The government can indefinitely control both short-term and long-term interest rates.

The government can indefinitely control both short-term and long-term interest rates.

If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing due to over-reaction.

We worry top-down, but we invest bottom-up

All investors must come to terms with the relentless continuity of the investment process.

Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.

At Baupost, we constantly ask: 'What should we work on today?' We keep calling and talking. We keep gathering information. You never have perfect information. So you work, work and work. Sometimes we thumb through ValuLine. How you fill your inbox is very important.