Mining the Data

Today is the final dead line for 13HF filings. These Securities & Exchange Commission (SEC) filings by money managers, hedge funds and other large investors give us a look at the buying and selling of some of the best and brightest on Wall Street. The data are 45 days old, they but can still help gain some insights into what these types of investors are actually doing and not just what they are saying. Years of studying these filings have taught me that there is often a disconnect between words and buy and sell tickets in the investment business. Many of the leading value and distressed types will file at the last minute late today but some of my favorite investors to follow have already send the info in and we can see how they were positioning themselves for the final three months of 2012.

One that I found very interesting this quarter was the report from Seth Klarman of Baupost Group, who I consider to be one of the best investors of the past 20 years. He has an extraordinary track record and has used the concept of "safe and cheap" with great success. In the first quarter of this year, he was selling stocks in what appeared to be a meaningful way. His filing indicates an equity total of $2.9 billion, down from $3.3 billion of equities at the year's end....399 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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