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“If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing due to over-reaction.” -Seth Klarman -- “In my opinion, there are two key concepts that investors must master: value and cycles." -Howard Marks -- “Your life must focus on the maximization of objectivity." -Charlie Munger -- "We don't have to be smarter than the rest. We have to be more disciplined than the rest." -Warren Buffett