T. Rowe Price: The Man, The Company & The Investment Philosophy [Cornelius Bond]
How to take the outside view [McKinsey]
Pitch on short Tesla [Dropbox]
What is Amazon [Zack Kanter]
Allen Zhang on the key product principles of WeChat [WeChat]
KKR is too cheap [Yet Another Value Blog]
Buying is easy, selling is hard [Bloomberg]
In 12 minutes, everything went wrong: LionAir crash [NYTimes]
The SaaS busines model & metrics [Matrix Partners]
How an app for gamers went mainstream [The Atlantic]
The risk of low growth stocks: Prestige Brands [Intrinsic Investing]
Franchise value: video game IP vs movie IP [Medium]
The 20 craziest investment facts ever [Irrelevant Investor]
Netflix is the most intoxicating portal [NYTimes]
Farmbelt bankruptcies are soaring [WSJ]
ESPN's ex-President wants to build the Netflix of sports [Bloomberg]
Inside HBO's plan to win the streaming wars [Vanity Fair]
Interview with Twitter CEO Jack Dorsey [Rolling Stone]
Wednesday, March 20, 2019
What We're Reading ~ 3/20/19
Wednesday, January 30, 2019
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]
Wednesday, February 28, 2018
What We're Reading ~ 2/28/18
On decision regret [A Wealth of Common Sense]
Why competitive advantages die [Collaborative Fund]
Notes from the Wharton restructuring & distressed conference [Reddit]
The case against Google [NYTimes]
Consumer goods: big brands battle with the little guys [FT]
The end of the low volatility regime [13D]
Myths and facts about "risk parity" [FT Alphaville]
Inside Facebook's two years of hell [Wired]
How Softbank, world's biggest tech investor, throws around its cash [WSJ]
Canada's housing market flirts with disaster [FT]
Everything you need to know about 5G [IEEE Spectrum]
Inside T-Mobile's big, brash comeback [Fortune]
Boeing is killing it by squeezing its suppliers [Bloomberg]
From imitation to innovation: how China became a tech superpower [Wired]
Chinese tourists are taking over the earth [Bloomberg]
There's a global race to control batteries - and China is winning [WSJ]
Didi Chuxing took on Uber and won, now it's taking on the world [Wired]
Autonomous cars: no one wants to let Google win the war for maps all over again [Bloomberg]
Dyson bets on electric cars to shakeup industry [FT]
How to succeed in business? Do less [WSJ]
Wednesday, October 30, 2013
Mark Kingdon's Thesis on Boeing & Aegerion Pharma: Invest For Kids Chicago
Next up in our notes from Invest For Kids Chicago 2013 is Mark Kingdon of Kingdon Asset Management. He pitched two ideas: Aegerion Pharma (AEGR) and Boeing (BA).
Mark Kingdon's Presentation at Invest For Kids Chicago
• $1.6 million dollars 30 years ago; 17% CAGR 30 years
• Generally positive view on global economy and equities
• Increasing auto and housing outlook
• Special situations:
• Idea #1: Aegerion Pharma (AEGR)
• Drug is Juxtapid
• Orphan drug for HOHF (ultra high cholesterol)
• Original thought was 300 patients in US and 900 worldwide
• Actually though TAM of 15,000 patients or more (no pediatric assumed)
• $295,000 per year per patient leads to $25 EPS
• Sell side is now upping patient forecast to 15,000
• Upcoming testing in children, Japan is growing
• Idea #2: Boeing (BA): thinks it's undervalued
• 5 years late and well over budget
• First major plans designed from ground up since 1960’s
• Terrific customer experience and better for carriers
• 787 is very economical to operate
• (no rivets rather using special glue)
• Boeing CEO – payback could be as low as two years.
• Used to be 5% payback on a plane and now expected return is 30%
• Airline industry is facing rising demand
• 8 year backlog for planes
• 2015 is mid-cycle
• 12 FCF (low end of 2015) x 14 multiple = 156 stock
• Boeing has promised to return 80% of FCF to shareholders
• Multiple should rise, backlog is strong
Check out the rest of the hedge fund presentations from Invest For Kids Chicago here.
