David Einhorn's Greenlight Capital Files Amended 13D on MI Developments (MIM)

In an amended 13D filed with the SEC on March 31st, David Einhorn's hedge fund Greenlight Capital has disclosed a 12.3% ownership stake in MI Developments (MIM). The filing was made because on March 30th, 2009, "counsel to Greenlight Inc. submitted a complaint to the Ontario Securities Commission in an effort to ensure MID’s compliance with applicable minority protection regulations prior to entering into certain transactions with its subsidiary, Magna Entertainment Corporation (“MEC”)." As per the filing, the aggregate amount of shares beneficially owned is 5,655,235.

Since this is an amended 13D filing, indicating an activist stake, there's obviously lots going on behind the scenes in regards to Magna's auction plan and this filing references that. For the rest of Greenlight's portfolio, check out their most recent 13F filing, which details their positions as of December 31st, 2008. Since December, Greenlight has been pretty active, as we've also covered their latest new positions in Jones Apparel (JNY) & Harman (HAR), as well as their most recent 13G filing on Ticketmaster (TKTM). Additionally, we've noted in that Einhorn had picked up positions in gold (GLD) & gold miners (GDX) among other things, as noted in our Greenlight investor letter portfolio update.

Greenlight Capital is a $6 billion fund ran by David Einhorn that specializes in spin-offs and value investing and has seen annual returns of over 20%. Einhorn was -1.5% for February 2009 and sits at -0.03% for the year as of the end of February, as mentioned in our latest hedge fund performance numbers list. Einhorn's name has been popping up in the media a lot over the past year, as he talked about his well documented short position in Lehman Brothers (LEH). And, while that position paid off handsomely for him, it barely offset losses he experienced from other positions. He was caught in the massive Volkswagen short squeeze as he detailed in one of his latest investor letters. Einhorn has also recently detailed the saga between his fund and Allied Capital, a company he shorted, in his book Fooling Some of the People All of the Time: A Long Short Story. It gives you an inside perspective as to how Greenlight constructs and researches their investment theses and we highly recommend it. Greenlight approaches things by identifying mispricings in the markets and going from there.

Taken from Google Finance,

MI Developments is "a real estate operating company engaged in the ownership, management, leasing, development and acquisition of industrial and commercial real estate properties. The Company also own land for industrial development and own and acquire land that would be developed for mixed-use and residential projects."

David Einhorn's Greenlight Capital Files 13G on TicketMaster (TKTM)

In a 13G filed with the SEC after the close yesterday, David Einhorn's hedge fund Greenlight Capital has disclosed a 5.2% ownership stake in TicketMaster (TKTM). The aggregate amount of shares beneficially owned is 2,953,100, up from the 2,547,346 shares they owned in their most recent 13F filing, which detailed their positions as of December 31st, 2008. So, they have boosted their stake and the filing was made due to activity on March 11th, 2009. You can view the rest of Greenlight's portfolio holdings here. Greenlight has been pretty active so far this year, as we've also covered their new positions in Jones Apparel (JNY) & Harman (HAR). Additionally, Einhorn has picked up positions in gold (GLD) & gold miners (GDX) among other things, as noted in our recent Greenlight portfolio update.

Greenlight Capital is a $6 billion fund ran by David Einhorn that specializes in spin-offs and value investing and has seen annual returns of over 20%. Einhorn's name has been popping up in the media a lot over the past year, as he talked about his well documented short position in Lehman Brothers (LEH). And, while that position paid off handsomely for him, it barely offset losses he experienced from other positions. He was caught in the massive Volkswagen short squeeze as he detailed in one of his latest investor letters. Einhorn has also recently detailed the saga between his fund and Allied Capital, a company he shorted, in his book Fooling Some of the People All of the Time: A Long Short Story. It gives you an inside perspective as to how Greenlight constructs and researches their investment theses and we highly recommend it. Greenlight approaches things by identifying mispricings in the markets and going from there.

Taken from Google Finance,

Ticketmaster is "a live ticketing and marketing company. As of August 1, 2008, it operated in 20 countries worldwide, providing ticket sales, ticket resale services, marketing and distribution through www.ticketmaster.com, one of the e-commerce sites on the Internet, and related Internet and mobile channels, approximately 6,700 independent sales outlets and 19 call centers worldwide."

David Einhorn's Greenlight Capital Files 13G's on Jones Apparel (JNY) & Harman (HAR)

In 2 separate 13G filings made with the SEC, David Einhorn's Greenlight Capital has disclosed:

• A 5.1% ownership stake in Harman (HAR) with 2,960,060 shares beneficially owned
• A 5.5% ownership stake in Jones Apparel (JNY) with 4,657,300 shares
  

These are both brand new positions, as neither were present in their latest 13F filing, as noted in Greenlight's portfolio. The Harman filing was made due to activity on March 4th, 2009, while the Jones activity was the following day. Einhorn has been pretty busy adding various holdings over the past few months, including Gold and Gold Miners, among other things.

Greenlight Capital is a $6 billion fund ran by David Einhorn that specializes in spin-offs and value investing and has seen annual returns of over 20%. Einhorn's name has been popping up in the media a lot over the past year, as he talked about his well documented short position in Lehman Brothers (LEH). And, while that position paid off handsomely for him, it barely offset losses he experienced from other positions. He was caught in the massive Volkswagen short squeeze as he detailed in one of his latest investor letters. Einhorn has also recently detailed the saga between his fund and Allied Capital, a company he shorted, in his book Fooling Some of the People All of the Time: A Long Short Story. It gives you an inside perspective as to how Greenlight constructs and researches their investment theses and we highly recommend it. Greenlight approaches things by identifying mispricings in the markets and going from there.

Taken from Google Finance,

Jones Apparel is "a designer, marketer and wholesaler of branded apparel, footwear and accessories. The Company markets its products to the consumers, through a chain of specialty retail and stores and through the e-commerce Web sites."

Harman is "engaged in the development, manufacture and marketing of high-fidelity audio products and electronic systems. The Company has developed, both internally and through a series of acquisitions, a range of product offerings. It operates in three segments: Automotive, Consumer and Professional."

David Einhorn's Greenlight Capital 13F Filing: Q4 2008

This is the 4th Quarter 2008 edition of our ongoing hedge fund portfolio tracking series. Before reading this update, make sure you check out the Hedge Fund 13F filings preface.

Next up is Greenlight Capital, a $6 billion fund ran by David Einhorn that specializes in spin-offs and value investing and has seen annual returns of over 20%. Einhorn's name has been popping up in the media a lot over the past year, as he talked about his well documented short position in Lehman Brothers (LEH). And, while that position paid off handsomely for him, it barely offset losses he experienced from other positions. He was caught in the massive Volkswagen short squeeze as he detailed in one of his latest investor letters. Einhorn has also recently detailed the saga between his fund and Allied Capital, a company he shorted, in his book Fooling Some of the People All of the Time: A Long Short Story. It gives you an inside perspective as to how Greenlight constructs and researches their investment theses and we highly recommend it. Greenlight approaches things by identifying mispricings in the markets and going from there.

He has recently advocated getting long gold (GLD), gold miners (GDX), and the Japanese Yen. And, at the same time, he has advocated shorting commercial real estate property REITs, saying that a drop in rents of 10% hurts values due to leverage and also points to the difficulty they will have trying to refinance debt coming due. We covered more of his recent thoughts and ideas in our Greenlight portfolio update. In terms of recent performance, his offshore fund finished 2008 -16.5% as detailed in our 2008 year end hedge fund performance numbers list.

The following were their long equity, note, and options holdings as of December 31st, 2008 as filed with the SEC. We have not detailed the changes to every single position in this update, but we have covered all the major moves. All holdings are common stock unless otherwise denoted.


Some New Positions (Brand new positions that they initiated in the last quarter):
SPDR Gold Trust (GLD)
Allegheny Energy (AYE)
Commscope (CTV)
Market Vectors Gold Miners ETF (GDX)
MEMC Electronic Materials (WFR)
CF Industries (CF)
Dow Chemical (DOW)
Aspen Insurance (AHL)
Proshares Ultrashort Treasuries (TBT)
JA Solar (JASO)
Focus Media (FMCN)
Cadence Design (CDNS)
Patterson-Uti Energy (PTEN)
Carpenter Technology (CRS)
Healthnet (HNT)
Foster Wheeler (FWLT)
McDermott (MDR)
Lawson Software (LWSN) Bond
Patriot Coal (PCX)
Western Digital (WDC)
Cadence Design (CDNS) Bond
Ensco International (ESV)
Colonial Properties (CLP)
Smithfield Foods (SFD)
Huntsman (HUN)
Aercap Holdings (AER)
Corning (GLW)
Duke Realty (DRE)


Some Increased Positions (A few positions they already owned but added shares to)
EMC (EMC): Increased position by 437%
Ticketmaster Entertainment (TKTM): Increased position by 283%
Guaranty Financial (GFG): Increased position by 234%
URS Corp (URS): Increased position by 86%
Teradata (TDC): Increased position by 66%
Echostar (SATS): Increased position by 49%


Some Reduced Positions (Some positions they sold some shares of - note not all sales listed)
Dr Pepper Snapple (DPS): Reduced position by 91%
MDC Holdings (MDC): Reduced position by 91%
Dana Holding (DAN): Reduced position by 72%
Triple-S Management (GTS): Reduced position by 50%
Helix Energy Solutions (HLX): Reduced position by 37%
Health Management Associates (HMA): Reduced position by 35%
Energy Partners (EPL): Reduced position by 34%


Removed Positions (Positions they sold out of completely)
Ameriprise Financial (AMP)
Kinross Gold (KGC)
Pomeroy IT Solutions (PMRY)
Mercer (MERC)


Top 20 Holdings (by % of portfolio)

1. SPDR Gold Trust (GLD): 15.9% of portfolio
2. URS Corp (URS): 9.4% of portfolio
3. Allegheny Energy (AYE): 7.5% of portfolio
4. Target (TGT): 5.97% of portfolio
5. Commscope (CTV): 5.4% of portfolio
6. Market Vectors Gold Miners ETF (GDX): 5.4% of portfolio
7. MEMC Eletronic Materials (WFR): 5.2% of portfolio
8. EMC (EMC): 5.2% of portfolio
9. Teradata (TDC): 4.8% of portfolio
10. CF Industries (CF): 4.4% of portfolio
11. Einstein Noah Restaurant Group (BAGL): 3.1% of portfolio
12. Dow Chemical (DOW): 2.33% of portfolio
13. Echostar (SATS): 2.3% of portfolio
14. Helix Energy (HLX): 2.1% of portfolio
15. MI Developments (MIM): 2% of portfolio
16. Employers Holdings (EIG): 1.9% of portfolio
17. Health Management (HMA): 1.3% of portfolio
18. Aspen Insurance (AHL): 1.1% of portfolio
19. Guaranty Financial (GFG): 1.1% of portfolio
20. Republic Airways (RJET): 0.9% of portfolio

Considering how Einhorn brought Gold (GLD) up to his largest holding over the course of last quarter, he must be sitting pretty with the recent surge in gold, which is up over 18% or so since December. Assets from the collective long US equity, options, and note holdings above were $2 billion this quarter. This is just one of many funds in our hedge fund portfolio tracking series in which we're tracking 35+ prominent funds. We've already covered Paulson & Co (John Paulson), Carl Icahn, Warren Buffett, Stephen Mandel's Lone Pine Capital, George Soros, Bill Ackman's Pershing Square, Andreas Halvorsen's Viking Global, and Timothy Barakett's Atticus Capital. Look for our updates as we will be covering a new fund each day.

Portfolio Update on David Einhorn's Greenlight Capital

This update does not come from various SEC filings, but rather from their latest investor letter. In it, we learn that hedge fund Greenlight Capital's top five long equity positions were Allegheny Energy, Arkema, Criteria Caixa, Österreichische Post, and URS Corp. They had an average exposure of 76% long and 37% short. During the last quarter, they sold out of their long position in Ameriprise Financial. Additionally, they covered the following short positions: American Reprographics, Aurelian Resources (Canadian), Equinix, Great Atlantic & Pacific Tea, Itron, Macquarie Airports (Australian), and McGraw-Hill.

And, they also added some new long positions in the last quarter. These additions include: Allegheny Energy (AYE), Commscope (CTV), MEMC Electronic Materials (WFR), gold and an index of gold miners (GDX), and the Japanese Yen. Additionally, they mention that they were buying bank debt, high yield bonds, convertible bonds, gold, select foreign currencies, and equities. Its also interesting to note that Greenlight was short Volkswagen and got caught up in the massive short squeeze, which they detail in the letter. 2008 was the first year they have lost money since opening in 1996.

We've previously covered Greenlight's portfolio holdings, as well as their performance numbers. Also worth checking out is Einhorn's book, where he details his battle shorting Allied Capital. In it, you learn about Greenlight's theses formation and investment process: Fooling Some of the People All of the Time.

You can read their investor letter in its entirety here (.pdf) courtesy of Zero Hedge.

Greenlight is a $6 billion fund ran by David Einhorn and has seen annual returns of over 20%. Greenlight specializes in spin-offs and value investing. Einhorn's name has been popping up in the media a lot over the past year, as he talked about his well documented short position in Lehman Brothers (LEH). And, while that position paid off handsomely for him, it barely offset losses he experienced from other positions.

Hedge Fund Tracking: David Einhorn's Greenlight Capital - 13F Filing Q3 2008

Next up, we have David Einhorn's Greenlight Capital. This is the 3rd Quarter 2008 edition of our ongoing hedge fund tracking series. Before reading this update, make sure you check out the preface to the series we're doing on Hedge Fund 13F's here. We've already covered Timothy Barakett's Atticus Capital,Whitney Tilson's T2 Partners, Peter Thiel's Clarium Capital, Bill Ackman's Pershing Square, Bret Barakett's Tremblant Capital, and John Paulson's Paulson & Co. Greenlight is a $6 billion fund ran by David Einhorn and has seen annual returns of over 25%. Greenlight specializes in spin-offs and value investing. Einhorn's name has been popping up in the media a lot over the past year, as he talked about his well documented short position in Lehman Brothers (LEH). And, while that position paid off handsomely for him, it barely offset losses he experienced from other positions. Einhorn was -13% for October and is now -26% year-to-date, as noted in our October hedge fund performance numbers post. Einhorn has also recently detailed the saga between his fund and Allied Capital, a company he shorted, in his book Fooling Some of the People All of the Time: A Long Short Story. It gives you an inside perspective as to how Greenlight constructs and researches their investment theses and we highly recommend it.

We track David Einhorn's Greenlight Capital due to their value investing orientation. Greenlight's approach is slightly different than some of the 'Tiger Cub' progeny funds we track. Although both are value oriented, Greenlight approaches things slightly differently by identifying mispricings in the markets and going from there. We've already covered a few other 'Tiger Cub' portfolios in our hedge fund tracking series, including Stephen Mandel's Lone Pine Capital, Lee Ainslie's Maverick Capital, and John Griffin's Blue Ridge Capital, and Andreas Halvorsen's Viking Global. We've tracked those and many other funds' performance in our October hedge fund performance. You can also check out Greenlight's 2nd quarter portfolio update here.

The following were Greenlight's long equity, note, and options holdings as of September 30th, 2008 as filed with the SEC.


New Positions (Brand new positions that they initiated in the last quarter):
EMC Corp (EMC)
Kinross Gold (KGC)
Mercer International (MERC) 8.5% Note
TicketMaster (TKTM)
Pomeroy IT (PMRY)


Added to (Positions they already owned but added shares to)
Republic Airways (RJET): Increased position by 80%
Dr Pepper Snapple (DPS): Increased position by 30%
Helix Energy (HLX): Increased position by 30%
Echostar (SATS): Increased position by 9%
Teradata (TDC): Increased position by 4%


Some Reduced Positions (Positions they sold some shares of - note not all sales listed)
Ameriprise Financial (AMP): Decreased position by 83%
MDC Holdings (MDC): Decreased position by 82%
Target (TGT): Decreased position by 49%
Mercer International (MERC): Decreased position by 43%
Guaranty Financial (GFG): Decreased position by 14%


Removed Positions (Positions they sold out of completely)
Microsoft (MSFT)
HSBC (HBC) Puts
Patriot Coal (PCX)
Covidien (COV)
Walgreens (WAG)
Wellpoint (WLP)
UnitedHealth (UNH)
Lehman Bros (LEHMQ) Puts
Verasun Energy (VSUNQ)
Tyco (TEL)
Sears (SHLD)


Top 20 Holdings (by % of portfolio)

1. Dr Pepper Snapple (DPS): 17.5% of portfolio
2. Helix Energy (HLX): 15% of portfolio
3. Target (TGT): 12% of portfolio
4. Einstein Noah (BAGL): 7.5% of portfolio
5. MI Developments (MIM): 6.5% of portfolio
6. Health Management (HMA): 6.4% of portfolio
7. URS Corp (URS): 6.4% of portfolio
8. Teradata (TDC): 5% of portfolio
9. Echostar (SATS): 3.5% of portfolio
10. Ameriprise (AMP): 2.9% of portfolio
11. Employers Holdings (EIG): 2.8% of portfolio
12. MDC Holdings (MDC): 2% of portfolio
13. Fifth Street Finance (FSC): 1.6% of portfolio
14. EMC (EMC): 1.5% of portfolio
15. Triple S Mgmt (GTS): 1.3% of portfolio
16. Kinross Gold (KGC): 1.3% of portfolio
17. Republic Airways (RJET): 1.2% of portfolio
18. Dana Holding (DAN): 1.2% of portfolio
19. Mercer International (MERC) 8.5% Note: 0.8% of portfolio
20. Guaranty Financial (GFG): 0.7% of portfolio

Assets from the collective holdings above were $2.7 billion last quarter and were $1.4 billion this quarter. Interesting to note that Greenlight is yet another fund we've seen sell out of Sears (SHLD). Bill Ackman's Pershing Square recently sold practically all of their SHLD. Additionally, Greenlight is now the second value oriented fund we've seen in Teradata (TDC). Stephen Mandel's Lone Pine has a sizable position in TDC as well. Please note that we have not detailed every single change to every single position in this update, but we have covered all the major moves. Also, keep in mind that these filings only include long equity, notes, and options holdings and do not reflect the cash or short portions of their portfolio. This is just one of many funds in our hedge fund tracking series in which we're tracking 35+ prominent funds. We've already covered Whitney Tilson's T2 Partners, Peter Thiel's Clarium Capital, Bill Ackman's Pershing Square, Stephen Mandel's Lone Pine Capital, Lee Ainslie's Maverick Capital, Timothy Barakett's Atticus Capital, John Griffin's Blue Ridge Capital, Bret Barakett's Tremblant Capital, Andreas Halvorsen's Viking Global, and John Paulson's Paulson & Co. Overall, its been one of the worst years ever for hedge funds, as we noted in our recent October hedge fund performance update. Thus, the recent moves they've made in their portfolios become all the more interesting given the way the market has played out.

More on Einhorn & Greenlight:
- Greenlight's 2nd quarter portfolio update
- October hedge fund performance update
- Hedge Fund Rankings

Investor Letters

Here are some more recent hedge fund investor letters. Do note that these are all .pdf files.

Maverick Capital (Lee Ainslie) - Portfolio holdings detailed here.

Colony Capital

Oaktree Capital Management

Hayman Advisors LP (Kyle Bass)

Balyasny Asset Management LP

Baupost Group (Seth Klarman)

Perry Capital

And, taken from Bloomberg, we're seeing that a few hedge funds that have typically been closed have since re-opened those funds to add capital,

"Steven Cohen, David Einhorn, Paul Singer, and Alan Howard are doing what most hedge-fund managers can't these days -- raising money from investors.

Singer's Elliott Management Corp. added $3 billion in the third quarter and Howard's Brevan Howard Asset Management LLP garnered new cash as they posted investment gains in a year when the average fund has lost 20 percent, people with knowledge of matter said. Cohen's SAC Capital Advisors LLC and Einhorn's Greenlight Capital Inc. have allowed investors into funds that had been closed since 2005, with Einhorn seeking several hundred million dollars this month."

Both SAC and Greenlight have suffered losses this year, as we detailed in our hedge fund performance update.

Checking In On David Einhorn's Greenlight Capital

I like to track a variety of hedge funds with different strategies just to see what everyone is up to each quarter. And, while I don't necessarily go in-depth on each fund, I do like to monitor major changes to their portfolios. One main activist fund I follow is Greenlight Capital. Greenlight is a $6 billion fund ran by David Einhorn and has had an annual return of over 25%. Greenlight specializes in spin-offs and value investing. Einhorn's name has been popping up in the media a lot in recent months as he talked about his well documented short position in Lehman Brothers (LEH).

So, after comparing his most recent 13F filing with the one from last quarter, we can see a few major moves that Einhorn has made with Greenlight's portfolio. Please note that this is by no means a complete summary of changes. I am simply pointing out a few changes of interest.

New Positions:
UnitedHealth Group (UNH)
Dr. Pepper Snapple (DPS) - a spinoff from Cadbury
Teradata (TDC)

Added to:
Helix Energy (HLX) - increased position by 12%

Reduced Positions:
Microsoft (MSFT) - reduced position by 33.1%
Target (TGT) - reduced position by 16.6%

Removed Positions (positions Greenlight sold completely out of):
Discover Financial (DFS)

Some of Greenlight's Top Holdings (in no particular order) include: Ameriprise Financial (AMP), Helix Energy (HLX), Microsoft (MSFT), Target (TGT), Health Management Associates (HMA), and M.D.C. Holdings (MDC).

Again, please note that this is merely the highlights of their portfolio and does not detail all of the changes made. If you're interested in more in-depth analysis of some hedge fund portfolios, check out some of the write-ups I've done on the blog (Blue Ridge Capital, Lone Pine Capital, & many more). And, you can view their Greenlight's recent 13F as filed with the SEC here.

Also, I wanted to point out that David Einhorn has a recent book out, Fooling Some of the People All of the Time: A Long Short Story. In it, he details the saga between his hedge fund (Greenlight Capital) and a company he shorted (private financer Allied Capital). I'm currently reading the book and will be posting a review of it on this blog once I finish. So far, it's a good read. It gives you an inside perspective as to how Greenlight goes about constructing and researching their investment theses. Check it out if you're interested.

Hedge Fund Activity / 13F

(Just FYI: This post marks the first of a series I will be doing this week that details what the "smart money" has been up to lately.)

Four times a year, hedge funds & asset managers with > $100 million AUM (assets under management) are required to report to the SEC their holdings from the previous quarter. I check these 13F filings quarterly just to get a sense as to where these funds are putting their money sector wise. If you just sit down and do some simple number crunching between last quarter's 13F and this quarter's 13F, you can see exactly where these funds have been moving their money.

Now, these 13F's should be treated as a lagging indicator simply because the 13F's that were just released May 15th 2008 show the funds' holdings as of March 31st 2008. So, in the past month and a half, they could have completely changed their portfolio. But, at the same time, its easy to see which sectors they are flocking to.

I like to specifically follow value based hedge funds in the hope that they won't experience ridiculously high turnover and thus allowing me to track their sector rotations. Specifically, I follow the Tiger Cubs (otherwise known as the proteges of former Tiger Management legend Julian Robertson). Many of these former proteges/right hand men have started their own funds and here are the ones I've been following:

- Blue Ridge Capital (John Griffin)
- Lone Pine Capital (Steve Mandel)
- Maverick Capital (Lee Ainslie)
- Viking Global (Andreas Halvorsen)

Additionally, I also like to follow the Commodities Corporation "offspring" which typically employ a global macro strategy.

- Tudor Investment Corp (Paul Tudor Jones)
- Moore Capital (Louis Bacon)
- Caxton Associates (Bruce Kovner)

So, I follow a core of value funds in depth and then I also follow a core of global macro funds in depth. Over the next week, I will be going into detail as to what those specific funds were up to this past quarter. Additionally, I like to follow other "whales" and funds that are not necessarily value based, but are still top performers on Wall Street. I won't be going into detail on some of these names, but I will provide some very useful links that give a broad overview of what some of these whales have been buying/selling. Because, after all, you've got to at least keep tabs on what these guys are doing:

- Warren Buffett (obviously)
- Carl Icahn (rabblerousing at its best)
- RBS Partners (Eddie Lampert)

Then, of course, there are some just straight up beastly funds which you have to keep an eye on due to their awesome returns over the years:

- Atticus Capital (Timothy Barakett)
- BP Capital (Boone Pickens)
- Greenlight Capital (David Einhorn)
- Paulson & Co (John Paulson)
- D.E. Shaw & Co (David E. Shaw)
- Jana Partners (Barry Rosenstein)

And, lastly, a few deep value & activist funds.

- Third Point (Daniel Loeb)
- Pershing Square (Bill Ackman)
- Okumus Capital (Ahmet Okumus)
- T2 Partners (Whitney Tilson)
- Tontine Partners (Jeffrey Gendell)

So, over the coming week I'll touch on some important position moves some of these funds/whales have made (new positions, removed positions, etc). And, specifically, I'll be looking in depth at some of my favorite funds on a quarter by quarter comparison. Here are the links to my in-depth analyses of said funds.

- Blue Ridge Capital
- Lone Pine Capital
- Maverick Capital
- BP Capital
- Atticus Capital