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Article based on excerpts from Baupost Group's Seth Klarman letter. "there is a growing gap between the financial markets and the real economy...and the overall picture is one of growing risk and inadequate potential return almost everywhere one looks..."

US President Donald Trump reportedly fumed at Prime Minister Benjamin Netanyahu during a Monday call, calling the premier “fucking crazy” and telling him that everyone “hates Israel” as he demanded Israel agree to a ceasefire with the Hezbollah terror group. Axios’s Barak Ravid cited a US official who summarized Trump’s message to Netanyahu as follows: “You’re fucking crazy. You’d be in prison if it weren’t for me. I’m saving your ass. Everybody hates you now. Everybody hates Israel because of this.” A second source briefed on the call told the outlet that the US president was “pissed” at the prime...

With the US-Israel train wreck unavoidable on Tuesday, the challenge now is to pick up the pieces and refocus on thwarting Tehran The prime minister has created the dismal situation whereby even his speech to AIPAC, a day prior to Tuesday’s address to Congress, becomes somewhat problematic. Not only are America’s legislators being asked to choose between their president and the Israeli prime minister, as the veteran administration official Dennis Ross observed at the weekend. But AIPAC’s 16,000-strong, overwhelmingly Jewish audience, in mightily applauding Netanyahu, will be seen by some critics as endorsing a stance against the White House —...

Seth Klarman: We've Been Feeding On The Government's "Hostess Twinkie Market" And We're About To Starve Courtney Comstock May 24, 2010, 8:48 AM At the CFA institutes's annual conference, Seth Klarman spoke to the audience about how we've been living off a "Hostess Twinkie Market" since 2008. Marketfolly has the full notes from his speech from the conference, in which he explains: Hostess Twinkies make childhood happier with totally artificial ingredients. The market has been made happier by government manipulation. 0% interest rates, Mortgage Lending Programs, Cash for Clunkers, TARP, etc...I'm worried to this day about what would happen if...