an electronic travel certificate, or E.T.C., you get that certificate back to use for future travel. for your mistakenly booked tickets, then used that certificate to purchase your refundable tickets. So the technical “original form of payment” was an E.T.C., even if the original original form of payment was a credit card.

Persons: Ellen Locations: San Diego, Buenos Aires, Santiago, Chile, La Jolla, Calif

☆ Hedge funds piled into these A.I. stocks during the first quarter
▼ + stars: | 2023-05-21 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Securities filings released this week signaled that many hedge funds also appear to be catching the AI bug. Betting on AI heavyweights Alphabet popped up as one of the most common AI plays among big investors in the first quarter. Microsoft bet billions on AI capabilities, funneling another multibillion-dollar investment in January into ChatGPT maker OpenAI. Beyond Alphabet and Microsoft Outside heavyweight giants Alphabet and Microsoft, many hedge funds beefed up other AI-related holdings in the first quarter. His Nvidia bet equaled roughly $1.4 billion at the end of March.

☆ Baupost’s Seth Klarman ups his stakes in Alphabet, Coinbase to ride the tech rebound
▼ + stars: | 2023-05-12 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Baupost's Seth Klarman added to his technology holdings in the first quarter, including Google parent Alphabet and Coinbase , to take advantage of the big rebound in the sector, according to a new regulatory filing. Meanwhile, Klarman hiked his Coinbase bet by nearly 80% to $29 million. The cryptocurrency exchange was one of the biggest winners in the first quarter, jumping more than 90% to rebound from a dismal 2022. And just like Buffett, Klarman pivoted to technology in recent years to take advantage of growth stocks' leadership in the market. He gained $1.6 billion from hedging last year, which helped offset losses on the long side, the FT reported.

☆ Help! My Tour Got Canceled but Travel Insurance Won’t Pay
▼ + stars: | 2023-05-12 | by ( Seth Kugel | ) www.nytimes.com time to read: +1 min

The tour organizer canceled the trip, citing health and safety issues, and refunded our money. I had bought my airfare ($1,504) separately, so I assumed my GoReady Pandemic Plus insurance policy would cover it. If travel insurance doesn’t cover this, what does it cover? Khatiba, Sebastopol, Calif.Dear Khatiba,You are forgiven for thinking that the “trip cancellation” portion of your policy would cover, say, trip cancellation. My inbox is flooded with messages from travelers whose similarly reasonable-sounding claims were denied either because of a policy’s fine print or because the documentation process became so mind-bendingly bureaucratic that they simply gave up.

☆ Help! Spirit Airlines Left Us Behind in Guatemala City
▼ + stars: | 2023-04-21 | by ( Seth Kugel | ) www.nytimes.com time to read: +2 min

Dear Tripped Up,My two sons and I checked in at the Guatemala City airport three hours before the first leg of our return flight to Detroit. When we returned to our gate at 3:40, we were told the plane had been readied earlier than expected and the doors had closed. The gate staff said it would be three days before another flight was available, and they refused to book us on another airline. We eventually received a partial $297 credit from Spirit, but we want them to reimburse us for the JetBlue flight, since they should have alerted us when the departure time was again revised. “They always tell you not to go too far,” said one wizened veteran, a consultant who flies nearly every week.

☆ Explainer: How did live rounds get onto the set of Alec Baldwin's 'Rust'?
▼ + stars: | 2023-03-27 | by ( Andrew Hay | ) www.reuters.com time to read: +3 min

March 27 (Reuters) - Cinematographer Halyna Hutchins was killed on the New Mexico set of Western movie "Rust" in 2021 after live ammunition was mixed with dummy rounds. Five other live rounds were later found on the set by investigators. Investigators have not been able to establish where the live rounds found on the "Rust" set came from. Kenney has denied that the live rounds on set came from his company. Charging documents held Gutierrez-Reed responsible for "allowing live ammunition on the set," but not for bringing them to the production.

☆ High-profile hedge funds dive back into beaten-down tech stocks to capitalize on the big comeback
▼ + stars: | 2023-02-20 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Many high-profile hedge funds jumped back into technology stocks — the group that hurt their alpha the most last year — just in time to benefit from the furious comeback in the new year. These big investors loaded up on stocks that were among last year's biggest losers amid the Federal Reserve's aggressive rate hikes. Hedge funds overall saw significant negative long alpha (-12.1%) last year, with the single biggest contributor being exposure to info tech, according to Goldman Sachs. .IXIC 1Y mountain Nasdaq Composite The rebound in technology stocks came fast and furious in the new year. Hedge funds overall were able to beat the market significantly.

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