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What We're Reading ~ 11/14/12

The Oracle Speaks: Warren Buffett In His Own Words [David Andrews]

Cash as trash, cash as king, and cash as a weapon [CFA Institute]

Buffett's latest bargain: Berkshire Hathaway [Barrons]

Charlie Rose talks to Jeremy Grantham [BusinessWeek]

Investing lessons: avoiding the Peter Lynch bias [Charles Sizemore]

See also: Lynch's principles & golden rules of investing [Market Folly]

Ebb and flow of cash plays key role in hedge funds' bets [Reuters]

Keys to successful investing by endowments & foundations [CAIA]

The missing piece: determining when to sell [GuruInvestor]

Another view: When to sell a stock [Gurufocus]

A presentation on investment process [Contrarian Edge]

Hedge fund legends with their humble beginnings [eVestment]

Would you invest Grandma's money in hedge funds? [Absolute Return]

On the future of cable, TV, wireless and more [BusinessInsider]

5 reasons Apple has peaked for real this time [Quartz]

Bill Ackman Not Throwing In The Towel On J.C. Penney (JCP)

After sales plunged at J.C. Penney, Bill Ackman of Pershing Square Capital appeared on CNBC to talk about his investment.  He has stressed in the past that he's in this investment for many years as the company is a turnaround story.

Ackman originally purchased his stake around $25 and the stock now trades around $18 so he has a paper loss.  He argues that J.C. Penney is now "two companies" with the new startup concept: jcp (the stores within a store concept) and then the old J.C. Penney.

The Pershing Square man essentially argues that since the new jcp concept stores are generating a much higher return per square foot than the original concept, the growth there will be when old stores convert to the new jcp concept and then when the number of 'mini stores' within the store increases.

Embedded below is a video of Bill Ackman's appearance:



For more from this hedge fund manager, we've also posted Ackman's presentation at the Value Investing Congress.

Hedge Fund Short Positions in Finland: Tiger Cubs Short Nokia

Continuing our coverage of hedge fund short positions in Europe, next up is Finland.  New European rules are obliging hedge funds to disclose information about the most carefully guarded part of their business activities: short positions.

Since November 1st when the EU Regulation on short positions came into force, there has been a deluge of information from financial regulators in EU countries giving information on short positions across all market sectors.

Public disclosure is required for net short positions of shares that reach 0.5% of the issued share capital of the company concerned and again at each 0.1% increment above that.  Additionally disclosure is required publicly when the position subsequently falls below 0.5%.  Here are the latest disclosures in Finnish markets:


Hedge Fund Short Positions In Finland Disclosed

AQR Capital: Short -0.9% Konecranes, -0.9% Nokian Renkaat, -0.6% Rautaruukki

Axial Capital: Short -0.74% Sanoma

Blue Ridge Capital: Short -1.34% Nokia

Carlson Capital: Short -0.93% Outotec

Coatue Management: Short -0.8% Nokia, -0.62% Stora Enso

Eton Park Capital: Short -0.95% Nokian Renkaat

Lansdowne Partners: Short -1.57% Metso

Lone Pine Capital: Short -0.57% Nokia, -0.92% Stora Enso

Maverick Capital: Short -1.7% Nokia, -2.8% Outotec, -1.53% Stora Enso

Odey Asset Management: Short -0.6% Kemira

Pennant Capital: Short -1.38% Outokumpu

SAC Capital: Short -0.6% Neste

Viking Global: Short -2% Nokia


Obviously, there are many 'Tiger Cub' hedge funds short Nokia.  There's an interesting dichotomy here as some value investors have gone long the troubled handset maker due to valuation, while many GARP (growth at a reasonable price) investors short the company due to its falling market share.

Many Tiger Cubs often go long the 'best of breed' companies in various sectors and short the struggling companies in that same sector.  As an example, many have been long Apple (AAPL) and short Nokia (NOK) as smartphone market penetration exploded and iOS gained market share while Nokia struggled to find a winning strategy.


To see more hedge fund shorts, head to our other coverage:

 - Hedge fund short positions in the UK

- Hedge fund short positions in Germany

- Hedge fund short positions in France

- Hedge fund short positions in the Netherlands

Sohn London Investment Conference Next Week: Hohn, Chanos & More

Continuing the busy investment conference season, we wanted to make sure our European readers were aware of the Sohn London Investment Conference taking place next week on November 19th.  This is the inaugural London event and it is hosted by The Sohn Foundation London.

Top hedge fund managers will present their latest investment ideas to raise funds for pediatric cancer care and research, supporting Great Ormond Street Hospital Children's Charity.  You can register for the event here.

The conference brings together top professionals from the investment world, such as Chris Hohn (The Children's Investment Fund), Nicola Horlick (Rockpool Investments), Jim Chanos (Kynikos Associates) and Nick Moakes (The Wellcome Trust), to share their views on current market conditions and future opportunities/trends.


Full Speakers List

Chris Hohn, The Children's Investment Fund
Jim Chanos, Kynikos Associates
Nick Moakes, The Wellcome Trust
Nicola Horlick, Rockpool Investments
John Armitage, Egerton Capital
Carson Block, Muddy Waters Research
Jan Hummel, Paradigm Capital
Russell Napier, CLSA Asia Pacific Markets
Bruno Rocha, Dynamo Capital
Davide Serra, Algebris
Nicolai Tangen, AKO Capital
Nicolas Walewski, Alken Asset Management


Event Details

Date & Time: Monday November 19th, 2012 from 13:00 - 18:00
Location: London Marriott Hotel Grosvenor Square

For more information and to register, please click here.

Hedge Fund Short Positions in the Netherlands: Elliott, Passport, Marshall Wace & More

Continuing our coverage of hedge fund short positions in Europe, next up is the Netherlands.  New European rules are forcing hedge funds to disclose information about the most carefully guarded part of their business activities: short positions.

If you missed them, we've already posted up hedge fund short positions in the UK, as well as hedge fund short positions in Germany, and hedge fund short positions in France.

Since November 1st when the EU Regulation on short positions came into force, there has been a deluge of information from financial regulators in EU countries giving information on short positions across all market sectors. 

Public disclosure is required for net short positions of shares that reach 0.5% of the issued share capital of the company concerned and again at each 0.1% increment above that.  Additionally, disclosure is required publicly when the position subsequently falls below 0.5%.  Here are the latest short positions disclosed in Dutch markets:


Hedge Fund Short Positions Disclosed In The Netherlands

AQR Capital Management: Short -0.51% SBM Offshore, -0.61 Fugro

Carlson Capital: Short -0.51% NSI 

Elliott Management: Short -1.42% AMG Metallurgical Group 

GLG Partners: Short -2.27% SNS Reaal 

Marshall Wace: Short -0.52% PostNL 

Passport Capital: Short -0.58% Tom Tom 

The Children’s Investment Fund: Short -0.68% Royal Imtech


Marshall Wace's short position in PostNL is worth flagging because Clint Carlson's hedge fund firm Carlson Capital recently pitched long PostNL at the Great Investors' Best Ideas Conference.


To see more short positions, be sure to check out the rest of our coverage:

- Hedge fund short positions in the UK

- Hedge fund short positions in Germany

- Hedge fund short positions in France

Hedge Fund Short Positions in France: Eton Park, Lone Pine, Maverick & More

With new EU regulations on short selling providing more transparent disclosures, we're continuing our coverage today with hedge fund short positions in France.  If you missed them, we've also posted up hedge fund short positions in the UK as well as hedge fund short positions in Germany.


French Regulatory System

The French disclosure system has been one of the most transparent in Europe in relation to short positions for some time. In many respects the French approach seems to have served as an influence for policy-makers when they were drawing up the new EU Regulation on short selling as it uses the same thresholds and requires the disclosure of shorts across all sectors.  Even so, due to the new EU Regulation we are suddenly seeing new short positions in France that we had not reported before.


Hedge Fund Short Positions in France Revealed

The following percentages represent the amount of a company's shares the hedge fund is short:

AQR Absolute Return Master: Short -1.35% Vallourec, -1.33% Alcatel Lucent, -0.71% Veolia Environnement, -1.08%  

Eton Park: Short -0.56% lliad  

Lone Pine Capital: Short -0.51% Neopost, -0.98% Gemalto, -0.64% Air France-KLM  

Maverick Capital: Short -1.37% Gemalto  

Odey Asset Management: Short –2.23% Alcatel Lucent, -2.76% Peugeot  

Pennant Capital: Short -0.72% Neopost


As you'll note above, a few hedge funds are short Neopost and we've written extensively on the thesis there which you can read at the above link.


For more new hedge fund disclosures, head to our coverage of:

- Hedge fund short positions in the UK

- Hedge fund short positions in Germany

- Hedge fund short positions in the Netherlands