envie um e-mail para Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. Founded in 1982, Baupost Group has $27 billion under management and is headed by Boston billionaire businessman Seth Klarman. Before they invest, the Baupost team also thinks about why their competitors haven't jumped in on the apparent mispricing. The stock currently trades at $24.07. View 17 photos $649,374 6 Beds 1 Baths 2013 sqft. Flexible floorplates of 16,000 50,000 SF of nearly column-free space with ceiling heights of 14-feet to 28-feet offer intentionally democratized space for every tenant to enjoy a premier experience. You may opt-out by. According to Klarman, Baupost's strategy is especially suited to investing during times of disruption, uncertainty and unpredictability. There was a ~265% stake increase in Q1 2021 at prices between ~$1725 and ~$2100. Sie weiterhin diese Meldung erhalten, informieren Sie uns darber bitte per E-Mail Marrying the two proved to be a perfect fit for Morris. During its 25 years history, CWP has owned and operated large scale, premiere quality office and mixed-use assets throughout the United States with a current portfolio located in the Seattle, San Francisco, Los Angeles, San Diego, Boston, New York and Washington D.C. Metropolitan areas. Evergreen fund so longer-term focus - not a "buy, fix, sell" mentality. NortonLifeLock (NLOK): The 1.48% of the portfolio stake in NLOK was established last quarter at prices between ~$24 and ~$27. The compensation should be in-line with Oaktree and higher than Carlyle. The iconic Crescent buildings just north of downtown are among Dallas' best-known properties. Qorvo, Inc. (QRVO): QRVO is a large (top three) 8.87% portfolio stake established in Q1 2017 at prices between $53 and $69 and increased by ~25% the following quarter at prices between $63 and $79. The total number of 13F securities increased from 29 to 34. . 12/1/2022 1:24 AM. The Baupost Group is a Boston-based investment manager with a long-term, value-oriented approach. . This transaction is a resounding affirmation of Coves achievement with this renovation, the excellence of the location, and the enduring value of the finest modern office properties in Manhattan.. Online shopping has been growing by double-digit percentages every year since 2009, taking market share from brick and mortar retail. The portfolio continues to be heavily concentrated with the top three positions accounting for ~35% of the 13F portfolio. The stock currently trades at ~$4. The stock is now at ~$172. Wir entschuldigen uns fr die Umstnde. Since then, the activity has been minor. Baupost has also found inefficiencies in the private credit and preferred stock markets. Former Baupost investor David . Please disable your ad-blocker and refresh. Klarman is seen as an expert in value investing. The stock is now at $5.33. It was sold this quarter at prices between ~$25 and ~$31. Aydanos a proteger Glassdoor verificando que eres una persona real. QCP's . The stake was sold down by ~80% this quarter to a minutely small position at prices between $3.63 and $7.48. las molestias. These 3 Tech Giants Are Next. If this department is undeniably a paradise for fans of skiing and climbing, it is also an area which is good to live in, maybe in the lovely towns on the banks of lakes like Annecy or Evian-les-Bains. Generic selectors. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. SUN VALLEY, ID - JULY 08: Seth Klarman, founder and president of the Baupost Group, a Boston based [+] private investment partnership, arrives for the Allen & Company Sun Valley Conference on July 8, 2014 in Sun Valley, Idaho. The rest of the AUM is diversified among cash, debt, real estate, and hedges. Q2 2021 saw a ~13% trimming while next quarter there was a similar increase. The picture he painted was of a socially divided, pandemic-weary nation plagued by get-rich-quick schemes and rising inflation. Baupost intends to dole out cash to finance new data centers, self-storage facilities and cold storage facilities, according to its manager's year-end letter for 2021. Note 2: They own ~32% of Garrett Motion and ~6.6% of Just Eat Takeaway (OTCPK:JTKWY) (OTCPK:TKAYF). The information contained on this site is intended and only available to Canadian registered professional advisors and dealers that distribute or are interested in distributing Brookfield Real Estate Income Corp. ("Brookfield REIC") in Canada. Real estate is a vast asset class, and each property is different from every other. Cove Property Group and The Baupost Group announced the $1.033 billion sale of Hudson Commons, the 697,958 s/f 25-story trophy tower at 441 Ninth Avenue to CommonWealth Partners in a transaction . I would view them as finance first and real estate second in the form of they have more complex deal structures that is predominately high-yield debt to pure equity with everything in between. [15] In November 2012, Highland Companies withdrew the application in response to that concerted community opposition. Note: Klarman controls ~8.5% of the business. Priscilla Ann Robertson. Have an informational interview with someone there this week, and want to get a baseline level of knowledge beforehand. Baupost Group and Dallas' Woods Capital are making a pitch to acquire the landmark Uptown office and retail project. Believe they are the equity behind 5th and broadway development in nashville that will be new alliance bernstein HQ. In 2021, the fund deployed $1.6 billion of fresh capital into private equity, and it has another $1.2 billion of deal flow in the pipeline that Klarman expects to fund this year. With more Americans on the move, they are often in need of storage space. ", "There are other real estate implications. It seems likely that working from home will become a more viable and favored alternative for many workers they like avoiding the time and money spent commuting, and they welcome the flexible hours and the casual attire. The application has seen heated opposition, as opponents raise concerns about groundwater contamination, local heritage, food security concerns, as well as a host of ancillary issues such as truck traffic congestion, highway safety, noise and dust pollution. In the Baupost Group's Q2 investor letter, Klarman discusses the changes wrought by COVID-19 which he believes will be long lasting, and includes a section called "Real Estate Becomes More . Due to the pandemic, occupancy levels were lower than usual, leasing activity was limited, and construction was delayed. The stock currently trades at $4.42. They think about why the opportunity exists, identify the market inefficiency, and consider whether they have lowered the bar, making investments appear more attractive than they are. I am not receiving compensation for it (other than from Seeking Alpha). and hedge fund manager who is the founder and CEO of Baupost Group, a . After working for several years in real estate finance and investment banking, he founded Starwood Capital Group in 1991. . This quarter saw a ~11% trimming. Hudson Commons achieves dramatic sustainability benchmarks, synthesizing brand new infrastructure with enhanced air quality and 14 separate outdoor terraces to meet LEED Platinum standard. All Rights Reserved. The Baupost Group, L.L.C. (Photo: Business Wire). The Baupost Group has invested in Gossamer Bio on Feb 15, 2022. Since inception (1982), Baupost Group's 13F portfolio has accounted for between 2.4% to 15% of the Assets Under Management (AUM). Baupost also invested in a chain of veterinary surgical hospitals and a group of orthodontia and pediatric dental practices. Impedit voluptatem amet nam et quasi qui facilis. Woods has redeveloped downtowns landmark Thanksgiving Tower now called Santander Tower and is a partner in the PGA of America campus development in Frisco. His business got off to a slow start, but he was committed to making real estate work, he says. Als u dit bericht blijft zien, stuur dan een e-mail Whenever they have identified an opportunity, the Baupost team considers several questions. scusiamo se questo pu causarti degli inconvenienti. The question now is whether investors will turn their attention back to company fundamentals after years of ignoring fundamentals and investing without regard to what a company might be worth. Exact matches only. Note: they still own a small stake in the warrants. Klarman is "seriously concerned" from a top-down perspective but sees "an attractive upside as well as a reasonably protected downside from a bottom-up view. Please help us protect Glassdoor by verifying that you're a Internet Explorer presents a security risk. Seth Klarman's distinct investment style is elaborated in his 1991 book "Margin of Safety: Risk-averse value investing strategies for the thoughtful investor". Woods Capital is also part of the team planning the $1 billion Field St. District mixed-use project proposed for the northwest corner of downtown Dallas. We proudly lead the recommendation space we created. Q4 2020 saw a ~14% stake increase. North Texas office construction is surging, but demand is down, High bar vs. picky buyer: How Pioneer and Exxon execs view Permian Basin tie-ups, Bright-hued downtown Dallas tower set to become apartments, The burrito is king in Ciudad Jurez; North Texas will soon get a taste of Mexicos finest, 55+ Mothers Day dining deals at D-FW restaurants in 2023, Atlanta-based burger chain Slutty Vegan is making its Texas debut in Dallas. Klarman warns that rising rates and inflation pose "a . Last four quarters have seen a ~30% selling at prices between ~$44 and ~$68. There was a ~40% selling this quarter at prices between ~$48 and ~$54. Analysts Disclosure: I/we have a beneficial long position in the shares of AGCB, ATRA, AUR, AVAN, CVT, DBRG, FB, GOOGL, GSK, GRAB, INTC, IS, JOBY, PSTH, TBPH either through stock ownership, options, or other derivatives. The firm also made a slew of private-equity bets last year, deploying $1.6 billion in capital into the space with another $1.2 billion of deal flow that the firm hopes to fund this year. For example, Baupost invested in companies trying to secure growth capital without equity dilution or giving up control and other proprietary sourced financing opportunities. I have no business relationship with any company whose stock is mentioned in this article. Caso continue recebendo esta mensagem, The two quarters through Q3 2021 saw a ~60% selling at prices between ~$202 and ~$270 while last quarter there was a ~25% stake increase at prices between ~$226 and ~$249. Si continas recibiendo este mensaje, infrmanos del problema All three of these property types are growing due to pandemic shifts in behavior. enva un correo electrnico a Advantage Solutions (ADV): The 0.80% ADV stake was established in Q4 2020 at prices between $8.75 and $13.35. CWP offers a wide array of services including entitlement, construction management, investment and capital market transactions, portfolio management, asset management, property management, marketing, leasing, and accounting/reporting, all with a sharp focus on our customers. Employers, meanwhile, will appreciate not having to rent as much office space for their staffs. CommonWealth Partners, LLC is a national, vertically integrated, privately owned real estate investment, development, and management organization. This is a BETA experience. The stock currently trades at $5.48. Among Mr. Poorvu's founding partners was Seth Klarman, who built his billion-dollar fortune at the helm of the fund over these years, remaining the key executive today. The parts of the Crescent for sale include three office high-rises and an adjoining retail center. Baupost recruits individuals with very strong modeling backgrounds (know a few current / former employees). Pershing Square Tontine is a ~$4B SPAC that had an IPO in July 2020. Alexandre Ferrari-Roy's business model helps corporate property owners and managers turn rooftops and other underutilized spaces into productive farms. ", Seth Klarman's comments will be of interest to investors in individual REITs, and in the REIT ETFs including theReal Estate Select Sector SPDR ETF, Not everyone is bearish on REITs. ein Mensch und keine Maschine sind. He added that Baupost's primary success factors include its "long-term flexible investment mandate, experience investing amidst great uncertainty, intellectual honestly in a rapidly evolving world, appreciation of optionality and a record of assessing and mitigating downside risk.". Login User Name Password Have you forgotten your password? By Brittany Hopkins on April 28, 2023. On average . Steve Brown, Real Estate Editor. He also said that investor psychology drives risk with forces such as greed and fear and overconfidence and lack of confidence. Sorry, you need to login or sign up in order to vote. Additionally, though I'm not sure if its out of their real estate group, they own about 10% of Colony Capital (formerly Colony NorthStar) at a basis of $12.50, compared to a current share price of below $6.00. different strategies and to focus its experienced management team. Thanks. But at a time when stocks like Tesla and GameStop have soared to dizzying heights, value investing has lost some of its shine, with funds like Baupost returning suboptimal returns compared with peers. The value investor is also seeking bargains, including in pandemic-hit commercial real estate. Jesus was dead but then came back as an all-powerful God-Zombie. If you have an ad-blocker enabled you may be blocked from proceeding. 10 listings Sort: Premium. Last three quarters of 2020 had seen a ~75% selling at prices between ~$1098 and ~$1830. Voluptates ducimus delectus iure. Seth Klarman, who was asked by Poorvu to help run the fund, remains at its head today. [10], It was reported that Baupost CEO Seth Klarman explained in a speech to MIT students that investment research driven by emotion is risky and can lead to a bad investment. 212-741-2977. The Liberty SiriusXM Group Trading Up 2.3 %. According to Klarman, monetary and fiscal policies aimed at protecting individuals suffering due to the pandemic have insulated investors from economic results and propped up earnings results. A Boston-based hedge fund investor is teaming up with a local real estate firm to take a run at buying Dallas' Crescent complex. In 2006 Baupost Group formed Highland Companies, a Nova Scotia-based corporation that began buying farmland in Melancthon Township, approximately 120 kilometres north of Toronto, Ontario, purportedly for the purpose of farming. With travel subdued, hotel demand has recently fallen almost 70%; many hotels are currently closed. Investors Can Make Gains As Companies Break Up. The U.S. had become over-stored the country had four times more retail real estate per capita than Europe. The bulk of the ownership is through a series A preferred share offering. Hudson Commons offers an amenity-rich environment that evokes a luxury boutique hotel while also delivering efficient, flexible space with high (14+) ceilings, natural light, breathtaking views and cutting-edge technology. bumping for any insights into the culture / hours / comp. 2005-2023 Wall Street Oasis. Roxanne Donovan Roxanne@greatink.com That would support the "creative deal structure comment below as well. The rest of the AUM is diversified among cash, debt, real estate, and hedges. Q4 2020 saw an about turn: ~50% stake increase at prices between ~$125 and ~$170. In March 2021, they announced the merger with IronSource. Roughly half the position was sold in Q2 2020 at prices between $1.42 and $3.10. Note: The stock dropped ~50% last August after a clinical setback - ampreloxetine missed primary endpoint in orthostatic hypotension study. There have been many great comebacks throughout history. Seth Klarman's investment firm Baupost bet big on luxury NYC condos in 2021. SS&C Technologies (SSNC): SSNC is a ~3% position built in Q3 2020 at prices between ~$56 and ~$65 and it is now at $59.82. Since 1982, the firm has been thoughtfully stewarding and compounding capital on behalf of families, foundations and endowments, as well as employees who collectively are the firms largest client. It looked like value stocks started to make a comeback in 2021, but growth stocks remain popular among all types of investors. Many of the worlds wealthiest and most powerful businessmen from media, finance, and technology attend the annual week-long conference which is in its 32nd year. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex, Doesn't really mean shit plebby boi. ", "But, retail is not the only category of real estate under pressure. The Baupost Group has had 16 exits. real person. All other inquiries should be directed to inquiry@baupost.com. Sign up for notifications from Insider! Baupost established the original stake in Q1 2021. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body. About The Baupost GroupThe Baupost Group is a Boston-based investment manager with a long-term, value-oriented approach. pour nous faire part du problme. Read more news . per informarci del problema. Baupost seized upon the opportunities created by these funding gaps, which enabled it to inject fresh capital into temporarily struggling real estate projects. This transaction is a bellweather for the resurgence of confidence in the office sector and validation for the value created by forward-looking, sustainable redevelopment at a trailblazing location, said Kevin Hoo, Managing Partner of Cove Property Group. Stay up to date with what you want to know. Other big name investors such as Blackstone and Goldman Sachs have already dipped their toe in data centers while Lineage Logistics, a key cold storage investor and developer, dropped $500 million on two dozen cold storage facilities within the first six months of the pandemic. Qui est eveniet quibusdam ullam. The ongoing impact of the pandemic shutting down many retail stores, followed by social distancing requirements as we open up, and enduring concerns by vulnerable citizens about entering crowded places will offer a protracted challenge to physical stores. It took another six months to close his first sale. There was marginal trimming this quarter. The Baupost Group is a hedge fund [3] founded in 1982 by Harvard adjunct professor William Poorvu and partners Howard Stevenson, Jordan Baruch and Isaac Auerbach. Baupost Group increased Fiserv, Dropbox, Encompass Health, Nuvation Bio, and ironSource while reducing Joby Aviation and dropping Pershing Square Tontine and NortonLifeLock. [7][8] According to Bloomberg L.P., Baupost is ranked 4th in net gains since inception. Klarman describes his new definition of value investing as "more expansive," adding that it "includes any investment, whether growing or not, whose current price is materially below its underlying value. With $30 billion under management, Baupost is one of the largest hedge funds. Focused on analyzing 13F reports & building tools to help DIY investors generate absolute returnsthrough exploiting inefficiency, volatility, and momentum. [9], It was reported that the Baupost Group does not use leverage in its investments with the exception of real estate where for every one dollar invested the Baupost Group used one dollar of leverage. Please enable Cookies and reload the page. Real Estate Advisor. "Examples include companies seeking to secure growth capital without immediately diluting their equity or giving up control, as well as other proprietary sourced financing opportunities," Klarman wrote. It is hard to know if this is a temporary development or a genuine trend, but it will bear watching. Make America Healthy Again - Falling Life Expectancy Is Alarming, Silicon Valley Bank Collapse And Credit Suisse Rescue Are A Boon For Private Equity, Saudi To The Fore As OPEC Cuts Production. This article is part of a series that provide an ongoing analysis of the changes made to Baupost Group's 13F stock portfolio on a quarterly basis. The current allocation is at the high-end of that range. [11], From its founding the firm have generated an average annual return of 20%. Klarman warns that rising rates and inflation pose "a real danger to financial markets.". In a project that came to define the famous neighborhood, the 1,550-foot tower cost $3 billion to develop and its 170 apartments are listed well into the millions, with the most expensive surpassing $63 million. Baupost's use of an event-driven strategy for many of its equities in 2021 worked quite well because event-driven was the best-performing hedge fund strategy for the year. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Get the latest news from Steve Brown and the business staff. We are excited to announce this investment from The Baupost Group, who share our vision and commitment for our business, our team and our future prospects, said David Kostman, Co-CEO of Outbrain. Q2 2021 saw a one-third increase at prices between ~$77 and ~$96 while last quarter there was a ~55% selling at prices between ~$66 and ~$96. We are pleased to announce that Josh Disenhouse and Matthew Ritchie of Osler's Commercial Real Estate Group were admitted to the Osler partnership, effective March 1, 2023.. Josh joined Osler in 2017 after having practiced as an associate in the commercial real estate and leasing groups at another Bay Street firm. While there may generally be deteriorating fundamentals for some retail, hotel, and even office properties, others may be unaffected or even benefit. The Baupost Group has made 29 investments. In the Baupost Group's Q2 investor letter, Klarman discusses the changes wrought by COVID-19 which he believes will be long lasting, and includes a section called "Real Estate Becomes More Challenged as an Asset Class with Deteriorating Fundamentals for Retail, Hotel, and Possibly Office Properties". The stock currently trades at $43.60. Klarman first purchased VSAT in 2008 at much lower prices and his overall cost-basis is in the high-teens. Klarman, the CEO of the $31 billion fund Baupost, outlined the state of the US in a 25-page annual letter to investors earlier this month. Although the SPAC stakes as a percentage of the portfolio are very small, it is significant that they hold mid-to-high-single-digit percentage of the trust-values in most of them. Real estate made up about 11% of the fund's portfolio at the end of 2021. Equities made up 43% of Baupost's portfolio at the end of 2021. Klarman reported that many of their equities had soft or hard catalysts to drive corrections to their mispricings. The stock currently trades at $2.80. OMG REAL ESTATE TEAM 416.707.6563. Very sharp individuals. There was marginal trimming this quarter. HFM's Event-Driven Index returned 14.9% last year, compared to the overall hedge fund industry's average return of 10.4%. Wenn ", "The challenges to real estate wont apply to every kind of property. DigitalBridge (DBRG), previously Colony Capital: The 1.42% stake in DigitalBridge came about as a result of the three-way merger of Colony Capital, Northstar Asset Management Group, and Northstar Realty Finance that closed in January 2017. RE. Portfolio additions in 2021 included Compo, the largest European garden-products business, which a distressed Chinese seller unloaded. Today Baupost manages roughly $31 billion, of which approximately 20 percent is held in cash or cash equivalents, allowing the firm to invest at scale and execute quickly on new opportunities. He also warned that the specter of rising inflation combined with the potential for "materially higher" interest rates "are posing a real danger to financial markets." The total number of 13F securities increased from 34 to 41. . Investors have been looking for clues about the number of interest rate hikes to look for this year and the pace of tapering the central bank's bond purchases. Klarman controls ~20% of the business. I have no business relationship with any company whose stock is mentioned in this article. Meta Platforms (FB) previously Facebook: FB is a 2.32% of the portfolio position established in Q1 2020 at prices between $146 and $223. Please. The Baupost Group is a Boston -based investment manager with a long-term, collaborative approach. Tracking Seth Klarman's Baupost Group Holdings, Margin of Safety: Risk-averse value investing strategies for the thoughtful investor. Prior to joining Baupost, Sam was an independent advisor, developer and investor in real estate ventures. Read More . This quarter saw another ~20% selling at prices between ~$6.60 and ~$8.25. The networking benefits of large conferences suggest those are likely to return post-pandemic. "Before the pandemic struck, retail properties in the U.S. were already under threat. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. ft., meeting rooms and conferencing facilities designed to evoke a luxury hospitality setting. Baupost Group's 13F portfolio value increased ~17% from $9.25B to $10.84B this quarter. Last quarter saw a ~50% selling at prices between ~$7.50 and ~$12.50 while this quarter there was a stake doubling at prices between $4.55 and $7.94. Over the last several years, one of the great debates has been whether value investing is dead. how would it compare to one of the other firms whose names get thrown on here a lot - carlyle/oaktree/etc (that aren't staffed as lean as baupost). Last quarter also saw a minor ~6% stake increase. These corners of the commerical real estate market have become popular among investors since the pandemic hit. Viasat (VSAT): VSAT is a large (top five) position at 8.55% of the portfolio. Fitness giant Peloton and rideshare innovator Lyft anchor Hudson Commons office tenancy. They're lending and doing pref equity on some NYC development stuff. The common stake was reduced by ~27% in Q4 2020 at prices between ~$22.25 and ~$27.75. It is popular with all kinds of visitors, from mountaineers and winter sports enthusiasts, to gastronomes, wine buffs, and those looking for a city break. "Because of our wide-ranging approach, we don't need the entire market to become undervaluedjust a limited number of investments from time to time.". Fort Worth-based Crescent Real Estate operates the buildings, which just completed a more than $30 million redo. LMK when you're pulling thiccboi cheques. @m_1. They don't buy high-flying stocks in hopes that they will continue to soar. Baupost also invested in a number of private equity, credit and credit-like opportunities last year, most of which ranged from $50 million to $200 million in size. The Baupost Group's main industries are: Finance, Investment Banking Search in title . Alexandre Ferrari-Roy harvests peppers on a MicroHabitat rooftop garden. The spinoff terms called for Theravance shareholders to receive 1 share of TBPH for every 3.5 shares of Theravance held. MEDIA CONTACT:Matt LoDolcemlodolce@outbrain.com. This quarter saw a minor ~4% trimming. Pfizer then acquired them in 2015 for ~$14B compared to ~$3M market-cap for the de-SPAC transaction that closed in December 2004. ironSource Ltd. (IS): Thoma Bravo Advantage was a SPAC that had a ~$1B IPO in January 2021. As always, we continue to carefully oversee our property portfolio, driving occupancy, controlling costs and opportunistically exiting fully valued holdings while conservatively underwriting new opportunities.. Canadian actor Ryan Reynolds and the Remington Group, a Vaughan-based real estate corporation, are said to be working on a bid . Baupost Group's 13F portfolio value decreased ~8% from $10.13B to $9.30B this quarter. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. ", "Amidst a roaring bull market with swollen valuations, one might think that Baupost would experience a drought of investments that meet our criteria for return and risk," Klarman wrote. Outbrain partners with publishers and marketers in more than 55 countries worldwide and is headquartered in New York City, with offices in 18 cities worldwide. Not sure how I found this, but how did it go? Seeking Alpha's Disclosure: Past performance is no guarantee of future results. enviando un correo electrnico a LISTEN: Is this adult burger the best in D-FW? Those positions are Altimeter Growth Corp. 2 (AGCB), Archaea Energy (LFG), Aurora Innovation (AUR) wts, Avanti Acquisition (AVAN) & wts, Cazoo Group (CZOO) wts, Cullinan Oncology (CGEM), Cvent (CVT), Ermenegildo Zegna (ZGN) wts, Finch Therapeutics Group (FNCH), Garrett Motion (GTX), Grab Holdings (GRAB), Gray Television (GTN), Hippo Holdings (HIPO) wts, Horizon Acquisition Corporation II (HZON) wts, Liberty Media Acquisition Corp. (LMACA) & wts, Noble Corp (NE), Outbrain Inc. (OB), Pershing Square Tontine (PSTH) wts, Post Holdings (PSPC), RedBall Acquisition Corp. (RBAC) wts, SVF Investment Corp. (SVFA) & wts, Trilogy Metals (TMQ), and Vertical Aerospace (EVTL) wts. Klarman also joined the growing chorus of institutional investors who say their definitions of value stocks have changed.