A little place called Bloomberg lol
Baupost Group LLC, the hedge-fund firm run by Seth Klarman, bought a stake in
Liquefied Natural Gas Ltd. (LNG) as the Australian company studies further projects to follow its proposed $3.5 billion U.S. venture.
Boston-based Baupost owns 25.9 million shares of Liquefied Natural after making purchases over the past three weeks, a filing to the Australian stock exchange shows. The Perth-based company, developing the Magnolia LNG project in
Louisiana, expects U.S. investors to hold as much as half of its shares within the next six weeks, said Managing Director Maurice Brand.
For Baupost to invest in the Australian company, “they must have a view that this will make them multiples in the months and years to come,” Haris Khaliqi, a Sydney-based analyst at Foster Stockbroking Pty, said today by phone.
Liquefied Natural has had a more than fivefold gain this year in Sydney trading, closing today at A$1.605. That values the company at about A$622 million ($586 million).
Klarman, whose firm managed $27 billion at the start of this year, is a bargain hunter who wrote the preface to the sixth edition of “
Security Analysis,” a landmark 1934 book by
Benjamin Grahamon
value investing. Since it was founded in 1983, Baupost’s main fund has returned about 17 percent a year, compared with 11 percent for the Standard & Poor’s 500 Index.
“We’ve made solid progress,” Brand said by phone yesterday from Houston. “There’s a recognition that Magnolia LNG has a high probability of success.”
**Off the record, Maurice went on to say "I'm really happy about LNG but to be honest I'm more excited about Bortgm & Bluesmoke's Road trip" LOLS
http://www.bloomberg.com/news/2014-...ng-developer-looking-at-more-projects-1-.html
**this is a joke
