Distressed Debt Investing: My Three Favorite Quotes from Baupost's 2012 Year End Letter

If anyone happens to have the entire letter capable of being passed along, I would be GREATLY appreciative!

In the past, Distressed Debt Investing has taken snippets from Baupost's year end letters, which are always a treasure trove of information from possibly the greatest investor living: Seth Klarman. This year's letter is, as usual, simply amazing and below I've stripped out my three favorite quotes from the letter with some commentary. Enjoy!