Lone Pine Capital Boosts Grupo Televisa Stake

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding its position in Grupo Televisa (TV).  Per the filing, Lone Pine now owns 6.4% of the company. 

Their ownership stake is comprised of over 5.49 billion Series L shares represented by 157,110,155 CPOs represented by 31,422,031 GDSs.

This is up from the 20.55 million GDSs they previously owned at the end of the second quarter.  So they've boosted their stake by around 11 million TV shares.  The filing was made due to activity on October 27th.

Per Google Finance, Grupo Televisa is "a media company in the international entertainment business. The Company operates in four business segments: Content, Sky, Telecommunications, and Other Businesses. It operates four broadcast channels in Mexico City and has affiliated stations throughout the country. It produces pay-television channels with national and international feeds, throughout Latin America, the United States, Canada, Europe and Asia Pacific. It exports its programs and formats to television networks around the world. It is also a Spanish-language magazine publisher. Its pay-television channels include three music, six movie, seven variety and entertainment channels and two sports channels. Its programs include telenovelas, newscasts, situation comedies, game shows, reality shows, children's programs, comedy and variety programs, musical and cultural events, movies and educational programming. Its programming also includes broadcasts of special events and sports events in Mexico."

What We're Reading ~ 3/1/17

The Tao of Charlie Munger [David Clark]

Excellent write-up on Costco (COST) [Scuttlebutt Investor]

YouTube bets it can convince cordcutters to pay for TV [Bloomberg]

Also, YouTube tops 1 billion hours of video a day [WSJ]

The man who broke Ticketmaster [Motherboard]

Cinemark is undervalued [Forbes]

A pitch on Grupo Televisa (TV) [Barrons]

Grit: a complete guide on how to be more mentally tough [James Clear]

Why facts don't change our minds [New Yorker]

Long-term investing in an age of small attention spans [Safal Niveshak]

How Indian families took over the Antwerp diamond trade [Qz]

The fast rise and slow demise of daily deals company LivingSocial [Washington Post]

3G Capital's purchases and their profit margins [Economist]

Amazon's antitrust paradox [Yale Law Journal]

Student debt in America has hit a new record [Bloomberg]

Sohn Investment Contest Presentations: IAC Interactive, WR Grace, Grupo Televisa, Constellation Software, Premier

We posted up notes from the Sohn Conference New York 2015 featuring all the big name hedge fund managers like David Tepper, David Einhorn, Bill Ackman and more.  Now Bloomberg Business has posted up the full slideshow presentations from up and comers who were finalists in the Sohn Investment Idea Contest.


Sohn Investment Idea Contest Presentations 2015

The winner of the contest was Angelo Martorell of the Wharton School, who pitched long IAC Interactive (IACI).  While the company owns various assets, his pitch centered around the company's online dating assets, and in particular its popular Tinder app. 

Embedded below is Angelo Martorell's pitch for IAC Interactive:



You can download a .pdf copy here.


There were also 4 finalists.  Here are their slideshow presentations as well:


Arthur Baer, Cavendish Fund Management: Short Premier (PINC):  This short is predicated on misleading accounting and he sees 60% downside in the name.

Embedded below is the slideshow presentation on Premier (PINC):



You can download a .pdf copy here.



Sean Murphy, Game Creek Capital: Long Grupo Televisa (TV):  This is a play on cable/satellite/content in Mexico.  There's potential to consolidate the cable industry and benefit from secular trends as the cable industry now in Mexico is similar to the late 1980's in the United States.

Embedded below is the slideshow presentation on Grupo Televisa (TV): 



You can download a .pdf copy here.



Lily Miao, The Wharton School: Long Constellation Software (CSU):  The thesis on this name is focused on outstanding management and smart capital allocation.

Embedded below is the slideshow presentation on Constellation Software (CSU):



You can download a .pdf copy here.



Venkata Amarthaluru, University of Pennsylvania: Long W.R. Grace (GRA):  This has been somewhat of a hedge-fund-favorite and Ted Weschler of Berkshire Hathaway has been a big bull on the name dating back to when he ran his own hedge fund and before.  With GRA's spinoff coming up, Venkata recommends to buy pre-spin and then sell the Construction Products division and hold the New Grace Co.

Embedded below is the slideshow presentation on W.R. Grace (GRA):



You can download a .pdf copy here.


If you missed it, be sure to also check out our full notes from the 2015 Sohn Conference.