Seth Klarman's Baupost Group took a new position in Bill Ackman's recently listed asset management company in the second quarter, while adding to some of its biggest technology bets. The Boston-based investment firm disclosed a small stake in Pershing Square Inc., valued at about $13 million as of June 30, and a much larger position in CME Group worth nearly $137 million at quarter-end.
Who Holds the Levers
Baupost's filings show where capital keeps concentrating. The firm increased its Amazon position by about 20% to 3.74 million shares valued at roughly $892 million, making the e-commerce and cloud-computing company its largest disclosed equity holding. It also boosted its Alphabet stake by about 16% to roughly 1.37 million shares, with the position valued at about $490 million at the end of June. These are not small bets from the sidelines. They're giant wagers on the same corporate machines that already dominate online commerce, cloud infrastructure, and digital advertising.
The Boston-based investment firm also established a much larger position in CME Group, parent of the Chicago Mercantile Exchange, worth nearly $137 million at quarter-end, according to a regulatory filing. That filing offers a clean little snapshot of how wealth moves through the apparatus: into exchanges, platforms, and the firms that profit from the movement of money itself.
Who Pays for the Game
Baupost cut its Restaurant Brands International position by more than 16% to about 6.75 million shares, worth roughly $490 million. The filings don't explain what workers, customers, or communities get from these shifts. They only show the priorities of a firm managing capital from above, adjusting its exposure while the people at the bottom live with the consequences of corporate concentration and market churn.
The regulatory filings offer only a snapshot of Baupost's U.S.-listed equity holdings at the end of the quarter and don't disclose short positions. That matters, because the public gets a partial view while the full machinery stays hidden behind reporting rules and financial gatekeeping. The system invites scrutiny, then withholds the parts that would make the picture complete.
The Men Behind the Money
Klarman is 69, a disciple of Benjamin Graham's value-investing principles, and has built a reputation for patient, contrarian bets, drawing frequent comparisons with Warren Buffett and the moniker "Oracle of Boston." His 1991 book, Margin of Safety, which details his approach to valuing stocks and managing risk, has become a sought-after investing classic. Long out of print, used copies command thousands of dollars online.
That aura of wisdom sits neatly beside the numbers. A small stake in Pershing Square Inc. worth about $13 million. A larger one in CME Group worth nearly $137 million. Amazon at $892 million. Alphabet at $490 million. These figures don't describe a neutral marketplace. They describe concentrated power moving through a system built to reward those already close to the top.
The article was published Fri, Aug 14 2026 at 1:16 PM EDT by Yun Li.