Investment legend Seth Klarman went back to his roots at Harvard Business School to declare that the stock market is still too pricey even with its slide...
Investment legend Seth Klarman went back to his roots at the Harvard Business School to declare that the stock market is still too pricey even with its slide this year.
“You’ve got a stock market that’s one of the most expensive ever,” said the chief executive of the value-focused Baupost Group, in an interview posted on Friday. The S&P 500 SPX is now down 23% for the year. “It’s been a 35-year bond bull market, so that’s going to be a big shock that is going to test I think financial institutions who’ve been hedged, who’s been writing derivatives they shouldn’t write, who’s been stepping out to take greater risks in their portfolio, because if you can’t make it in bonds, people try to make it somewhere else.”
“We’ve clearly had worse here,” he said, noting the Great Depression, World War II, and a lack of civil rights. He also pointed to innovation, not just in Silicon Valley, but in Boston for biotechs, New York and Philadelphia, as well as world-class educational institutions.
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