Tuesday, September 19, 2017

Ray Dalio's Reading List

Ray Dalio, the founder of hedge fund Bridgewater Associates, has penned a book called Principles.  He's been doing various interviews about it and recently joined Tim Ferriss' podcast.  During the interview, Dalio outlined some of the books he's read and enjoyed, as well as others he has stacked up in a pile that he's going to read.  He said curiosity is the driving force behind him reading so much.

Ray Dalio's Reading List

  Einstein's Mistakes: The Human Failings of Genius by Hans Ohanian: A book Dalio's already read and enjoyed.

  Sapiens: A Brief History of Humankind by Yuval Noah Harari: #1 international bestseller by a renowned historian.

  The Undoing Project: A Friendship That Changed Our Minds by Michael Lewis: A look at Daniel Kahneman and Amos Tversky's studies on the decision-making process.

  The Upside of Inequality: How Good Intentions Undermine the Middle Class by Edward Conard: The scourge of America's economy isn't the success of the 1%.

  The Serengeti Rules: The Quest to Discover How Life Works and Why It Matters by Sean Carroll: Award winning biologist examines questions about how the natural world is regulated.

  From Bacteria to Bach and Back: The Evolution of Minds by Daniel Dennett: A look at how the human mind has developed its ability to crate, imagine, and explain.

Dalio was also asked to list books he would give to anyone graduating high school or college.  Here were his 3 picks:

  The Lessons of History by Will and Ariel Durant: A concise survey of the culture and civilization of mankind from Pulitzer Prize winning historians.

  River Out of Eden: A Darwinian View of Life by Richard Dawkins: How did life begin and where is it heading?

  The Hero With a Thousand Faces by Joseph Campbell: Combining the insights of modern psychology with comparative mythology.

Be sure to also check out Dalio's own new book, Principles, about all he's learned over the years.

And if you're looking for recommendations from more smart investors, check out Charlie Munger's recommended reading list, as well as many others linked in the right sidebar of Market Folly.

Senator Investment Group Boosts MGM Resorts Stake

Alex Klabin and Doug Silverman's hedge fund firm Senator Investment Group has filed a 13G with the SEC regarding its stake in MGM Resorts International (MGM).  Per the filing, Senator now owns 5.57% of the company with 31.5 million shares, which includes 22 million shares of stock issuable upon exercise of call options.

This is an increase of over 24 million shares since the end of the second quarter when they only owned 7.5 million shares.  The filing was made due to activity on September 12th.

For more on this hedge fund, we posted up another stock Senator had been buying.

Per Google Finance, MGM Resorts International "owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities. Its casino operations feature a range of slots, table games, and race and sports book wagering. Its MGM China’s operations consist of the MGM Macau resort and casino, and the development of an integrated casino, hotel and entertainment resort on the Cotai Strip in Macau. Under its resort operation, the Company's casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. It owns Primm Valley Golf Club at the California/Nevada state line and Fallen Oak golf course in Saucier, Mississippi, among others. It owns and manages CityCenter Holdings, LLC, located between Bellagio and Monte Carlo."

ValueAct Capital Adds To KKR Position Again

Jeff Ubben's activist firm ValueAct Capital has filed an amended 13D with the SEC regarding its stake in KKR (KKR).  Per the filing, ValueAct now owns 8.9% of the company with over 41.9 million shares.

This is the second time this month they've disclosed purchases in KKR.  Their latest round of buying came on September 6th through 8th, as well as September 11th through 15th, and on September 18th too.

In total, they acquired 6.75 million shares at prices ranging from $18.19 to $19.02. 

The filing also notes they also have exposure via cash-settled swaps with respect to 3.65 million shares.

Per Google Finance, KKR is "a global investment firm that manages investments across multiple asset classes, including private equity, energy, infrastructure, real estate, credit and hedge funds. The Company's business offers a range of investment management services to its fund investors, and provides capital markets services to its firm, its portfolio companies and third parties. The Company conducts its business with offices across the world, providing it with a global platform for sourcing transactions, raising capital and carrying out capital markets activities. The Company operates through four segments: Private Markets, Public Markets, Capital Markets and Principal Activities. It operates and reports its combined credit and hedge funds businesses through the Public Markets segment. The Capital Markets segment consists primarily of its global capital markets business. Through its Principal Activities segment, the Company manages the firm's assets and deploys capital."