If I had shown you an investor letter from a fund manager whose non-micro-cap stock picks underperformed the market by an average of 2 percentage points annually since 2008 (before fees and expenses) and whose performance has been deteriorating dramatically in recent years, do you think you’d even care to read it?
We analyzed the performance of Seth Klarman’s 13F stock picks that have a market cap of at least $1 billion between 1999 and 2017. Our goal is to compare the performance of these...
