Dalio's Bridgewater: we're not in a bubble [CNBC]
92% of hedge fund capital concentrated among top 11% of funds [ValueWalk]
Interesting interview with AltaRock's Mark Massey [Beyond Proxy]
If you missed it, we previously posted AltaRock's investing principles [Market Folly]
Kyle Bass reveals best trade idea for 2015 [Business Insider]
Stan Druckenmiller sees massive problem caused by aging [Bloomberg]
Tiger Global sees key departures [Reuters]
Blackstone buys minority stake in Magnetar Capital [NYTimes]
David Tepper to back protege's new credit fund [Bloomberg]
Robbins' Glenview closes to new capital [Bloomberg]
Hedge funds close doors facing low returns & investor scrutiny [NYTimes]
All hail Ken Griffin, new hedge fund king [CNBC]
Biotech investors up big amid bubble talk [CNBC]
Friday, May 29, 2015
Wednesday, May 27, 2015
On investing in bad businesses [Aswath Damodaran]
10 non-investing quotes with great investing lessons [Clear Eyes Investing]
Kahneman: clients driven by losses, not gains [Think Advisor]
Mary Meeker's 2015 internet trends [Kleiner Perkins]
Qualcomm: the biggest bargain in large cap tech [Capital Observer]
Are declining businesses good shorts? [Young Money]
The ability to focus and make the best move when there are no good moves [Farnam Street]
Big cable is coming for big wireless [Bloomberg]
Charter's deal for Time Warner Cable is classic John Malone [FT]
Meet Altice founder Patrick Drahi [Venture Beat]
Inside the trillion dollar war on packaged food [Fortune]
What makes Danaher such a stock market star? [Bloomberg View]
Goldman on 7 trends that will reshape the auto industry [Bloomberg]
Sergio Marchionne: Detroit's chief instigator [NYTimes]
A look at Markel's Tom Gayner [WSJ]
Tech firms seek ways to fend off activist investors [WSJ]
'The Big Short' movie starts filming [WSJ]
Interview with Brunello Cucinelli, king of cashmere [PI]
NYU's Stern School of Business has published its latest student-run investment newsletter: EVALUATION. The new issue focuses on private market investing and venture capital.
Inside, they interview SoftBank Capital's Matt Krna as well as Union Square Ventures' Brad Burnham.
Additionally, the newsletter features student investment pitches, including: long Masco (MAS), short Youku Tudou (YOKU), and short CAR Inc (0699 HK).
Embedded below is the latest edition of NYU Stern's EVALUATION:
For an insightful past edition, be sure to check out their interview with Marc Lasry as well.
Ricky Sandler's hedge fund firm Eminence Capital has filed a 13G with the SEC regarding shares of Yelp (YELP). Per the filing, Eminence now owns 5.1% of the company with over 3.32 million shares.
This is a newly disclosed equity position for the hedge fund as they did not own any YELP shares as of the end of the first quarter. The filing was made due to portfolio activity on May 15th.
For more from this hedge fund, head to Eminence Capital's other recent activity.
Per Google Finance, Yelp "connects people with local businesses. The Company’s users have contributed a total of approximately 52.8 million cumulative reviews of almost every type of local business, from restaurants, boutiques and salons to dentists, mechanics and plumbers. Its platform provides local businesses with a range of free and paid services, which help them to engage with consumers at moment when they are deciding where to spend their money."
Jeff Ubben's activist investment firm ValueAct Capital has filed a 13D with the SEC regarding its stake in 21st Century Fox (FOX). Per the filing, ValueAct now owns 5.5% of the company with over 43.5 million shares.
The filing indicates that ValueAct were out buying the voting share class of FOX on a few days in April and throughout early May. In total, they purchased over 12.1 additional shares since the end of the first quarter. The common theme among the purchases is the price: around $32.xx.
This is notable because this is the second time ValueAct has purchased around these levels, after originally starting their stake in the second quarter of 2014 and then ramping up their stake the following quarter.
Fox shares have largely traded sideways, with ValueAct stepping in to buy when shares have traded below $33 or so.
For more from this fund, check out partner Mason Morfit on their Microsoft position.
Per Google Finance, 21st Century Fox is "a global media and entertainment company. The Company’s Cable Network Programming segment consists of the production and licensing of programming distributed primarily through cable television systems, direct broadcast satellite operators, telecommunication companies and online video distributors. The Television segment consists of the broadcasting of network programming in the United States and the operation of 28 full power broadcast television stations, including 10 duopolies, in the United States."
Tuesday, May 26, 2015
Anthony Scaramucci's rebooted version of Wall Street Week continues its streak of impressive guests. This week, Kynikos Associates founder and noted short seller Jim Chanos appeared on the program.
He talks about how he got involved in the stock market and why short selling is important.
Chanos also touched on why it's important to set capital limits (position sizes) on shorts. While a short can only go to zero, it can move against you and technically go up infinity. When a short position moves against you, it actually gets larger in size. So you have to ask yourself: how much am I willing to bet on this position? He mentioned 2% to 3% as a typical sized short and never more than 5%. "Never let one idea carry you out."
As to where he looks for shorts, he likes: flawed accounting, structurally unsound businesses, and businesses on the wrong side of a deep cycle.
Specifically, Chanos noted he is short Sotheby's (BID) as the company has benefited from the easy money generated by quantitative easing worldwide. While he sees the company as a proxy for measuring how the ultra wealthy are faring (are they buying more art and fine goods or not?), he argues that BID is not a good way to play that because their business model is deteriorating as they compete with Christie's and super dealers.
Chanos also notes he's bearish on the energy space as the integrated oil space has problems. We've detailed Chanos' presentation at the SALT conference.
Lastly, he also shared his views on China.
Embedded below is the video of Jim Chanos' appearance on Wall Street Week:
If you missed them, be sure to check out Barry Rosenstein's appearance on Wall Street Week, as well as Carl Icahn's interview and Jeff Smith's appearance as well. Jeff Gundlach also appeared too.
Anthony Scaramucci's rebooted show Wall Street Week recently interviewed Fortress Investment Group's Michael Novogratz.
He talked about how macro trading/investing is a mix of analyzing various inputs and that, "Trusting that intuition is the hardest part of this business."
Novogratz also talked about the activity in the bond market and how some investors are calling for a top. He thinks the mentality has shifted from "buy the dip mentality to a sell the rip mentality."
He also thinks macro investing will enter some fertile ground soon. With the Federal Reserve probably raising rates in September, he thinks that will trigger a series of portfolio adjustments.
Embedded below is the video of Novogratz's appearance on Wall Street Week:
Be sure to scroll through interviews with other prominent hedge fund managers on Wall Street Week here.
The 2015 London Value Investor Conference recently concluded and below are notes from each speaker's presentation.
Notes From London Value Investor Conference 2015