Wednesday, July 6, 2016

What We're Reading ~ 7/6/16

Decision Quality: Value Creation from Better Business Decisions [Carl Spetzler]

An interview with Berkshire's Ted Weschler [Business Insider]

Interview with Disney's Bob Iger [Hollywood Reporter]

Brexit and the future of Europe [George Soros]

Things you can't care about when managing other people's money [A Wealth of Common Sense]

The truths and myths of buybacks [Fat Pitch]

How your brain picks and sticks with winning decisions [Singularity Hub]

Mark Cuban on CEO pay [Blog Maverick]

Exor SpA: buying a reinsurance co doesn't mean you're the 'next Berkshire' [Value & Opportunity]

The CFA exam's toughest question: what's the payoff? [Bloomberg]

The cure for decision fatigue [WSJ]

Soaring childcare costs squeeze families [WSJ]

The rise of self learning software [Recode]

As self driving cars hit the road, innovation is outpacing insurance [NYTimes]

A look at Nextdoor, a local neighborhood social network [The Verge]

Inside a robot run warehouse [BBC]

What's the most important financial advice you'd give to your children? [Castlebar]

Viking Global Boosts Calpine Stake

Andreas Halvorsen's hedge fund firm Viking Global has filed a 13G regarding its position in Calpine (CPN). Per the filing, Viking now owns 5.7% of Calpine with over 20.5 million shares.

This marks an increase of over 10 million shares since the end of the first quarter when Viking owned 10.49 million shares.  The latest filing was made due to activity on June 23rd.

For more on this manager, be sure to check out Andreas Halvorsen on investment process.

Per Google Finance, Calpine is "a power generation company. The Company is engaged in the ownership and operation of primarily natural gas-fired and geothermal power plants in North America. The Company's segments include West (including geothermal), Texas and East (including Canada). In the Northeast and Mid-Atlantic regions, the Company has generating units capable of burning either natural gas or fuel oil. The Company operates its business through various divisions and subsidiaries. The Company's portfolio consists of various types of power generation technologies, including natural gas-fired combustion turbines, which include combined-cycle plants and renewable geothermal conventional steam turbines. Its Geysers Assets located in northern California represent the geothermal power generation portfolio in the United States, as well as the producing power generation asset of all renewable energy in the state of California."

Keith Meister & Eric Mandelblatt Step Down From Williams Board

Keith Meister's activist hedge fund firm Corvex Management has filed an amended 13D regarding its stake in Williams Companies (WMB) jointly along with Soroban Capital's Eric Mandelblatt.

Per the filing, the two gentlemen have stepped down from Williams' board of directors since the company was unwilling to replace Alan Armstrong as CEO.

You can view Meister's resignation letter here and Mandelblatt's here.

The 13D notes that their respective stakes in the company remain unchanged.

Per Google Finance, Williams is "an energy infrastructure company focused on connecting North America's hydrocarbon resource plays to markets for natural gas, natural gas liquids and olefins. The Company's segments include Williams Partners, Williams NGL & Petchem Services, and Other. Its Williams Partners segment consists of its consolidated partnership in Williams Partners L.P., including gas pipeline, which consists of interstate natural gas pipelines and pipeline joint project investments, and midstream business, which provides natural gas gathering, treating, processing and compression services. Its Canadian midstream operations include an oilsands off gas processing plant, NGL/olefin fractionation facility and the Boreal Pipeline. The Williams NGL & Petchem Services segment consists of Texas Belle pipeline, domestic olefins pipeline assets and Canadian growth projects under development. Its Other segment includes corporate operations and Canadian construction services company."

12 West Capital Discloses Research Solutions Position

Joel Ramin's hedge fund firm 12 West Capital has filed a 13D with the SEC regarding shares of Research Solutions (RSSS).  Per the filing, 12 West now owns 32.9% of the company with over 8.32 million shares.

This is a newly disclosed equity stake and the filing was made due to activity on June 23rd. 

The company recently announced a private placement with "an institutional investor" where each unit consisted of 1 share of common stock and one warrant to purchase three-tenths of one share of common stock at an exercise price of $1.25 per share. 

You can view additional portfolio activity from 12 West Capital here

Per Google Finance, Research Solutions "subsidiaries include Reprints Desk, Inc. and Reprints Desk Latin America S. de R.L. de C.V. The Company, through its subsidiaries, provides on-demand access to scientific, technical, and medical (STM) information for life science companies, academic institutions, and other research-intensive organizations. It provides two types of services: Article Galaxy journal article platform (Article Galaxy), and Reprints and ePrints. Article Galaxy is its cloud-based software-as-a-service solution, which provides its customers with a single source to the universe of published STM content that includes over seventy million existing STM articles and over one million newly published STM articles each year. Reprints and ePrints services are charged on a transactional basis and order volume typically fluctuates from month to month based on customer marketing budgets and the existence of STM journal articles that fit customer requirements."