Wednesday, August 31, 2016

What We're Reading ~ 8/31/16

Jesse Livermore: The man who sold America short in 1929 [Tom Rubython]

50 of the best investing blogs [Acquirers Multiple]

Why value investors are different [Seth Klarman]

Paul Tudor Jones and the nature of the beast [A Wealth of Common Sense]

Be mindful of rich valuations in low volatility stocks [Morningstar]

What are interest rates forecasting for stocks? [Cordant]

Are you smarter than an algorithm? [Financialist]

A new payoff to risky decisions [Psychology Today]

Don't let what you cannot do interfere with what you can [Tony Isola]

German savers lose faith in banks, stash cash [WSJ]

Coach's brand transformation fake-out [Glenn Chan]

Can TripAdvisor turn things around? [Skift]

Dollar Stores' startling admission: half of US consumers are in dire straits [Zero Hedge]

Tencent: WeChat's world [Economist]

The twilight of China's online consumer paradise [Bloomberg]

Why Amazon is suddenly swimming in cash [Internet Retailer]

The war on cash [The Long and Short]

Tuesday, August 30, 2016

Ruane Cunniff (Sequoia Fund) Investor Day Transcript 2016: Rolls Royce, Valeant & More

Ruane Cunniff Goldfarb, managers of the Sequoia Fund, recently released the transcript from its investor day.  In it, they talk about many of their investments.

Their top ten holdings as of the end of the second quarter were:  Berkshire Hathaway (BRK.A/B), TJX Companies (TJX), MasterCard (MA), Alphabet (GOOG/L), O'Reilly Auto (ORLY), Mohawk Industries (MHK), Fastenal (FAST), Rolls Royce (RR.L), Constellation Software (CSU.T), and Dentsply Sirona (XRAY).

They outline their thinking on Rolls Royce and also address the Valeant Pharmaceuticals (VRX) saga, which they no longer own.

Embedded below is the transcript of Ruane Cunniff's 2016 Investor Day:

You can download a .pdf copy here.

Hound Partners Boosts Media General Stake

Jonathan Auerbach's hedge fund firm Hound Partners has filed a 13G with the SEC regarding its position in Media General (MEG).  Per the filing, Hound now owns 5.63% of MEG with over 7.28 million shares.

This is an increase of over 5.14 million shares since the end of the second quarter when they owned 2.13 million shares.  The filing was made due to activity on August 18th.

You can view the rest of Hound Partners' portfolio in the brand new issue of our newsletter.

Per Google Finance, Media General is "is a connected-screen multimedia company. The Company provides news, information and entertainment. The Company's operating segments include Broadcast and Digital. Its Broadcast segment includes over 70 television stations that are either owned, operated or serviced by the Company in approximately 48 United States markets, all of which are engaged principally in the sale of television advertising. The Company's Digital segment includes the operating results of the Company's digital businesses, as well as the business operations related to the television station companion Websites. Digital segment includes LIN Digital, LIN Mobile, LLC (LIN Mobile), HYFN, Inc. (HYFN), Dedicated Media, Inc. (Dedicated Media), BiteSize TV and Federated Media, as well as the business operations related to the television station companion Websites. LIN Digital provides display and video advertising on LIN Digital's advertising network."

Warren Buffett Files Another Form 4 on Phillips 66

Warren Buffett last week indicated he had bought more Phillips 66 (PSX) for Berkshire Hathaway.  That trend continued with the filing of yet another Form 4 with the SEC.

The latest filing notes he purchased another 83,466 shares at a weighted average price of $78.2878 on August 25th.  This brings his total PSX ownership up to over 79.56 million shares.

You can view the rest of Buffett's latest investment activity in the brand new issue of our newsletter.

Per Google Finance, Phillips 66 is "an energy manufacturing and logistics company with midstream, chemicals, refining and marketing, and specialties businesses. The Company operates its business through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment includes its equity investment in DCP Midstream , LLC (DCP Midstream) and its investment in Phillips 66 Partners LP. The Midstream segment consists of three business lines: Transportation, DCP Midstream and NGL. The Midstream segment also transports crude oil and other feedstocks to refineries and other locations, and delivers refined and specialty products to market, and provides storage services for crude oil and petroleum products. The Chemical segment manufactures and markets petrochemicals and plastics. The refining segment buys, sells and refines crude oil and other feedstocks into petroleum products. The M&S segment purchases for resale and markets refined petroleum products."