Thursday, July 31, 2014

East Coast Asset Management on An Ownership Mindset: Q2 Letter

Christopher Begg's East Coast Asset Management is out with its Q2 letter.  In it, Begg outlines the "value of an ownership mindset and how it plays an integral part in a compounding triumvirate with a good business and an effective operator."

Comparing investing to horse racing, he highlights how it's important to ask certain questions:

"If we bought this business in its entirety, could we put blinders on for five or ten years and feel secure in our investment?  Our level of comfort is simplified by the three key factors of business (horse), operational excellence (jockey), and the timelessness of an owner mindset (owner/trainer)."


Embedded below is East Coast's full Q2 letter:



For more from this firm, check out their previous letter on understanding the mispricing of an investment.


Corsair Capital's Thesis on SeaWorld: Q2 Letter

Jay Petschek and Steven Major's hedge fund firm recently sent out their second quarter letter and in it they include a pitch on SeaWorld (SEAS). 

They see the investment as one with limited downside and an upside of at least $40 per share over the next year.  Corsair feels the company has a great expansion opportunity ahead of it.  They also feel that Blackstone will eventually sell its remaining 20% ownership stake which will remove an overhang on the stock.

You can read Corsair's full investment thesis on SeaWorld embedded below:



For more recent hedge fund letters we've also posted up Greenlight Capital's letter and Third Point's Q2 letter.


Stan Druckenmiller's Presentation at Delivering Alpha Conference

A few weeks ago, we highlighted Stan Druckenmiller's comments at the Delivering Alpha Conference.  Now, CNBC has released the full video of his talk which is worth viewing.

Embedded below is Stan Druckenmiller's presentation at the Delivering Alpha conference:



For more from that event, be sure to also check out Lee Cooperman's stock picks and Larry Robbins' best ideas.