Billionaire Seth Klarman blames low rates and 'capitalist excess' for his fund's languishing returns — and says we've only seen the 'tip of the overvaluation iceberg'

· Billionaire Seth Klarman's annual letter to investors was wide-ranging, touching on topics including private equity's pile of unused money, Modern Monetary Theory, WeWork, and foreign policy in the Middle East.
· The 17-page letter seen by Business Insider revealed that the roughly $30 billion fund returned less than 10% in...