Episode Details

Seth Klarmans Baupost Group made significant portfolio adjustments in Q4 2025, reducing Alphabet stake by 41% and increasing Fiserv position by 146%. Klarmans strategy highlights his ability to capitalize on gains and find bargains. Alphabet, despite a strong 2025, saw a Baupost trim due to its recent run-up and antitrust concerns. Fiserv, which faced a 44% drop last year, now under new CEO Mike Lyons, presents a value opportunity for Baupost, trading at under 7x forward earnings.

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