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No one has figured out how to make 20% a year.

Bzzt. Wrong.

"Klarman has 30 percent of assets at his $22 billion Baupost Group in cash, he said. He started the firm in 1982 with $27 million and has averaged 20 percent annual gains ever since. In 2007, amid the depths of the credit crash, Baupost had its best year, gaining 52 percent."

http://www.reuters.com/article/2010/05/18/klarman-markets-id...
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