The first 13-Fs are rolling in and among them, that of iconic hedge fund Baupost and its legendary head Seth Klarman. Legendary because until now he was largely percevied as unable to lose on a trade. Ever. And then Hewlett Packard came: Klarman decided the stock was a value play just over a year ago, when he disclosed that as of September 30, 2011 he had accumulated an over 20 million share position when the HPQ price was over $20/share. The holding had gradually declined until Q1 2012, then hear nearly doubled down to a total of 27 million shares. Then the stock collapsed. And like not only a good investor, but trader, Klarman decided to book a loss and dump nearly half his HPQ position, holding just over 14 million shares as of September 30, a stake we are confident is likely zero by now. There goes the bull "alphaclone" case for the company that is not "off its lows."