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)

Jeff Smith's Presentation on Wausau Paper: Value Investing Congress

We're posting up notes from the 2013 Value Investing Congress in New York.  Next up is Jeffrey Smith of Starboard Value.  He's an activist investor and talked about Wausau Paper (WPP).


Jeffrey Smith's Value Investing Congress Presentation

Wausau Paper (WPP)

Maker of toilet paper and paper towels.  He says everyone needs toilet paper.  Significant opportunity to dramatically increase cash flow through better execution.  Wants the company to change its name and return cash to shareholders.

He likes that it generates strong cashflow and almost acts like an oligopoly in local areas.  They focus on office toilet paper & towels.  Starboard owns a 15% position and wants the company to cost-cut and grow in order to then do a big buyback and dividend.

He said he can't talk Smithfield.  Starboard is seeking to vote down the buyout of the pork company.


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

Corsair Capital Management Boosts Wausau Paper Holdings

Jay Petschek and Steven Major's hedge fund Corsair Capital Management recently filed a 13G with the SEC regarding shares of Wausau Paper (WPP).  Per the filing, Corsair disclosed a 5.6% ownership stake in WPP with 2,774,724 shares.

This marks an increase of 1,920% in the number of shares they own.  At the end of 2012, they only owned 137,323 shares.  The 13G was required due to portfolio activity as of March 13th.


Starboard Value Involved Too, Pushing For Change

Investment firm Starboard Value has been involved with shares of Wausau for some time.  Starboard had increased its stake in WPP, owning 14.8% of the company as of March and recently gained two seats on the board of directors.

Starboard has been fighting for Wausau to divest all its operations except for the tissue segment.  A few weeks ago, the company announced it planned to sell its specialty paper business for $130 million.  Wausau looks to be repositioning itself by turning focus to the tissue business.

Per Google Finance, Wausua Paper "manufactures, converts, and sells paper and paper products.  The Company operates in two principal segments: Tissue and Paper, with both business segments marketing their products under the Wausau Paper brand name. The Tissue segment produces a complete line of towel and tissue products that are marketed, along with soap and dispensing systems, for the away-from-home market."

For more on this hedge fund, we've also posted up Corsair's thesis on Acacia Research (ACTG).