Wednesday, March 2, 2016

What We're Reading ~ 3/2/16

Quality Investing: Owning the best companies for the long term [Lawrence Cunningham]

How to learn from market mistakes [WSJ]

In-depth interview with JPMorgan's Jamie Dimon [Bloomberg]

Key checklist items [Value Investing World]

The great investment advice hidden in Warren Buffett's annual letter [Fortune]

Hard truths for investors to wrap their heads around [Morgan Housel]

Software is the new oil [AVC]

A pitch on Broadridge Financial Solutions [Intrinsic Investing]

Thoughts on industrial gases [Dislocated Value] 

Why restaurants hate GrubHub Seamless [Tribeca Citizen]

Why the economy isn't about labor productivity anymore [Bloomberg]

What I learned from losing $200 million []

Visa moves at the speed of money [Forbes]

How mobile payments reshape lifestyles [WSJ]

The robots are coming for Wall Street [NYTimes]

Why media titans would be wise not to overlook Netflix [NYTimes]

Expedia thinks it can help you find the dream vacation you didn't know you wanted [Bberg]

Top tips from China's richest man [CNN Money]

Eminence Capital Discloses Restoration Hardware Position

Ricky Sandler's hedge fund firm Eminence Capital has filed a 13G with the SEC regarding shares of Restoration Hardware (RH).  Per the filing, Eminence now owns 3.1% of the company with over 1.25 million shares.

This is a newly disclosed position as the firm did not report owning a stake at the end of 2015 in their latest 13F filing.  The new 13G filing was made due to portfolio activity on February 25th.

Shares of RH have absolutely cratered over the past three months, falling from $105 down to current levels of $38.

Per Google Finance, Restoration Hardware is "The Company, together with its subsidiaries, is a luxury home furnishings retailer that offers various categories, including furniture, lighting, textiles, bathware, decor, outdoor and garden, tableware and children's furnishings. These products are sold through the Company's stores, catalogs and Websites. The Company operated a total of approximately 67 retail stores and over 17 outlet stores in approximately 29 states, the District of Columbia and Canada, and had sourcing operations in Shanghai and Hong Kong. The Company's retail stores are located primarily in upscale malls and street locations. The Company operates stores in Alabama, Arizona, California, Colorado, Connecticut, Florida, Massachusetts, Michigan, New York, Pennsylvania, Texas, Tennessee and British Columbia, among others."

Viking Global Boosts Kite Pharma Stake

Andreas Halvorsen's hedge fund firm Viking Global has filed a 13G with the SEC regarding shares of Kite Pharma (KITE).  Per the filing, Viking now owns 5% of the company with 2.44 million shares.

This is up from the 2.2 million shares they owned at the end of 2015 and the latest filing was made due to activity on February 18th.

To see the rest of Viking Global's portfolio, head to the brand new issue of our Hedge Fund Wisdom newsletter.

Per Google Finance, Kite Pharma is "a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of cancer immunotherapy products to eradicate cancer cells. The Company does this using its engineered autologous cell therapy (eACT), which is an approach to the treatment of cancer. eACT involves the genetic engineering of T cells to express either chimeric antigen receptors (CARs) or T cell receptors (TCRs). It is conducting a Phase II clinical trial of a TCR-based therapy and multiple Phase I-IIa clinical trials of CAR- and TCR-based therapies. The Company's lead product candidate KTE-C19, is a CAR-based therapy, for the treatment of refractory diffuse large B cell lymphoma (DLBCL), primary mediastinal B cell lymphoma (PMBCL) and transformed follicular lymphoma (TFL). It is developing a pipeline of eACT-based product candidates for the treatment of advanced solid and hematological malignancies: CD19CAR, KTE-C19CAR and EGFRvlll CAR, among others.."