‘What Stage of Capitalism Is This?’ Hedge Fund $3 Billion Richer Thanks to Wager on Wildfire Insurance Claims

The social and environmental toll of the unfolding fire catastrophe in California—where over 100,000 people have been displaced, seven have died, and approximately 1.2 million acres have burned since August 15—is incalculable, but hedge fund Baupost Group has found a way to turn the state’s devastating wildfire epidemic over recent years into profits for investors.   …

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