Value Investing Congress Notes: New York 2013

Below are notes from the 2013 Value Investing Congress in New York from both days.  Click the links below for each speaker's presentation:


Value Investing Congress Notes: Both Days


Jeff Ubben (ValueAct): Long Willis Group (WSH)

Jeffrey Smith (Starboard Value): Long Wausau Paper (WPP)

Mick McGuire (Marcato): Long United Rentals (URI)

Cameron & Tyler Winklevoss (Winklevoss Capital): On Bitcoin

Donald Yacktman (Yacktman Funds):  Process & market thoughts 

Alex Roepers (Atlantic Investment Management): His 5 new ideas 

Guy Gottfried (Rational Investment Group): 2 Canadian longs

Michael Castor (Sio Capital): Various healthcare plays

John Mirshekari (Fidelity Investments): 2 investment ideas

Chris Mittleman (Mittleman Brothers): Azteca, CMIC Holdings

Clifton Robbins (Blue Harbour Group): Chico's (CHS)

Mark Boyar (Boyar Value Group):  Long Madison Square Garden (MSG)

Joe Altman & Chris Kyriopoulos (COMPOUND): Long Ascent & Covanta

Harvey Sawikin (Firebird Management): Long Gazprom Neft

Rahul Saraogi (Atyant Capital): On India

Charles de Vaulx (IVA): Market thoughts

Whitney Tilson (Kase Capital): Short K12 (LRN)

Daniel Miller (Gabelli Focus Five): 3 ideas 

Evan Vanderveer & David Shapiro (Vanshap Capital): 2 investment ideas

Carl Chen & Tom Lu (Temple Honor Asia): 2 stock picks

Chris Mayer (Capital & Crisis): Various bank picks

Value Investing Challenge Winner: Long Ashland (ASH)

Value Investing Challenge Runner-Up: Short Life Lock (LOCK)

Clifton Robbins' Presentation on Chico's: Value Investing Congress

We're posting up notes from the 2013 Value Investing Congress in New York.  Next up is Clifton Robbins of Blue Harbour Group.  He presented "Think Like An Owner - Finding Companies Poised To Unlock Value" and pitched Chico's FAS (CHS).

Clifton Robbins' Value Investing Congress Presentation

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KKR guy. Says leverage wasn't the key to PE, it was the good management.

Bullish on Chico's (CHS)

$2.3B EV. 5.8x EBITDA of $400m they filed a 13d, own 6% of stock.

1427 stores, they think they could have 2200 stores.

4 brands. Chico’s is 720 stores. White House is 465 stores. Soma 235 stores. Boston proper only 2 stores.

Soma lingerie business for older women, run by former Victoria Secret people.

"Growth stock trading as a value stock"

Claims Chico’s is gaining share.

Missy's space is loyal customers.

New CEO with strong retail experience.

Debt free. Could do a buy back with cash over time.

Be sure to check out the other presentations from the New York VIC here.