Baupost CEO Seth Klarman slams WeWork, Adam Neumann in investor letter - Business Insider

"Just as with many of the wildly overvalued stocks of the late 1990s - early 2000s, WeWork was a prosaic operating business which was branded as a VC-backed, technology-empowered, futuristic innovator with boundless possibilities," the hedge-fund boss continued.

"Rather than describing itself as an unprofitable office landlord that depends on unusually short leases from its tenants, WeWork thickly laid on the hyperbole in its SEC filings," Klarman said. However, the "hard truth of business fundamentals" ultimately brought the company back to bleak reality.In his letter, Klarman highlighted WeWork as an example of how excessive, undiscerning investor cash has artificially inflated company valuations.

"A reflection not of value creation for shareholders, but of tulip bulb pricing driven by nearly limitless inflows of undemanding capital," he continued, referring toKlarman's nickname is the "Oracle of Boston" because of his Buffett-style strategy of sniffing out undervalued businesses.

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Baupost boss Seth Klarman warns bull market won't last, hoards cash - Business Insider'The rocket fuel that has propelled markets in 2019 will run out,' Seth Klarman, whose nickname is the 'Oracle of Boston,' told his investors. Pretty sure it's all doom and gloom with you guys with trump in office Does he know WHEN?! That is the only important answer!
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