- Boston-base Baupost Group LLC, the hedge fund run by highly-respected value investor Seth Klarman, stands to reap a hefty $900M profit from its 53.3M share stake in Idenix Pharmaceuticals (IDIX +234%) in light of Merck's (MRK -0.1%) $3.85B offer ($24.50/share). This is a superb example of why he runs $27B in institutional money. Since 1983, his fund's average annual gain has been 17% versus the S&P 500's 11%.