Thursday, May 15, 2014

50% Discount to the Value Investing Congress: Only 275 Seats Available

The 10th annual Value Investing Congress will take place on September 8 & 9 in New York City.  This year, they're limiting attendance to only 275 people, so if you want to attend you'll have to sign up fast. 

*** We're pleased to offer readers a special discount: over 50% off.  Click here to register and use discount code: MARKETFOLLY

This discount expires on June 24th, but don't wait until then to sign up because there's so few seats this year and it will sell out quickly.

Speakers List

- Leon Cooperman, Omega Advisors
- Jeffrey Smith, Starboard Value
- Alex Roepers, Atlantic Investment Management
- Carson Block, Muddy Waters Research
- Guy Gottfried, Rational Investment Group
- Sahm Adrangi, Kerrisdale Capital
- Whitney Tilson, Kase Capital
- David Hurwitz, SC Fundamental
- Michael Kao, Akanthos Capital
- John Lewis, Osmium Partners
- Tim Eriksen, Eriksen Capital
- Cliff Remily, Northwest Priority Capital
- And More Speakers Will Be Announced Soon
Also, the press is not being invited to the event, so if you don't want to miss out on the latest investment ideas from the above hedge fund managers, be sure to attend.

Discount Code

To take advantage of the discount for our readers, enter the discount code: MARKETFOLLY
Sign up with this link to secure one of the few seats available

Wednesday, May 14, 2014

What We're Reading ~ Analytical Links 5/14/14

Dream Big: on the Brazilian Trio behind 3G Capital [Amazon]

On investment process [Dasan]

Predicting the present with Google Trends [Berkeley]

A look at Yahoo: a puzzle, a mystery and an enigma [Aswath Damodaran]

The unlikely ascent of Jack Ma, Alibaba's founder [NYTimes]

Recession-baby millennials shun stocks after US slump [Bloomberg]

Families are dining out a lot less [RestFinance]

The future of monetising television [TheGuardian]

What happens when the cable TV money dries up? [Sports on Earth]

Africa growth outlook [WEForum]

Macau jackpot turns to bust for stock investors amid rout [Bloomberg]

Murdoch's $14 billion TV plan sets up showdown with Malone [Bloomberg]

AT&T's deal strategy raises questions [Dealbook]

How dumb are fund investors? [WSJ]

Post Office says it lost $1.9 billion in quarter [NYTimes]

Tiger Global Discloses Tuniu Position

Chase Coleman and Feroz Dewan's hedge fund Tiger Global has filed a 13G with the SEC regarding shares of Tuniu (TOUR).  Per the filing, Tiger Global has revealed a new position in TOUR with 3.6 million shares. 

This represents a 10.1% ownership stake in the company.  The filing was required due to activity on May 9th when the company completed its initial public offering (IPO).

In other recent activity, Tiger Global also started a Zillow stake.

Per Google Finance, Tuniu is "an online leisure travel company. The Company offers a selection of packaged tours, including organized tours and self-guided tours, as well as travel-related services for leisure travelers. It offers packaged tours sourced from over 3,000 travel suppliers, covering over 70 countries, as well as all popular tourist attractions in China. The Company’s product portfolio consists of over 100,000 stock-keeping units (SKUs) of organized tours, over 100,000 SKUs of self-guided tours, and tickets for over 1,000 domestic and overseas tourist attractions. Its online platform, which consists of its Website and mobile platform, provides comprehensive product and travel information through user-friendly interfaces to enable leisure travelers to plan their travels and search for itineraries. Its online platform contains photos, information and recommendations for all destinations it covers."

Farallon Capital Discloses Gleacher Stake

Andrew Spokes' hedge fund firm Farallon Capital has filed a 13G with the SEC regarding Gleacher (GLCH).  Per the filing, the hedge fund has disclosed a 7.3% ownership stake in Gleacher with 451,000 shares.

The filing was made due to portfolio activity on May 2nd.  The company's board of directors has approved a liquidation of assets.

Per Google Finance, Gleacher is "an investment bank that provides corporate and institutional clients with financial advisory services, including merger and acquisition, restructuring, recapitalization, and strategic alternative analysis. Gleacher offers a range of products through its Investment Banking, Mortgage Backed/Asset Backed & Rates (MBS/ABS & Rates), Corporate Credit and ClearPoint divisions. It also provides capital raising, research-based investment analysis, and securities brokerage services, and, through the Company's ClearPoint Funding, Inc. subsidiary (ClearPoint), engages in residential mortgage lending."

Tuesday, May 13, 2014

Paulson & Co Adds To Mallinckrodt (MNK) Stake

John Paulson's hedge fund firm Paulson & Co has filed a Form 4 with the SEC regarding their position in Mallinckrodt (MNK).  Per the filing, Paulson acquired 786,207 shares on  May 7th, 8th, and 9th at prices between $73.0131 and $76.8431. 

After these transactions, Paulson now owns over 6.7 million MNK shares.  For a reference point, they owned 5.6 million shares at the end of 2013 per their 13F filing.  The hedge fund was recently granted an option to increase its stake in MNK to 20%.

Mallinkckrodt has been one of the many pharmaceutical plays involved in M&A lately.  After acquiring Cadence Pharmaceuticals, they recently announced an agreement to acquire the controversial Questcor Pharma (QCOR).  Barry Rosenstein's hedge fund JANA Partners also has a sizable stake in MNK as well.

Per Google Finance, Mallinckrodt is "a global specialty pharmaceuticals company. The Company develops, manufactures, markets and distributes both branded and generic specialty pharmaceuticals, active pharmaceutical ingredients (API) and diagnostic imaging agents. The Company uses its API products in the manufacture of its generic pharmaceuticals and also sells them to other pharmaceutical companies. The Company operates through two segments: Specialty Pharmaceuticals and Global Medical Imaging."

You can view other portfolio activity from Paulson & Co here.

ValueAct Capital Acquires More Microsoft Shares

Jeff Ubben's hedge fund firm ValueAct Capital has filed a Form 4 with the SEC regarding their stake in Microsoft (MSFT).  Per the filing, ValueAct has acquired over 2.9 million shares on May 8th and 9th at prices ranging from $39.49 to $39.59.

This comes in addition to the 66.8 million shares ValueAct already owns.

Recently, we highlighted that ValueAct's Mason Morfit stepped down from Valeant Pharmaceuticals' board and the hedge fund will also likely be reducing their stake.

Morfit is now on Microsoft's board as they look to push the company in the right direction after new CEO Satya Nadella has replaced Steve Ballmer.

Per Google Finance, Microsoft is "engaged in developing, licensing and supporting a range of software products and services. The Company operates in five segments: Windows & Windows Live Division (Windows Division), Server and Tools, Online Services Division (OSD), Microsoft Business Division (MBD), and Entertainment and Devices Division (EDD). The Company’s products include operating systems for personal computers (PCs), servers, phones, and other intelligent devices; server applications for distributed computing environments; productivity applications; business solution applications; desktop and server management tools; software development tools; video games, and online advertising."

Larry Robbins' Slideshow Presentation From Sohn Conference: HUM, WLP, MON

We posted up notes from the 2014 Sohn Conference in New York if you haven't seen them.  At the event, Larry Robbins of Glenview Capital pitched longs of Humana (HUM), WellPoint (WLP), and Monsanto (MON).  The conference has recently released his slideshow presentation and it is embedded below:

Be sure to check out the rest of the Sohn conference notes here.

David Einhorn's Slideshow Presentation on AthenaHealth From Sohn Conference

If you missed it, we recently posted up notes from the 2014 Sohn Conference in New York.  There, David Einhorn of Greenlight Capital unveiled a short of Athena Health (ATHN).  The conference has released his full slideshow presentation now and it is embedded below:

Be sure to check out the rest of the hedge fund pitches from Sohn here.