Legendary value investor Seth Klarman says he's looking at real estate as the next big opportunity ahead of a slowdown in the economy
But to Klarman and his value-investing ways, you want to buy distressed assets when everybody else wants nothing to do with them.
For instance, Baupost Group bought $456 million of Lehman Brothers' claims in 2012, four years after the firm went bankrupt during the 2008 Great Financial Crisis. "You can find opportunities around the edges of what other people are doing, finding situations that other people are throwing out like the baby with the bathwater. And they exist. You have to be patient," Klarman said.as consumers spend down their excess savings"I think we will probably have a downturn. The economy is slowing. Many sides of the inflation equation are coming under better control.
The Fed said it expects to continue hiking interest rates between now and year-end, even though it skipped an interest rate hike at its June FOMC meeting. The next interest rate decision will come in July.
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