Klarman Made $1 Billion Hedging Markets. He Still Lost Money
- Baupost slid as much as 8% in March despite bet against stocks
- Klarman sees bargains and has deployed $2.3 billion in cash
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Seth Klarman made $1 billion betting against stocks and corporate credit. That wasn’t enough to prevent his hedge fund from losing money last month.
His successful hedges were offset by deeper losses in the portfolio and overall Klarman’s Baupost Group declined as much as 8% in March, according to a person familiar with the firm’s performance.