What We're Reading ~ 1/30/19

Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant [W. Chan Kim & Renee Mauborgne]]

Latest thoughts from Ray Dalio [LinkedIn]

Morgan Housel on what other industries teach us about investing [MicroCapClub]

Dominance of tech stocks: an evolve-or-die moment for world's great investors [Fortune]

A global tipping point: half the world is now middle class or higher [Brookings]

A look at Air Lease (AL) [Woodlock House]

Pitch on InterActive Corp (IAC) [LG's Musings]

AT&T wants to be big in entertainment but it has a $49 billion problem [WSJ]

Boeing's decision of the decade: does it build the 797? ]Bloomberg]

How Juul made vaping viral [Techcrunch]

Sports betting in the US: the rise of a billion dollar business [NYTimes]

Mukesh Ambani wants to be India's first internet tycoon [Economist]

How a former Canadian spy helps Wall Street mavens think better [NYTimes]

The best investments of 2018? Art, wine, and cars [WSJ]

A look back at the life of Jack Bogle [Vanguard]

The legacy of Herb Kelleher, co-founder of Southwest Airlines [Harvard Biz Review]

Tiger Veda Starts EADS, Osram Licht Stakes: Q3 Letter

Manish Chopra's hedge fund Tiger Veda initiated a few new positions in the third quarter according to their Q3 letter.  Tiger Veda bought Osram Licht, EADS, and KAR Auctions Services.

Readers might already be familiar with Osram Licht because David Einhorn's hedge fund purchased it as well and mentioned it in Greenlight Capital's Q3 letter which we previously posted.  This lighting manufacturer was spun-off from Siemens and is a restructuring play.

Of their new EADS stake, Tiger Veda writes,

"EADS in France, the manufacturer of Airbus aircraft and various defense businesses, that we expect will grow earnings materially over the next 5 years, due to losses from old products going away, well executed high incremental margin product introductions hitting the tarmac, and a restructuring of the defense businesses post ridding the company (Board) of government supervisors (Directors), as they sold down their equity stakes to undergo an attempt at a transformation towards the profit margins of Boeing."

Chopra also purchased shares of KAR Auctions Services (KAR), a used car auctioneer.  

During the third quarter, Tiger Veda had average gross exposure of 114% and average net exposure of 68%.  Their top five holdings at the end of Q3 were Tribune, Macquarie Infrastructure, Royal Caribbean, Gencorp, and Air Lease.


For more Q3 hedge fund letters, head to:

- Dan Loeb & Third Point's Q3 letter

- David Einhorn & Greenlight Capital's Q3 letter

- Bill Ackman's  (Pershing Square) Q3 letter

- Cobalt Capital thesis on EOG Resources

- Hoplite Capital's Q3 letter

- Corsair Capital's thesis on News Corp

- Ruffer's Q3 letter