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Watching Klarman's Latest Biotech Play

By Sham Gad

 About this article:
 Seth Klarman may arguably be the most successful value investor since Warren Buffett. His investment vehicle, the Baupost Group, which has been operating for over 25 years, has had annualized returns in the neighborhood of 20%. And Baupost's ability to exit 2008 relatively unscathed affirms Klarman's focus on the success of a risk-asverse value approach. This past week, Baupost filed a statement with the SEC disclosing a new position. Considering that Baupost has been more active in the debt markets over the past several months, it's worth paying attention to any of Klarman's new equity investments in today's market. On Nov. 9, Baupost filed a 13G statement indicating that it owned 6.2 million shares in Enzon Pharmaceuticals, representing 13.7% of the company's outstanding shares. This is a new position for Baupost, and it's a very intriguing one for a variety of reasons. The first reason is the...

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