A Contrarian Buy, page-79

Interesting qute from hedge fund manager behind Baupost - key point "legitimate concerns carried to excess" as in the case of MYR.

On the other hand, Baupost is finding value among some firms attacked by the likes of Amazon. “Increasing technological disruption is already pushing some securities well below our assessment of underlying value,” writes

Mr. Klarman, “as legitimate concerns are, in some cases, carried to excess.”

As an example, he cites department stores: “Even for Macy’s, the correct price today is not zero,” says the letter.

“Macy’s owns valuable real-estate assets, and there may be ways to navigate through the current environment while salvaging some value for shareholders.”