Klarman Says Do Fight the Fed

Wise words from the latest Baupost quarterly (and, no, I don't have a copy, but you can read a longer excerpt on Zero Hedge): Most U.S. investors today have a clear opinion about what everyone else has no choice but to do. Which is to say, with bonds yielding next to nothing, the only way investors have a chance of earning a return is to buy stocks. Everyone knows this, and is counting on it to remain the case. While economist David Rosenberg at Gluskin Sheff believes government actions could be directly or indirectly responsible for as many as 500 points...

Wise words from the latest Baupost quarterly (and, no, I don't have a copy, but you can read a longer excerpt on Zero Hedge):

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