Friday, May 10, 2013

Lee Cooperman at the Skybridge Alternatives Conference (SALT 2013): Stockpicks & Market Thoughts

We wanted to highlight some notes from the Skybridge Alternative Conference, a.k.a. SALT 2013 taking place in Vegas this week.  Lee Cooperman of Omega Advisors gave his thoughts on the market and some of his holdings.

Market Thoughts From Cooperman

Cooperman says the market might be a little ahead of itself, the economy is limping along.  He doesn't see a reason for the market to decline a lot and says the only two ways that would happen is 1. a recession and 2. the market getting too frothy and the Fed removing quantitative easing.

The Omega Advisors man argued that the economic cycle could be longer than usual and also noted that many investors have de-risked since the financial crisis.  That said, he feels the market is ahead of the fundamentals.

Cooperman's Stock Picks

When asked where he would put new money to work today, he said he'd look to add to existing positions in his portfolio and singled out Monitise in the UK.  We highlighted Cooperman's Monitise stake before as it's a mobile wallet platform.

He also revealed he's been buying an engineering and construction firm Technip, involved in LNG platforms and after exiting Apple earlier, he's dipped back in around the low $400's in a "small size" position.

The Omega founder was asked about housing plays and noted he's missed the homebuilder trade, but has exposure via proxies like Ocwen Financial (OCN) and Altisource Portfolio Solutions (ASPS).  This week at the Ira Sohn Conference, Steve Eisman pitched OCN as a long.

Cooperman also touched on some other of his holdings that are trading below book value that he thinks are attractive:  American International Group (AIG), MetLife (MET), and Citigroup (C).

Omega also owns Facebook (FB) and they think people are underestimating the mobility opportunity and can achieve a much higher multiple.

At the SALT Conference, Cooperman was on the best ideas panel as well and said he likes Express Scripts (ESRX), the pharmacy benefit management company and Transocean (RIG), the deepwater driller.

Embedded below is a clip of Cooperman on CNBC from the SALT conference:

Lee Cooperman was named as one of the top 10 highest paid hedge fund managers of 2012.

Blue Ridge Capital Starts Endo Health Solutions (ENDP) Position

John Griffin's hedge fund firm Blue Ridge Capital filed a 13G with the SEC and just disclosed a 5.98% ownership stake in Endo Health Solutions (ENDP) with 6,635,000 shares.

This is a brand new position for the hedge fund as they did not report a stake at the end of 2012 in the last portfolio disclosures.  The filing was required due to portfolio activity on April rid

Per Google Finance, Endo Health is "a specialty healthcare solutions company focused on branded and generic pharmaceuticals, devices and services. The Company has a portfolio of branded pharmaceuticals that includes brands, such as Lidoderm , Opana ER, Voltaren Gel, Percocet , Frova , Supprelin LA, Vantas , Valstar and Fortesta Gel."

Keith Meister's Corvex Files 13D on Time Warner Telecom (TWTC)

Keith Meister's hedge fund firm Corvex Management filed an activist 13D with the SEC today regarding their new position in Time Warner Telecom (TWTC).  Per the filing, Corvex has revealed a 5.77% ownership stake with 8,669,424 shares.

Activist Position

Under the "purpose of transaction" section, Meister outlined his activist intentions as follows:

"(Corvex has) had multiple conversations and meetings with the management of the Issuer to discuss the Issuer’s business and strategies and will seek to have additional conversations with one or more of management, the board, other stockholders of the Issuer and other persons to discuss the Issuer’s business, strategies and other matters related to the Issuer. These discussions have reviewed, and may continue to review, options for enhancing shareholder value through various strategic alternatives including, but not limited to, improving capital structure and/or capital allocation through increased leverage and stock repurchases or dividends, among other actions, M&A, and general corporate strategies."

Breakdown of Corvex's Position

According to the fine print in the filing, Corvex was out buying TWTC common stock as early as September 13th and then added to the position sporadically throughout November, December and January.

The majority of trades, however, are via the purchase of call options in January, February, and March and the sale of put options during the same timeframe.  Corvex bought calls and sold puts both with an $18 strike and February 24, 2014 expiration.

In total, Corvex owns 2,294,924 shares and 6,384,500 shares via underlying call options.

Corvex's Thesis on TWTC

Meister outlined the thesis on TWTC in his Ira Sohn talk this week and thinks the company could be acquired.  Meister likes companies going through change and recurring revenue businesses with possible secular growth.  The main thesis here seems to be tied to the fact that the data network industry has been consolidating.  He also owns shares of Level 3 Communications (LVLT) and looks for them to be an acquirer in the space.

About Time Warner Telecom

Per Google Finance, TWTC is "a national provider of managed network services, specializing in business Ethernet, data networking, Converged, Internet protocol-based virtual private network (IP VPN), Internet access, voice, including voice over Internet Protocol (VoIP), and network security services to enterprise organizations, including public sector entities, and carriers throughout the United States, including their global locations."

You can also see some additional portfolio activity from Corvex here.

Thursday, May 9, 2013

Notes From Ira Sohn Conference 2013: Einhorn, Druckenmiller, Eisman & More

Today we present notes from the 2013 Ira Sohn Conference in New York.  The 18th annual event featured top hedge fund managers presenting investment ideas and the proceeds from the event benefit pediatric cancer research and treatment via the Sohn Conference Foundation.  Summaries of each speaker's talk are linked below.

Notes From Ira Sohn Conference 2013

Stanley Druckenmiller (Druckenmiller Family Office) on commodities, short Australian Dollar

David Einhorn (Greenlight Capital) on Oil States International (OIS)

Steve Eisman (Emrys Partners) on housing plays: OCN, LEN, PHM, FBHS, FOR, CLNY, AMWD

Paul Singer (Elliott Management): a financial overview & history of markets

Jim Chanos (Kynikos Associates): short disk drive makers Seagate & Western Digital

Kyle Bass (Hayman Capital) on Dex Media (DXM) and Japan

Bill Ackman (Pershing Square): long Procter & Gamble (PG)

Jeffrey Gundlach (DoubleLine) on quantitative easing, short French bonds, short Chipotle

Jonathon Jacobson (Highfields Capital): Short Digital Realty Trust (DLR)

Mitchell Julis (Canyon Partners) on Clear Channel Outdoor (CCO) & Apple (AAPL)

Keith Meister (Corvex Management): long Time Warner Telecom (TWTC) & Level 3 (LVLT)

David Stemerman (Conatus Capital): short African Bank (ABL:SJ)

Li Lu (Himalaya Capital) on Korean preferreds (Samsung, Hyundai)

Clifton Robbins (Blue Harbour Group) on CACI & Akamai

Tor Olav Troim (Seadrill) on opportunities in cyclical industries

Simeon McMillan (Columbia MBA, investment contest winner) on Tribune Company

Stanley Druckenmiller's Sohn Conference Presentation: Commodities Conundrum, Short Australian Dollar

We're posting up notes from the Ira Sohn Conference 2013 in New York.  Next up is a summary of the presentation from Stanley Druckenmiller of Duquesne Family Office (previously of hedge funds Duquesne Capital and Soros Fund).  His presentation was entitled "The Commodities Conundrum" but he touched on a myriad of topics outlined below.

US Market & Quantitative Easing

Druckenmiller noted everyone is saying, "love the market long term, looking for a correction." He believes the opposite, loves market short-term, but hates it long term. Strongly disagrees with quantitative easing by Bernanke now. Only agreed with the first QE.

"His bond buying is controlling the most important price in the US economy." Says it will end badly, despite money-printing being beneficial to financial assets currently. When Fed slightly tightens, that will hurt things he says. Bernanke completely ignored strong economic data in January and February, but with slightly soft data later, he printed even more money. Expects a "melt-up" in the short-term, due to Fed's current policy.

On Japan

He feels this could be the beginning of a secular bull market in Japan.  Kuroda in Japan is doing QE x3 of the US relative to equity market capitalization. He actually thinks the Japanese QE makes sense, because they've been in deflation, particularly their currency strengthening against everyone else in the world.

He believes when the US economy improves and the Fed tightens, it will overwhelm the growth and cause the market to crash. He does not expect that in Japan, because it has been in a long-term deflation. Expects an 18-month run in Japanese stocks. Could be beginning of a new secular bull market for Japan.

Commodities Conundrum

Why have commodity prices gone down, with this explosion in monetary base around the world? He believes it is due to changes in China, slowing economic growth, and mix shift to economic activity away from commodity consumption. Huge surge of supply going forward.

He is betting that this is the end of the "supercycle" for commodities. China has huge credit growth, "shadow banking" growth, just like the US had right before the 2008 crash. Timing is uncertain, but China is possibly going to have a financial crisis.

"Commodities tend to go down while stocks go up” they hug the cost curve, which goes down over time. This was interrupted by a once in a lifetime burst of growth in China. Chinese consumption has exploded, and as they built their infrastructure, they were literally 50% of all commodity demand. They also used a huge stimulus in 2008, which crowded out productive investments, but most important mining companies ramped up production as if this growth rate would continue forever.

No matter how much Central Banks prints money over the next few years, it won't overwhelm the huge supply gains.

Druckenmiller's Picks

- Own companies that benefit from lower commodity prices, short the opposite.

- Growth over value.

- Avoid Brazil, Canada currencies.

- Short the Australian dollar. There is massive foreign ownership of Australian bonds.

- Long Japan; real estate, banks.

- Long: Google (GOOG), one of his biggest positions. In best 2 areas: search/data, and mobility. "Unlike other massive tech stocks engaged in financial engineering  prodded by hedge fund managers." Obviously, a dig at AAPL. "By the way, Google doesn't have any exposure to China." (Technically they do, via Android).

For more on this manager, head to lessons from Stanley Druckenmiller as well as a rare interview with Druckenmiller.

Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.

David Einhorn's Sohn Conference Presentation: Oil States International (OIS)

We're posting up notes from the Ira Sohn Conference 2013 in New York.  Next up is a summary of the presentation from David Einhorn of Greenlight Capital.  He presented a long of Oil States International (OIS).

Long: Oil States International (OIS)

It's a low cost provider.  Trades at 4x, a discount.  Just under 7x EBITDA, should be over 8x  Almost half their fleet is proprietary/patent protected and has higher margins than competitors.  The offshore segment is undervalued as well.  It's an interesting business with high margins that isn't reflected in the valuation.

Sum of the parts (SOTP) = $118 (stock closed $95 that day, he presented after market close).  If you start to look at a REIT valuation, it could be worth $155.

Einhorn's not the only prominent hedgie in this trade, either.  We flagged how Barry Rosenstein's hedge fund JANA Partners filed a 13D on OIS recently as well.

The Greenlight manager also made some intriguing comments about his presentations at big events and noted he usually doesn't trade out of a position within 3 months of an event.  Reiterated to do your own work.

Einhorn also said he agreed with Druckenmiller's talk and said Greenlight is short steel and iron ore.

In addition to managing Greenlight Capital, Einhorn is also the author of Fooling Some of the People All of the Time.  For more on this manager, you can check out one of Einhorn's letters to investors discussing some of his positions.

Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.

Steve Eisman's Sohn Conference Presentation on Housing Plays: Long US, Short Canada

We're posting up notes from the Ira Sohn Conference 2013 in New York.  Next up is a summary of the presentation from Steve Eisman of Emrys Partners (he was previously at FrontPoint).  He presented "Housing: A Tale of Two Countries.  US vs. Canada."  

Long US Housing Plays

US: Fundamentals improving and accelerating. Affordability levels best in decades, Monthly principal and interest, only 14% of incomes. Inventory now at a 30 year low, shadow inventory is fading. Single- family starts should boost public builders. Last year was volume; this year is volume and pricing. California, AZ, NV, and TX are strongest- they were weakest.

3 ways to play it:

1. Homebuilders. Not cheap, but are not pricing in how much fundamentals have improved. Lennar (LEN), Standard Pacific (SPF), Pulte Homes (PHM).

2. Home building products: American Woodmark (AMWD), Fortune Brands Home & Security (FBHS).

3. Land: Forestar Group (FOR). Pure play in land. Colony Financial (CLNY) - real estate loans. Ocwen Financial (OCN) Largest non-bank mortgage servicing company. 25% FCF yield. Growth company, 7x p/e.  OCN seemed to be his favorite pick.  Our Hedge Fund Wisdom newsletter analyzed OCN back in our Q3 2012 issue.  Subscribe to the letter if you want a great company/stock overview to get up to speed.

Short Plays on Canadian Housing

He says that if a housing slowdown comes in Canada, the Canadian banks will really get hit.  "Misaligned incentives and poorly understood housing finance market."

Canada has their own Fannie Mae- called CHMC, which stepped in during 2008-2010 to do almost ALL the loans. Now CHMC is not doing loans, so banks must do it. Says these banks are all over-priced and "over-earning" because the boom from issuing insured loans is over. 

Canadian banks: Bank of Montreal (BMO), Bank of Nova Scotia (BNS), Canadian Imperial Bank of Commerce (CM), Royal Bank of Canada (RY), Toronto Dominion Bank (TD).

Short Idea: Home Capital Group (HCG.CA). Listed only in Canada. Largest non-prime mortgage originator in Canada. Carries $8.8B on their balance sheet. Has less than $1B equity, yet 100% of the credit risk on those loans. Trades at twice tangible book, expensive.

We've highlighted some past resources on this hedgie, including Eisman's pitch on for-profit education as well as Eisman's thoughts on insurers.

Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.

Paul Singer's Sohn Conference Presentation: Macro Overview & History of Markets

We're posting up notes from the Ira Sohn Conference 2013 in New York.  Next up is a summary of the presentation from Paul Singer of Elliott Management, a ~$20 billion hedge fund.  He presented a financial overview and talked about quantitative easing and the need for economic growth.

Financial Overview & History of Markets

Singer gave a “history of financial markets since WWII.” There was less debt back then. Sound financial institutions. "Long term entitlement programs are the effective equivalent to debt." Countries are unwilling to even do non-threatening changes to these entitlement programs.

In Japan, it is 800% of GDP. In US, 500% of GDP. "Obligations that cannot possibly be met, no matter what the tax rate, or the growth rate." Financial institutions are now doing not just loans, but they are doing a lot of principal trading. Typical bank now: 200B equity, 2- 3T of assets, and 50-80T of notional value of derivatives. He claims it is hard or impossible to know what those derivatives actually are. Still completely opaque, and their risks are not understandable. VAR totally misstates risks. Also highly levered.

"Central Banks have reveled in their role, flooding the market with money, they think printing money is 'free' and they don't see the cost- since there is no inflation." We have modest growth, and build-up of risk. "The world needs growth; from innovation." Quantitative easing has caused a distorted recovery. People owning bonds, stocks, is doing fine. Ordinary citizens are not feeling the effective equivalent of Dow 15,000. Causing class warfare.

His idea: Those who own long-term bonds of US Governments or others, own things that are not priced correctly. There is no safe haven in these markets. There is no such thing.

Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.

Jim Chanos' Sohn Conference Presentation: Short Hard Disk Drive Makers STX & WDC

We're posting up notes from the Ira Sohn Conference 2013 in New York.  Next up is a summary of the presentation from Jim Chanos of Kynikos Associates.  He presented "Mobile Computing Revolution: Collateral Damage in Hard Disk Drives."  He focused on hard disk drive makers Seagate Technology (STX) and Western Digital (WDC), calling them value traps.

Hard Disk Drive Decline: Short STX / WDC

Losers and winners. "Death of the PC” Units are actually just beginning to decline. Tablets increased 142% yoy in Q113. Only had one quarter of declining units so far. Hard drive decline even more slowing, began rolling over earlier than PC, but big snap back after the floods in Thailand.

Western Digital (WDC) & Seagate Technologies (STX) both look "cheap" and he says they are a value trap. 5-6x p/e, 4x EV/EBITDA. Industry consolidation has resulted in better pricing, and stronger margins.

Bulls say proliferation of user-generated data (photos, etc.) will outweigh the effects of PC unit declines.  Short Idea: WDC, STX stocks are soaring, while Dell (DELL) and Hewlett Packard (HPQ) are in decline. But pricing is up from 8% of PC BOM, to 10%.

He says cloud efficiency actually reduces Hard Disk Drive demand. STX short. Says margins will collapse from the 25-30% guidance. Says they have accounting issues, because of acquisition they put $1B in goodwill on the books, this may have goosed their profitability.

STX: Lots of insider selling of the stock. Top 4 officers have sold half their stock in the last 2 years. #3 guy quit last night abruptly. Says it's the PC business with about a year lag. End of 2013 they get hit. (For the converse argument, note he doesn't mention the huge FCF generation, and lack of significant debt).

We've recently also posted up Jim Chanos presentation on China as well as a recent interview about his longs and shorts.

Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.

Kyle Bass' Sohn Conference Presentation on Dex Media (DXM) & Japan

We're posting up notes from the Ira Sohn Conference 2013 in New York.  Next up is a summary of the presentation from Kyle Bass of Hayman Capital.  He presented the bull case on Dex Media (DXM), the newly formed entity after Dex One and SuperMedia merged and restructured.  He also touched on Japan again.

Long Idea: Dex Media (DXM)

Bass likes the former Yellow Pages play.  Combined destroyed $25B since 2006, since spun from VZ. Print yellow page ads have dropped at a 15% CAGR since 2002. SuperMedia and Dex One merged, two of the worst performing restructurings. Print is declining 18% per year ad infinitum, but Digital is growing 22%. Digital should be bigger than Print by 2016. Total revenue will flatten out, from $2.3B now to $2.0B. Could be $700M of EBITDA, debt looks attractive.

Sales team approach customers to run their online presence. Bank debt creates company at 2x EBITDA. IRR is in the 30s if it gets re-fi'd in next year. DXM, with more actual digital revenue than pure-play peers, trades at a cheaper multiple. $3.2B of debt on $2B Rev, $700M EBITDA, but FCF pays down debt. Equity is a tiny sliver, only $180M. Equity could go up 300% with a 3x multiple. Yes, fraught with risk, but bank debt is worth par. Equity is very small.

On Japan

He still believes they will have a full bond crisis in next few years. 10 Finance ministers in last 10 years.

For more on this manager, we've previously highlighted Kyle Bass on MBS, housing and gold.

Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.

Bill Ackman's Sohn Conference Presentation on Procter & Gamble (PG)

We're posting up notes from the Ira Sohn Conference 2013 in New York.  Next up is a summary of the presentation from Bill Ackman of Pershing Square Capital.  He presented "A Rising Tide is a Good Gamble," a pitch on shares of Procter & Gamble (PG).

Procter & Gamble (PG)

Ackman seemed more subdued than usual, perhaps chastened from the Herbalife (HLF) short criticism he's received lately.  His idea was long PG.  40% of revenue is from the emerging markets. Says P&G is under-earning because of a bloated overhead cost structure, never brought over Gillette’s cost-conscious culture.

Suboptimal manufacturing, too many layers of management, marketing is 16.5% of revenue and they aren't getting their proper return on that investment. Pricing in some categories is not optimized. These are fixable.

Company itself has recognized their "bloat" and has announced $10B of cost reduction, $6B from COGS, etc. Then several pages of slides going over how they can cut costs.

For more resources on this hedge fund manager, we've posted up about Ackman's Mondelez stake as well as his presentations on Herbalife.

Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.

Jeff Gundlach's Sohn Conference Presentation: Short French Bonds, Short Chipotle, Long Gold

We're posting up notes from the Ira Sohn Conference 2013 in New York.  Next up is a summary of the presentation from Jeffrey Gundlach of DoubleLine.  He talked a lot about quantitative easing and various other topics.

Gundlach's Talk on Quantitative Easing

He thinks quantitative easing will stay for a long while for many months if not years into the future.  It's a way to keep interest expense low and can also generate lower insurance premiums so he would avoid insurance companies.

Just because rates are low now doesn't mean they have to rise quickly.  Timing is everything in investing.  The Fed mentions the downside of QE just "so they can say they talked about it."  He said this isn't the beginning of a new bull market.  If you want to play QE via stocks, do it in Japan.

Gundlach said that Cyprus' taking deposits worries him as a precedent has been set so he said to avoid sticking money in the bank.  If you want to play QE in Europe, just short French bonds. 

He points to Treasuries not being a crowded trade.  Asking the audience to raise their hands if they own them, very few hands were raised.  He says QE is a put on Treasuries. 

Gundlach's picks:  Short Chipotle (CMG) ~ "gourmet burrito" is an oxymoron, short French bonds, gold.  Avoid bank deposits.

For more on this manager, we've also highlighted some of Gundlach's previous thoughts on holding cash here.

Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.

Jon Jacobson's Sohn Conference Presentation: Short Digital Realty Trust (DLR)

We're posting up notes from the Ira Sohn Conference 2013 in New York.  Next up is a summary of the presentation from Jonathon Jacobson of Highfields Capital.  He presented "The Illusion of Yield."  His pitched the short case on Digital Realty Trust (DLR).  

The Illusion of Yield

Jacobson said money market assets are in decline. Individual investors fled mutual funds, and slowly, but surely individuals are tiptoeing back to the market. They are buying high-yield bond funds and dividend stocks.

"Low risk" such as REITs, pharma/healthcare, Utilities, Telcos, even blue chips. He showed how health care is up 18% ytd, Utilities 18%, staples 16%. Very rare for this to happen in a bull market. This shows that investors are buying high dividend "safe" stocks. "All dividends are not created equal"

AT&T (T) beware: wireline a melting ice cube, wireless becoming competitive. Short: Linn Energy (LINE). Half of cash flow is from hedging gains.

Short Digital Realty Trust (DLR)

Short idea: Digital Realty Trust (DLR). $9B market cap, trades at 18x AFFO (adjusted funds from operations), 4.6% dividend yield. Fundamentals deteriorating, commodity business without barriers to entry.

CAPEX higher than company represents, dividend not sustainable. Stock worth about $20/share, not the $65 it's trading for. Cloud-based competition is coming in- Google (GOOG), (AMZN), and Microsoft (MSFT).

Rents at new data centers are down 20% since 2006. Spent $967M on CAPEX, claim only $22M of it was maintenance capex. This doesn't square. It's actually more like $413M/ year over time. So on $1B on revenue, cost of maintenance capex is more like 40%, not 2% This makes a huge difference- it implies they are only making 87c/share, not $3.12/share.

With a 4% yield on this 87c, you get a $19 stock. Replacement cost as estimated by the company is $18/share.  With no barriers to entry, increasing competition, prices dropping, why should you pay 3x book value for this business? Keep issuing secondary shares to fund ongoing operating cash shortfall, still doing acquisitions to mask what is happening.

Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.

Mitch Julis' Sohn Conference Presentation: Clear Channel Outdoor (CCO), Apple (AAPL)

We're posting up notes from the Ira Sohn Conference 2013 in New York.  Next up is a summary of the presentation from Mitchell Julis of Canyon Partners.  He presented Clear Channel Outdoor (CCO) and wandered into other topics throughout his talk.

Long Idea: Clear Channel Outdoor (CCO)

Stub equity. Says depressed multiple. So his bull case needs multiple expansion. And he expects some EBITDA growth. Complex story, litigation, etc.

Apple. (AAPL) Long. Cites their bond at 1.5% interest rate, says the discrepancy between the debt and equity is significant. "Capital structure matters." - quote from Michael Milken.

He also touched on how tons of CUSIPs have been bought by CB's since 2007 and you don't want to fight them.  Julis says "if you don't do macro, macro will do you."

While everyone is just going long in this environment, he said to look for earnings power and staying power (Warren Buffett's great at this).

Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.

Keith Meister's Sohn Conference Presentation on Time Warner Telecom & Level 3 Communications

We're posting up notes from the Ira Sohn Conference 2013 in New York.  Next up is a summary of the presentation from Keith Meister of Corvex Management (he previously worked with Carl Icahn).  He presented Time Warner Telecom (TWTC) and Level 3 Communications (LVLT) as he likes plays on the data boom.

Long: Time Warner Telecom (TWTC)

Has his own fund, used to work for Carl Icahn. Buys companies going through change, activism. Likes recurring revenue businesses, with secular growth even in no-growth world, consolidating industries. Global data traffic over networks is indisputable, no matter which tablet/ smartphone/game is popular. Networks are consolidating. Ideas: Long TWTC. 80% enterprise/20% wholesale. Possible takeover target. Growing, market share gainer, balance sheet optionality for capital return. Steady organic growth, declining monthly churn. Potential acquirers: Comcast (CMCSA), Verizon (VZ), AT&T (T), Level 3 Communications (LVLT), Cablevision (CVC), Charter Communications (CHTR), or maybe even Google (GOOG). Price target: $34. Meister said he will file a 13D on TWTC as he owns 6% of the company and thinks this is a takeover target.

Long: Level 3 Communications (LVLT)

Long idea: LVLT. 55% ent/45% wholesale. Acquirer of other companies. Scale asset, real estate play, and $8.5B NOLs. It's like Sprint last year- as people begin to believe the story, the stock will work. Expects TWTC to be acquired. Both about $4-5B market cap. Trade at 7-8x EBITDA, which is growing 10% CAGR. LVLT 5.3x debt/EBITDA, TWTC only 1.5x. LVLT 1.5 beta, TWTC 0.8x. LVLT is a global roll-up; TWTC is in 75 local markets.  His firm owns over 3% of LVLT.

For more on this manager, head to posts on Corvex's position in CommonWealth REIT, as well as Keith Meister's pitch on ADT.

Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.

David Stemerman's Sohn Conference Presentation: Short African Bank

We're posting up notes from the Ira Sohn Conference 2013 in New York.  Next up is a summary of the presentation from David Stemerman of Conatus Capital.  Prior to founding his fund, he worked at Lone Pine Capital.  He presented a negative view on South African consumer credit.  He recommended shorting African Bank (ABL:SJ).

Negative on South Africa, Short African Bank (ABL:SJ)

His factors: 1. Quality of Business 2. Management quality 3. Industry cycles

Short Idea: Short when boom turns to bust. South Africa. Banks in South Africa. Unsustainable increase in consumer credit, unsound lending practices, cycle is turning from boom to bust, and African Bank (ABL:SJ) is vulnerable to a downturn.

Short African Bank. (Listed only in South Africa) Consumers are spending 48% of their income on debt service! Trades at 1.3x book value.

Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.

Li Lu's Sohn Conference Presentation on Korean Preferreds

We're posting up notes from the Ira Sohn Conference 2013 in New York.  Next up is a summary of the presentation from Li Lu of Himalaya Capital.  He presented on preferred stock of Samsung, Hyundai and A-1 Pacific, arguing that Korean preferreds are cheap because there's irrational perception that they aren't debt or equity.

Korean Preferreds: Samsung, Hyundai, A-1 Pacific

Li Lu is a Buffett disciple and he was considered to take over Buffett's fund.  Idea: Korean preferred stocks, Samsung (an idea he also pitched about 4- 5 years ago).  Talked about the accounting treatment of preferred shares, and stock options.

Earlier this week, we drew attention to a rare interview with Li Lu on investment process which is definitely worth a read.  And for more, here's a talk Li Lu gave.

Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.

Clifton Robbins' Ira Sohn Conference Presentation on CACI & Akamai

We're posting up notes from the Ira Sohn Conference 2013 in New York.  Next up is a summary of the presentation from Clifton Robbins of Blue Harbour Group.  He presented the long case for CACI (CACI), which he owns 93% of and his second pick was a new position in Akamai (AKAM).


Robbins expects a lot of M&A due to cash on balance sheets.  Two longs. CACI. Government Services Contractor. Intelligence, Cybersecurity, etc. Was originally a software company. Strong FCFs. Trades at only 7x EBITDA, valuation implies 30-40% upside.

Long Akamai (AKAM)

He says it's a unique business at crossroads of megatrends. Say it can do better balance sheet optimization, no debt $1B in cash. Says stock up only 18%, while growing faster than comps. Disputes margin pressure problems. Argues stock from today's price of $45 is undervalued by $15. All the cash is in the US. Says they can do accretive acquisitions.

Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.

Tor Olav Troim's Sohn Conference Presentation on Opportunities in Cyclical Industries

We're posting up notes from the Ira Sohn Conference 2013 in New York.  Next up is a summary of the presentation from Tor Olav Troim of Seadrill (SDRL).  He presented "Opportunities in Cyclical Industries.  Some long ideas: Frontline, Seadrill, and global arbitrage on the gas market via Golar LNG (GLNG).

Opportunities in Cyclical Industries

Fredriksen's partner.  Long Ideas: They own: Seadrill, Frontline, LNG co, Shipping company. Claims they created $31B USD.

Long: Frontline. Showed how shipping rates collapsed in 2008, from $160k to $20k in three months! Value of a vessel went from $140M to $300k, effectively lost 99% of it's value. New ships have huge fuel savings, and they are cheap to build now. Can make back investment in 6-7 years.

Long: Seadrill. Drilling- "The best business we know!" Full pay back in 5 years on 30-year life assets. Showed charts explaining how 90 new rigs are needed by 2020. By having the rigs quickly available for the oil companies, they can speed up their payback by a year, which is a huge impact on rate of return. Possible to have a rig shortage, which is great for pricing. Sometimes the rigs have paid for themselves 3 times by 10 years.  Global arbitrage on the gas market.

Long: Golar LNG (GLNG). Profit is $30-50M USD per boatload to ship from Africa to Europe.

Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.

Simeon McMillan's Sohn Conference Presentation on Tribute Company (Contest Winner)

We're posting up notes from the Ira Sohn Conference 2013 in New York.  Next up is a summary of the presentation from Simeon McMillan, a Columbia MBA student who won the Sohn investment contest and got to pitch at the conference: Tribune Company.

Tribune Company (TRBAA)

Newspapers, broadcast TV stations, cable networks.  McMillan used a sum of the parts (SOTP) analysis. Follows Greenblatt's book criteria. Only traded OTC, post-bankruptcy equity. SOTP gets low is 6% up from here, medium $88, up 60%, and high could even double. Key swing factor is the value of the WGN cable network.

Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.

Wednesday, May 8, 2013

Notes From Value Investing Congress Las Vegas 2013: Day 2

Yesterday we posted up some quick notes from day 1 of the 2013 Value Investing Congress in Las Vegas and today we'll highlight key takeaways from day 2 below:

Whitney Tilson, Kase Capital: AIG, Hertz (HTZ)

He talked about how American International Group (AIG) is still a position he likes as it's still cheap and the company has been streamlined to something much easier to understand and there's been a lot of advancement since the financial crisis and even since last year.  It's around 14% of his portfolio and was his largest position as of last month.  Tilson also likes his long of Berkshire Hathaway (BRK.A / BRK.B) and recently adjusted his intrinsic value figure to just north of $193,000.  Additionally, he mentioned he's started a new position in Hertz (HTZ) and you can read the pitch on Hertz in this newsletter that convinced him.

Guy Gottfried, Rational Investment Group: WPX Energy (WPX)

His pitch was on WPX Energy, a spin-off from Williams Companies last year.  He says it trades at 8x free cashflow and .66x book value.  Gottfried feels it's a very cheap stock for a play on natural gas that doesn't require gas prices to head higher.

Mark Boyar, Boyar Value Group: Weight Watchers (WTW), Dole Foods (DOLE), Western Union (WU)

He thinks we might be in the midst of multiple expansion.  Boyar likes Weight Watchers (WTW) as a play on the weight management industry and notes it's down 50% over the past 12 months.  He also pitched Dole Foods (DOLE) as the company reduced its debt load by selling the packaged foods business.  His third and final pick was Western Union (WU).

Vitaliy Katsenelson, Investment Management Associates: Whistler Blackcomb (WB.TO)

He said that profit growth is slowing down and that the market is actually getting expensive on a P/E basis.  Katsenelson argued that there's no secular bull market, at least not yet.  In the mean time, he likes stocks with solid dividends and says that the vast majority of returns in sideways markets are derived from dividends.  He's the author of The Little Book of Sideways Markets, by the way.  His pick was a high dividend payer (over 7%) in Whistler Blackcomb, the owner of the popular ski resort.  He likes their lower costs due to no property development etc.

Zeke Ashton, Centaur Capital Partners: Fidelity National (FNF), First American (FAF)

He emphasized the importance of learning from mistakes.  While you will encounter your own mistakes as an investor, it's also easy to learn from others' mistakes too.  Ashton argued that emotional mistakes are much more prevalent than analytical ones and so obviously behavioral finance is an important part of investing.  As far as current opportunities in the market go, he's having a hard time finding good ones as so many shares have been bid up.  He's not a big fan of homebuilders but if you want a play on housing, he said to look at the title insurers as a proxy with lower risk.  His picks were Fidelity National (FNF) and First American (FAF).

Joe Altman & Chris Kyriopoulos, COMPOUND Capital: TARP Warrants, Nathan's (NATH)

They launched their fund at a hell of a time: during the financial crisis when Lehman Brothers failed.  These two mentioned that they like TARP warrants, which we'd note has been a hedge fund favorite (especially AIG and BAC warrants, though Compound prefers AIG and COF ones).  They note these are liquid plays that are often underfollowed.  However, their pitch today was Nathan's (NATH), the popular hot dog proprietor.

David Hurwitz, SC Fundamental: Long KISCO, Short (CRM)

He pitched one long: KISCO in Korea (001940.KRX) and one short: (CRM).  He says KISCO is much cheaper than CRM.

Chris Mittleman, Mittleman Brothers:  Revlon (REV)

He pitched this as a turnaround story, praising management for a good effort.  Ron Perelman owns a ton of the company and that's partially the reason it's so cheap.  Mittleman likes that it's essentially a recession resistant business.  A solid portion of their revenues come from Walmart.  He also mentioned Carmike Cinemas (CKEC).

Ori Eyal, Emerging Value Capital: Hilan Tech

Eyal talked about the opportunities to invest in Israel, somewhere he specializes in (launching the Emerging Value Israel Fund).  He says the country is stable and pro-business and has a growing economy.  He pitched Hilan Tech, which he dubbed the 'ADP of Israel.'  He says Israeli stocks on the whole are cheap as they've largely traded sideways the past few years.

Harris Kupperman, Mongolia Growth Group: Real Estate

He touched on how there's too many investors out there all doing the exact same thing (i.e. herding).  One place that there certainly aren't many investors involved is Mongolia.  He says the country's GDP will explode 10x over the next decade or so, creating a big opportunity and he recommended real estate there.

For more from this event, head to notes from day 1 of the Value Investing Congress.

Li Lu's Presentation at FAME Student Investment Conference

This week we highlighted Li Lu's interview in Columbia Business School's Spring newsletter of Graham & Doddsville.  Today, thanks to Santangels Review, we wanted to share a video of Li Lu's presentation at the FAME Student Investment Conference.

Li Lu manages Himalaya Capital and has been endorsed by Charlie Munger as a talented investor.  And for a man that was recently under the radar, he's certainly been popping up in the public as of late.

Embedded below are video of Li Lu's talk:

Video 1

Video 2

Video 3

Be sure to also check out the extensive interview with Li Lu in Graham & Doddsville.

Tuesday, May 7, 2013

Berkshire Hathaway Slightly Reduces Tesco Position, Sells More Moody's

Warren Buffett's Berkshire Hathaway has been active in selling shares of some positions recently.  The latest news is that Berkshire seems to have very slightly reduced their position in UK's Tesco.

Tesco Position Reduced

Berkshire has reported ownership of 4.98% of Tesco ordinary shares as of May 3rd, 2013.  This is down from their previous 5.08% ownership with back in January of 2012.

This is a very small reduction, but since everyone loves tracking Buffett's every move, we thought this should at least be mentioned.

It's also worth noting that this looks to be caused completely by a reduction in the size of their cash settled equity swaps on the name.  They show a 1.79% position now and at the beginning of 2012 it was 1.87%.

Moody's Reduced Again

We highlighted last week how Buffett sold some Moody's shares and Berkshire just filed another Form 4 with the SEC reporting even more sales.

Due to trading on May 2nd and 3rd, Berkshire has sold 1,375,011 MCO shares at weighted average prices ranging from $60.496 to $63.4212.  After this latest batch of sales, Buffett still owns 25,293,539 shares of Moody's.

For more from this legendary investor, head to Buffett's latest book recommendations.

Notes From 2013 Value Investing Congress Las Vegas: Day 1

Here's some brief notes from the 2013 Value Investing Congress taking place in Las Vegas.  This event has somewhat of a new format with a lot more speakers presenting rapid fire ideas.  As such, we'll highlight the takeaways from each pitch below from day 1.  Check back tomorrow as we'll have notes from day 2 as well.

*** 50% discount to next VIC: Also, there's currently a 50% off sale for the New York Value Investing Congress in September. This is the biggest discount to the event you'll see and the sale ends tonight!  Sign up here with discount code N13MF

Steven Romick, FPA Funds: Occidental Petroleum (OXY) & Oracle (ORCL)

Romick likes to focus on contrarian names that investors have seemingly forgotten about.  He mentioned old large cap tech names such as Oracle (ORCL), Microsoft (MSFT), and Cisco Systems (CSCO).  He likes ORCL because they offer a unique product and have recurring revenue streams.  His other idea was Occidental Petroleum (OXY), an oil producer that isn't really focused and can make a lot of adjustments to create value now that the chairman is gone.  Romick says OXY is a sum of the parts play.

Phil Goldstein, Bulldog Investors: Imperial Holdings (IFT)

The company was raided by the FBI and lawsuits post-raid and Bulldog started buying around $1.60.  They went activist and got seats on the board and he thinks there's value to be unlocked there.

John Hempton, Bronte Capital: Transglobe Energy (TGA)

He mentioned he's short an astonishing 120 companies.  His specialty is frauds and he looks for fake cash and fake assets (receivables, goodwill, etc).  He spoke negatively about Transglobe Energy, pointing out they don't collect on oil they've sold until 7 months later.  He's also skeptical since the company shows no inventory and he has other balance sheet questions.  Additionally, he flagged Jos A. Bank (JOSB) due to potential inventory issues and PureCircle (PURE.LN) for balance sheet issues.

David Nierenberg, D3 Funds: Rosetta Stone (RST)

His firm runs a concentrated portfolio of microcap stocks (typically busted growth names).  His pitch was on Rosetta Stone (RST), the popular language learning software company.  Nierenberg notes RST's solid brand in a fragmented industry.  He highlighted that the company has $7 per share in cash and no debt and has been cutting costs by closing some of their mall kiosks. He sees upside of 75% but notes that competition in the space could intensify and free offerings could emerge.

Tim Eriksen, Eriksen Capital Management: First Internet Bancorp (INBK)

He focuses on the section of the market where many companies are ignored (companies with market caps below $100 million) and he also runs a concentrated portfolio.  His pick was First Internet Bancorp (INBK):  $45m market cap, trading below TBV, with a potential catalyst of rising interest rates (loan growth).  Eriksen argued it's cheap because no one really knows about it, investors are still somewhat hesitant about financials and it's slightly illiquid.

Marcelo Lima, Heller House Capital: Hargreaves Services PLC (HSP.LN)

Lima pitched the out of favor coal industry via a UK play: Hargreaves Services PLC (HSP.LN), noting that the UK gets around 40% of its electricity from coal power.  He likes the acquisitions they've made at less than 7x earnings and highlights the benefits of their long-term contracts not being vulnerable to the ebbs and flows of commodity prices.  In the past, fraud at a Belgian subsidiary and issues at a mine weighed on shares but those problems are now gone.

Geoffrey Batt, Euphrates Advisors: Baghdad Soft Drinks (IBSD.IQ)

Batt runs the Euphrates Baghdad Fund and compared Iraq to Germany after World War II, South Korea in the 1960's and Russia in the 1990's. He sees countries that have undergone chaos as opportunities ripe for investing and Iraq fits the bill this time around.  But obviously, he points out, you still need to see stabilization in the economy and if things gradually become less worse, then equities there can head higher.  He says that the country has begun a private credit cycle and notes their oil production potential is huge.  However, he didn't pitch anything oil related.  Instead, he said he likes soda via Baghdad Soft Drinks, a Pepsi bottler.

Zack Buckley, Buckley Capital Partners: Bluecora (BCOR)

His expertise is technology stocks and he pitched Bluecora (BCOR), formerly Infospace.  He likes that they bought TaxACT and highlights Bluecora's $700 million in net operating losses (NOLs).  He said they'll probably look to do acquisitions within a year or so.

Isaac Schwartz, Robotti & Co: Halyk Bank of Kazakhstan (LON:HSBK)

He pitched Halyk National Savings Bank of Kazakhstan (Borat, anyone?) as he likes to play "ugly ducklings."  Schwartz notes the company trades around TBV and is the largest bank in the country (even though its market share is only around 20%) with the dividend now back at 4%.

Amitabh Singhi, Surefin Investments: Greenply (MTLM.IN)

He specializes in India and mentioned that Indians are fixated by gold.  Sighi likes the underappreciated, unfollowed small cap sector in India.  He's looking long-term and thinks agriculture could be a big winner.  Singhi notes that land prices have accelerated higher and while there's around 400 million acres of ag-land in the country, farms are usually only around 5 acres each.  His pick was Greenply (MTLM.IN), an Indian plywood maker.

Chan Lee & Albert Yong, Petra Capital: Sebang, Sebang Global Battery

These two harped on how South Korean equities are very cheap compared to other equity markets (they're based there).  In particular, they're focused on small & mid caps and note how these plays give you access to emerging markets exposure.  They like Sebang the holding company and subsidiary Sebang Global Battery.  They also mentioned Daechang Forging.

Jeff Pintar, Pintar Investment Company: Residential Real Estate

Pintar owns a ton of residential properties, over 2000 as the real estate bubble created immense opportunities.  He pointed out that demand for new homes is rising and supply can't keep up so more homes need to be built.  As to where the biggest demand will be in the future, he singled out Texas, Florida, California and the Carolina regions.  He thinks values can head as high as 50% in select areas.

Chris Mayer, Capital & Crisis Newsletter: First Citizens Bank (FCNCA), Atlas Financial (AFH)

He manages a newsletter with 28,000 subscribers and talked about the positives of investing in owner-operators and likes management to have skin in the game.  Mayer pitched First Citizens Bank as it's 33% family owned and also lauded Atlas Financial (AFH), Howard Hughes (HHC) and Covanta (CVA).

Be sure to check back tomorrow for notes from day 2 of the Value Investing Congress 2013 in Las Vegas.

*** Special discount for Market Folly readers:  The New York Value Investing Congress will take place in September and you can currently get a 50% discount to the event with code: N13MF.  This discount expires tonight (Tuesday) so take advantage while it lasts.  This is the biggest discount you will see for the VIC. ***

Monday, May 6, 2013

Glenview Capital Adds To Health Management Associates Position

Larry Robbins' hedge fund Glenview Capital just filed a 13D with the SEC regarding shares of Health Management Associates (HMA).  Per the filing, Glenview has revealed a 14.56% ownership stake in HMA with 37,757,583 shares.

This marks an increase in the number of shares owned by 7.7% since the end of 2012.  The 13D was filed due to portfolio activity on May 6th.  This is the second subsequent purchase by Robbins' hedge fund as we detailed the last time Glenview added to its HMA stake.
Glenview's Bet on Hospitals

Glenview has had a huge year thus far as noted in our summary of 2013 hedge fund performance numbers.  Robbins has bet a lot on hospitals including HMA, Tenet Healthcare (THC), and HCA (HCA).  And recently, Glenview bought more Lifepoint Hospitals as well.

Robbins originally pitched going long hospitals back in May of last year and has profited handsomely from this call.

Per Google Finance, Health Management Associates "operates general acute care hospitals and other health care facilities in non-urban communities."

Oaktree Capital Reports Reduced Charter Communications Stake (Sold to Liberty Media)

Howard Marks' investment firm Oaktree Capital filed a 13G with the SEC recently regarding shares of Charter Communications (CHTR).  Per the filing, Oaktree has reported a 2.20% ownership stake in CHTR with 2,225,882 shares.

This marks a reduction of 82% in their position size since the end of 2012.  The filing was made due to portfolio activity on May 1st.

This filing is largely a formality as it's already been reported that John Malone's Liberty Media (LMCA) has acquired a 27.3% stake in CHTR, buying from Apollo Management, Oaktree Capital and Crestview Partners.  That deal encompasses around 26.9 million shares and 1.1 million warrants for $95.50 per share.  The deal closed in the first half of the second quarter.

In other ownership activity, we also highlighted how Steve Mandel's Lone Pine Capital added to its CHTR stake this year.

Per Google Finance, Charter Communications "provides cable services in the United States, offering a range of entertainment, information and communications solutions to residential and commercial customers. Its infrastructure consists of a hybrid fiber coaxial cable plant passing approximately 12 million homes, with 98% of homes passed at 550 megahertz or greater and 98% of plant miles two-way active. A national Internet protocol (IP) infrastructure interconnects Charter markets."

For more on this hedge fund, head to commentary from Oaktree's Howard Marks.

PointState Capital Raises PDC Energy Stake

Zachary Schreiber's hedge fund firm PointState Capital filed a 13G with the SEC regarding shares of PDC Energy (PDCE).  Per the filing, PointState has revealed a 5.2% ownership stake in with 1,571,500 shares.

This marks an increase of 49% in their position size since the end of 2012.  The 13G was required due to portfolio activity on April 25th.

Per Google Finance, PDC Energy is "a domestic independent exploration and production company, which acquires, develops, explores, and produces natural gas, natural gas liquids (NGLs), and crude oil. Its Western Operating Region is focused on development in the Wattenberg Field in Colorado, particularly in the liquid-rich horizontal Niobrara play and on the ongoing development of refractures and recompletions of its Wattenberg wells. In its Eastern Operating Region, it is focused on horizontal development in the Marcellus Shale in northern West Virginia, and initiated exploration and development activity in the Utica Shale play in Ohio. Its segments include Oil and Gas Exploration and Production, and Gas Marketing."

We've also detailed other portfolio activity from PointState Capital here.

Graham & Doddsville Newsletter: Interview With Li Lu (Columbia Business School)

Columbia Business School is out with its Graham & Doddsville investment newsletter for Spring 2013.  It features an interview with Li Lu of Himalaya Capital, a man who was dubbed one of Charlie Munger's favorite investment managers.

This interview is really fantastic as he touches on investment process a lot so we'd recommend reading the whole thing below.  But for those pressed for time, here are the takeaways:

Highlights From Li Lu's Interview

On value investing: "There are few people that switch in between or get it gradually.  They either get it right away or they don't get it at all.  I never really tried anything else.  The first time I heard it, it just made sense; and I heard it from the best."

On defining yourself as an investor:  Lu also touched on how you still have to find your own style of investing that matches your personality.  He says, "The game of investing is a process of discovering: who you are, what you're interested in, what you're good at, what you love to do, then magnifying that until you gain a sizable edge over all the other people."  He also added that, "The only way to gain an edge is through long and hard work."

On why he doesn't short anymore:  He listed 3 reasons:  "Three things about shorting make it a miserable business. On the long side, you have 100% downside but unlimited upside. On the short side, you have 100% upside and unlimited down-side. I do not like that math. Second, the best short has some element of fraud. However, a fraud can be perpetrated for a longtime. Of course you borrow to short, so they could really just wear you down. That’s why I could be 100% right and bankrupt at the same time. But, you know what, you go bankrupt first! Lastly, it screws up your mind. Shorts just grab your mind and take away from the concentrated effort that is required to do proper long investing."

On how he finds ideas: "Ideas come to me from all sources, principally from reading and talking."  What's interesting is he doesn't really talk to other investors that much.  He's more keen on chatting with people running businesses.

On the importance of management teams: "(They) always have a big influence on your success, no matter how good or how bad the business is itself.  Management is always part of the equation of making the company successful, so the quality of management always matters.  But to assess that quality is not always easy."

On decision making:  "I think you want to avoid wrong decisions as much or more than you want to get it approximately right.  If you avoid the wrong decisions, you'll probably come out okay over time."

The issue also features pitches from Columbia Business School MBA students on: Motors Liquidation Company (MTLQU), Precision Castparts (PCP), Hertz (HTZ), Advance Auto Parts (AAP), Dollar Tree (DLTR), Stanley Black & Decker (SWK), & Yum Brands (YUM).

Embedded below is the Spring 2013 Graham & Doddsville issue:

You can download a .pdf copy here.

50% Discount to the New York Value Investing Congress: Expires Tomorrow!

We're excited to share with our readers a 50% discount to the upcoming Value Investing Congress in New York City in September.  This is literally the biggest discount to the event you'll see and it expires tomorrow nightClick here to register and use discount code: N13MF

Confirmed Speakers Thus Far

- Mick McGuire, Marcato Capital Management
- Alexander Roepers, Atlantic Investment Management
- Rahul Saraogi, Atyant Capital (India)
- Carl Chen, Temple Honor Asia (Taiwan)
- Evan Vanderveer & David Shapiro, Vanshap Capital

Many more speakers will be announced, and remember that the New York conference is their main event, so you can bet that more big name fund managers will be added. 

MarketFolly readers should be very familiar with the speakers as Mick McGuire and Rahul Saraogi have been featured on the site numerous times before.  Alexander Roepers has presented at the VIC in the past, and Vanshap Capital is partly owned by Tom Gayner's Markel Corp.

Event Details

9th Annual New York Value Investing Congress
Date: September 15-17, 2013 
Venue: Jazz at Lincoln Center's Frederick P. Rose Hall (New York City)

Two-Day 50% Off Discount Special

Regular Price: $4,695
Two-Day Special Discount Price: $2,345
Discount Code: N13MF

Again, we want to reiterate that this discount expires tomorrow night (May 7th) and this is the largest possible discount you can receive to the event.

To take advantage of this discount, click here and use code: N13MF