The reclusive Klarman just bought into Ackman's spotlight machine

Klarman, the most publicity-shy value investor around, quietly opened a stake in Bill Ackman's very public Pershing Square. It's tiny by Baupost standards, about $13M, reading as a toehold bet on the economics of a listed manager whose capital can't flee. But the stock has since climbed past his June entry, so you'd pay more today.