After a sizzling 2013, Tesla Motors Inc (NASDAQ:TSLA) and Netflix, Inc. (NASDAQ:NFLX) remain Wall Street darlings, but Baupost President and CEO Seth Klarman thinks this is merely a byproduct of an extremely bullish market. In his latest letter to investors, a  copy of which was reviewed by ValueWalk, the tone was largely one of warning about growing bubbles, rising risk and “inadequate potential return almost everywhere one looks.” He also explained that it seems like technology companies are valued more for what they plan to do rather than what they have already done. (see part i and part ii here)


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