The Winter 2018 issue of Columbia Business School's Graham & Doddsville newsletter is out. It features interviews with Lee Cooperman of Omega Advisors as well as David Poppe and John Harris of Ruane, Cunniff & Goldfarb. Also, they talk with Vulcan Value Partners' C.T. Fitzpatrick, as well as Seth Fischer of Oasis Management.
Cooperman talked about the market's run: "I believe we're adequately priced. I think we're heading to a normalization. We have been living through a very strange period." He doesn't see euphoria in the market yet, though notes everyone expects the market to head higher. He pointed to 1987 as an example where the market traded at 27x earnings.
The gentlemen from Ruane Cunniff talked about their investment in Alphabet (GOOG) which they recently bought more or and it's now around 10% of their fund. They also touched on their thesis on Credit Acceptance Corp (CACC). (We recently posted Sequoia Fund's Q4 letter here.)
The issue also includes student investment pitches including long Staples 8.5 2025 unsecured notes, long FleetCor Technologies (FLT), and long First Data (FDC).
Embedded below is the Winter 2018 issue of CBS's Graham & Doddsville newsletter:
You can download a .pdf copy here.
Tuesday, January 30, 2018
Graham & Doddsville New Issue: Lee Cooperman, David Poppe, John Harris & More
Wednesday, May 29, 2013
Lone Pine Capital Starts FleetCor Technologies (FLT) Position
Steve Mandel's hedge fund Lone Pine Capital filed a 13G with the SEC regarding shares of FleetCor Technologies (FLT). Per the filing, Lone Pine has revealed a 5.3% ownership stake in the company with 4,336,936 shares.
This is a brand new position for the hedge fund and the filing was required due to portfolio activity on May 15th. Just yesterday, we flagged another stock Lone Pine has been buying.
Other Hedge Funds Involved in FLT
FleetCor Technologies has garnered increased interest from tons of hedge funds, many of whom have ties to Julian Robertson's old Tiger Management in some form or another. Chase Coleman's Tiger Global was one of the largest FLT shareholders at the end of Q1.
Other top 10 institutional holders at the end of Q1 include Lee Ainslie's Maverick Capital and Robertson-seeded Hound Partners, managed by Jonathan Auerbach. While Tiger Global and Maverick own more shares, Hound has a much more concentrated position in FLT as it represents around 9% of their portfolio.
Lone Pine's recent activity, however, trumps all of these funds on an absolute share basis. Their 4.3 million FLT shares means they own even more than Tiger Global.
About FleetCor Technologies
Per Google Finance, FleetCor Technologies is "an independent global provider of fuel cards and workforce payment products and services to businesses, commercial fleets, major oil companies, petroleum marketers and government entities in countries throughout North America, Latin America and Europe. It provides its payment products and services in a variety of combinations to create customized payment solutions for its customers and partners. The Company operates in two segments: North American and International. The Company provides its customers with various card products that typically function like a charge card to purchase fuel, lodging, food and related products and services at participating locations."
To view the rest of Lone Pine's portfolio, head to the brand new issue of our Hedge Fund Wisdom newsletter that was just released.
Wednesday, May 15, 2013
What We're Reading ~ Analytical Links 5/15/13
Meb Faber's new book: Shareholder Yield [Meb Faber]
Explanation of Tepper's chart: Equity risk premium is high (this is bullish) [The Big Picture]
On confirmation bias and the perma-whatevers [Abnormal Returns]
The end is where we start from [Reformed Broker]
On emotional finance [Research Puzzle]
What record profit margins imply for future profitability and the market [Greenbackd]
It's time to fight the Fed [MicroFundy]
The low return of high yield [Contrarian Corner]
Missed Visa and Mastercard? Then keep an eye on this one: Fleetcor (FLT) [Old School Value]
The bull case on Hospira (HSP) [Forbes]
An overview of a hedge fund favorite: Dollar Tree (DLTR) [Aegaia Research]
Time to change the channel on media stocks [CNBC]
On the 'spying' Bloomberg terminals [CNBC]
Will Wall Street's Bloomberg terminal addiction break? [NYMag]
Steelmakers develop new iron recipes [WSJ]
Thoughts on a potential Verizon & Vodafone deal [VODVZ]
Two strategies: The Washington Post vs the NYTimes [Monday Note]
Forget gold, the gourmet cupcake market is crashing [WSJ]
