Jim Chanos Short Intel

Short seller Jim Chanos, founder of Kynikos Associates, is short Intel (INTC).  He appeared on CNBC this morning to talk about his outlook on the PC industry.  He also mentions he's long Apple (AAPL).

Embedded below is the video of Jim Chanos' appearance on CNBC:

What We're Reading ~ Hedge Fund Links 1/16/15

Hedge fund winners and losers of 2014 [Institutional Investor]

Dear hedge funds, it's not you, it's the fees [FT Alphaville]

How Meredith Whitney's American revival sputtered in debut year [Bloomberg]

Paulson & Co hit by 2014 losses [Bloomberg]

Brad Pitt, Christian Bale, and Ryan Gosling to star in movie 'The Big Short' [Variety]

Peter Lynch on Investing: Video From 1994

Well regarded investor Peter Lynch is famous for his 'invest in what you know' approach.  Here's an interesting video of the Magellan Fund investor from 1994 entitled "Making Money in the Stock Market: Peter Lynch on Investing in the U.S. economy."

Embedded below is the video:



For more from this prominent investor, be sure to check out Lynch's well known book: One Up On Wall Street:  How To Use What You Already Know To Make Money In The Market.

What We're Reading ~ Analytical Links 1/14/15

The Zulu Principle: Making extraordinary profits from ordinary shares [Jim Slater]

The perils of trying to time the market [Brooklyn Investor]

The six deadly sins of investing [Stable Investor]

A message from the bond market? [A Dash of Insight]

Advice on how to become a research analyst [CFA Institute]

A look at the new investing year [Mutual Fund Observer]

Why the Google downgrade is a year too late [MicroFundy]

Is Google the new Microsoft? [Bloomberg View]

On Dodge & Cox's secret ingredient [Barrons]

A look at Byron Trott: the billionaires' banker [Fortune]

Byron Wien's top ten surprises for 2015 [StreetInsider]

Title II for internet providers is all but confirmed by FCC chairman [Ars Technica]

Household debt servicing at a historical low [Calculated Risk]

A new policy to rescue Ukraine [George Soros]

Startup values set records [WSJ]

What We're Reading ~ Hedge Fund Links 1/9/14

Love him or hate him, Bill Ackman now runs the top hedge fund [Bloomberg]

Meet the most powerful woman in hedge funds [CNBC]

ValueAct takes swipe at MSCI [FT]

Jeff Gundlach: I just hope the Fed thinks carefully about what it's doing [FUW]

Kyle Bass going after big pharma [Business Insider]

3G Capital eyes next targets [WSJ]

Mohnish Pabrai: I have no original ideas, I am a 100% cloner [Rakesh Jhunjhunwala]

Permanent capital: perpetual cash machines [FT]

Top hedge fund trends for 2015 [FINalternatives]

Tiger Global funds Glassdoor [Glassdoor]

Is something a 'failure' if other successes come from it? [Eddie Lampert]

Tom Brown on Ocwen's abominable deal with New York regulators [Bank Stocks]

What We're Reading ~ Analytical Links 1/7/14

The simple concept of intrinsic value [Base Hit Investing]

Distinguishing skill from luck [Economist]

The 2015 sleeper ideas list: trends, stocks & private companies [Forbes]

The 2015 buy list [Crossing Wall Street]

The danger of 1-year performance numbers [Wealth of Common Sense]

The best and worst investments they ever made [WSJ]

Investing advice for my son [Clear Eyes Investing]

A look at the upcoming Shake Shack IPO [Brooklyn Investor]

What happened when Marissa Mayer tried to be Steve Jobs [NYTimes]

China's video hosting sites see boom times [FT]

WaMu's $600m private rebirth [Seeking Alpha]

The conventional wisdom on oil is always wrong [Five Thirty Eight]

Why gas feels cheap and why it's not historically [WSJ]

Endangered species: young US entrepreneurs [WSJ]

ESPN without cable? For $20 it's a reality [Atlantic]

CEO's predictions on what's next in wireless [T-Mobile]

The economics (and nostalgia) of dead malls [NYTimes]

Viking Global Reduces Illumina, Mohawk Industries Stakes

Andreas Halvorsen's hedge fund Viking Global has filed two separate 13G's with the SEC regarding some of their positions.


Reduces Illumina Stake

First, Viking has disclosed they now own 5.8% of Illumina (ILMN) with over 8.18 million shares.  This is a decrease of 461,081 shares since the end of the third quarter.  The filing was made due to portfolio activity on January 2nd.

Per Google Finance, Illumina is "a developer and manufacturer of life science tools and integrated systems for the analysis of genetic variation and function. The Company is organized in two business segments: Life Sciences and Diagnostics. Its Life Sciences business unit includes all products and services related to the research market, namely the product lines based on its sequencing, BeadArray, VeraCode, and real-time PCR technologies. Its Diagnostics business unit focuses on molecular diagnostics. Its customers include genomic research centers, academic institutions, government laboratories, and clinical research organizations, as well as pharmaceutical, biotechnology, agrigenomics, and consumer genomics companies."









Cuts Mohawk Industries Position

Second, the hedge fund firm has revealed they own 5.5% of Mohawk Industries (MHK) with over 4 million shares.  They've reduced their position by over 1.63 million shares since the end of the third quarter.  The filing was required due to activity on January 2nd.

Per Google Finance, Mohawk Industries is "a flooring manufacturer. The Company's manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone and vinyl flooring. The Company's key brands include American Olean, Bigelow, Daltile, Durkan, Karastan, Kerama Marazzi, Lees, Marazzi, Mohawk, Pergo, Quick-Step and Unilin. The Company has three reporting segments: the Carpet segment, the Ceramic segment and the Laminate and Wood segment. The Carpet segment designs, manufactures, sources, distributes and markets its carpet and rug products. The Carpet segment also markets and distributes ceramic tile, laminate, hardwood, resilient floor covering, carpet pad and flooring accessories. The Ceramic segment designs, manufactures, sources, distributes and markets ceramic tile, porcelain tile and natural stone products. The Laminate and Wood segment designs, manufactures, sources, licenses, distributes and markets laminate and hardwood flooring."

We've also highlighted some other recent portfolio activity from Viking Global here.

Discount to Boyar Research's Forgotten Forty Report: Stock Picks For the New Year

It's a new year and investors are always on the lookout for new investment ideas.  To help with that, Market Folly has secured a 10% discount to Boyar Research's "Forgotten Forty", a 45-page report that profiles companies they feel will outperform in the year ahead.  The discount expires on January 16th, so take advantage while it lasts.


Complimentary Copy of Last Year's Report

Their report features one-page snapshots of their investment thesis for each stock, a catalyst for value realization, and an estimate of intrinsic value. 

They've allowed us to share with you a complimentary copy of last year's report so you can see what you'd be receiving.

*** To download the free report, click here. ***


Historical Performance of Boyar's Picks

As you can see below, their stock picks' CAGR has beaten the S&P 500 over 1-year, 3-year, 5-year, and 10-year timeframes:

*All performance results are unaudited.  These results are as of The Forgotten Forty priced on December 12, 2013.  Past performance is no guarantee of future success.


10% Discount For Our Readers

To save 10% on Boyar's Forgotten Forty report, click here to take advantage of the Market Folly discount.  And remember, the discount expires on January 16th.

What We're Reading ~ Hedge Fund Links 1/2/15

For hedge funds, a year of highs and lows [WSJ]

The next chapter of Alibaba and the 106 hedge funds [ii alpha]

Tepper: 2015 might be like 1999 [CNBC]

David Herro on his evolution as an investor [ValueWalk]

Merchants' Gate Capital closes [Bloomberg]

Li Lu buys BYD during big dip [Forbes]

Hedge fund industry's top performers mainly small, little known [Reuters]

2015: the year hedge fund fees come down to earth? [CNN]

Time may be up for hedge fund replicants [FT]

Meredith Whitney's hedge fund said to be in turmoil [Bloomberg]

JANA Partners Blows Out Of Civeo Position

Barry Rosenstein's activist hedge fund firm JANA Partners has filed a Form 4 and 13D with the SEC regarding shares of Civeo (CVEO).  Per the filing, JANA Partners no longer owns any CVEO shares.

The Form 4 notes that JANA sold the bulk of its position on December 30th at prices of $4.13 and $4.29.  Shares fell over 50% during the month of December.

Per Google Finance, Civeo "operates in active oil, coal, natural gas and iron ore producing regions, including Canada, Australia and the United States. The Company is engaged in providing an integrated service offering to its customers, which include independent oil and natural gas companies, mining companies and oilfield and mining service companies. The Company’s premium accommodations services allow its customers to outsource their accommodations needs to a single supplier, maintaining employee welfare and satisfaction while focusing their investment on their core resource development efforts. In June 2014, Oil States International Inc completed spin-off of the Company."

You can view additional past portfolio activity from JANA Partners here.

Corvex Management Takes American Realty Capital Stake

Keith Meister's activist hedge fund Corvex Management has filed a 13D with the SEC regarding American Realty Capital (ARCP).  Per the filing, Corvex now owns 7.1% of the company with over 64.7 million shares (with 56.77 million of those shares underlying call options).  This is a new position for the hedge fund.

The activist filing indicates that Corvex has met with company management and want to add members to the board.  The filing was required due to activity on December 18th.

We've highlighted additional recent portfolio activity from Corvex here.

Per Google Finance, American Realty Capital is "a real estate investment trust (REIT). The Company owns and acquires single-tenant, freestanding commercial real estate primarily subject to medium-term net leases with credit quality tenants."

Tiger Global Discloses On Deck Capital Position

Chase Coleman and Feroz Dewan's hedge fund Tiger Global has filed a 13G with the SEC regarding On Deck Capital (ONDK).  Per the filing, Tiger Global now owns 9.2% of the company with over 6,333,004 shares.

This is a newly disclosed equity stake and the filing was made due to activity on December 17th as the company recently completed its initial public offering (IPO).  It priced at $20 and now trades around $22.

Per Google Finance, On Deck Capital is "an online platform for small business lending. Enabled by its technology and analytics, the Company aggregates and analyzes data points from dynamic, disparate data sources to assess the creditworthiness of small businesses. Small businesses can apply for a term loan or line of credit on its Website and, using its OnDeck Score, it can make a funding decision immediately and transfer funds the same day."

You can view other Tiger Global portfolio activity here.

Eminence Capital Reveals Darling Ingredients Stake

Ricky Sandler's hedge fund firm Eminence Capital has filed a 13G with the SEC regarding shares of Darling Ingredients (DAR).  Per the filing, Eminence now owns 5% of the company with over 8.26 million shares.

This is a newly disclosed equity position for the fund and the filing was made due to activity on December 17th.

Per Google Finance, Darling Ingredients is "a provider of rendering, cooking oil and bakery waste recycling and recovery solutions. The Company collects and recycles animal by-products, bakery residual and used cooking oil from poultry and meat processors, commercial bakeries, grocery stores, butcher shops, and food service establishments and provides grease trap cleaning services to many of the same establishments."

We've recently highlighted other portfolio activity from Eminence Capital as well.

Viking Global Starts Avis Budget Group Position

Andreas Halvorsen's hedge fund firm Viking Global has started a new position in Avis Budget Group (CAR).  Per a 13G just filed with the SEC, Viking now owns 5% of the company with over 5.34 million shares.

They did not report owning a stake at the end of the third quarter.  The filing was made due to activity on December 17th.  This is now the second major hedge fund to file with the SEC regarding CAR shares.  We highlighted last week that Glenview Capital also was buying Avis Budget shares.

Per Google Finance, Avis Budget Group is "a provider of vehicle rental and car sharing services. The Company operates under brands Avis, Budget and Zipcar. The Company’s other brands include Budget Truck, Payless and Apex."

Carl Icahn Discloses Manitowoc Stake, Pushes For Company to Split Up

Activist investor Carl Icahn today filed a new 13D with the SEC concerning shares of Manitowoc (MTW).  Per the filing, Icahn now owns 7.77% of the company with over 10.5 million shares (including shares underlying call options).

This is a brand new position for him and the filing was required due to activity on December 17th.  The filing notes that Icahn wants the company to separate its Crane and Foodservice segments into two separate companies.

Per the 13D, Icahn was out buying MTW common stock in the middle of December at prices ranging from $16.83 to $19.30, along with August 2016 call options with an $18 strike.

We've recently covered some additional portfolio activity from Icahn as well.

Per Google Finance, Manitowoc is "a multi-industry, capital goods manufacturer. MTW operates in two markets: Cranes and Related Products (Crane) and Foodservice Equipment (Foodservice). Crane is a provider of engineered lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. Foodservice is a manufacturer of commercial foodservice equipment serving the ice, beverage, refrigeration, food-preparation, and cooking needs of restaurants, convenience stores, hotels, healthcare, and institutional applications."

Horizon Kinetics on Owner Operators

This presentation on owner operators from Horizon Kinetics is a few years old (2011) but still very much worth a read.  These types of investments have long drawn the attention of various investors and this takes a look at the history, definition, and more.

Embedded below is Horizon Kinetics' research piece on owner operators:

Glenview Capital Increases Avis Budget, Lithia Motors & PVH Corp Positions

Larry Robbins' hedge fund firm Glenview Capital has been active recently in shares of three of their holdings.


Increases Avis Budget Group Stake

Readers of the site won't be surprised by this move because we highlighted an interview with Robbins where he pointed out his fondness for car rental companies a few months ago.  Glenview has revealed they now own 5.2% of Avis Budget Group (CAR) with 5.44 million shares per a 13G filed with the SEC.

This means they've increased their stake by over 1.49 million shares since the end of the third quarter. The filing was required due to activity on December 10th.

Per Google Finance, Avis Budget Group is "a provider of vehicle rental and car sharing services. The Company operates under brands Avis, Budget and Zipcar. The Company’s other brands include Budget Truck, Payless and Apex. The Company operates in three segments: North America, which operates provides car rentals in the United States and vehicle rentals in Canada, as well as ancillary products and services, and operates the Company’s Zipcar car sharing business; International that provides and licenses its brands to third parties for vehicle rentals and ancillary products and services primarily in Europe, the Middle East, Africa, Asia, South America, Central America, the Caribbean, Australia and New Zealand; and Truck Rental, which provides truck rentals and ancillary products and in the United States."


Boosts Lithia Motors Position

Second, Glenview Capital has also revealed a 5.92% ownership stake in Lithia Motors (LAD) with over 1.4 million shares.  They've boosted their position size by 237,364 shares since the end of the third quarter.

Per Google Finance, Lithia Motors is "an operator of automotive franchises and a retailer of new and used vehicles and services. The Company sells new and used cars and light trucks and replacement parts; provides vehicle maintenance, warranty, paint and repair services; and arranges related financing, service contracts, protection products and credit insurance."


Adds To PVH Corp Holdings

Lastly, Larry Robbins' hedge fund firm also filed a 13G with the SEC regarding their PVH Corp (PVH) stake.  They now own 5.5% of the company with over 4.53 million shares.

This is an increase of 427,071 shares since the end of the third quarter and the filing was required due to activity on December 10th.

Per Google Finance, PVH is "an apparel company. The Company’s portfolio of brands includes Calvin Klein, Tommy Hilfiger brands, Van Heusen, IZOD, Bass, ARROW and Eagle, which are owned brands, and Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, Sean John, JOE Joseph Abboud, MICHAEL Michael Kors, Michael Kors Collection, CHAPS, Donald J. Trump Signature Collection, DKNY, Elie Tahari, Nautica, Ted Baker, J. Garcia, Claiborne, Robert Graham, U.S. POLO ASSN., Axcess and Jones New York, which are licensed, as well as various other licensed and private label brands. It designs and markets branded dress shirts, neckwear, sportswear and, to a lesser extent, footwear and other related products. Additionally, it licenses its owned brands over a range of products."


This isn't the only activity out of Glenview recently either.  Robbins' firm also bought shares of two more companies.

ValueAct Capital Trims Adobe Systems Stake

Jeff Ubben's activist hedge fund firm ValueAct Capital has filed a Form 4 with the SEC regarding their stake in Adobe Systems (ADBE).

Per the filing, they've sold over 5 million shares of ADBE since the end of the third quarter.  These sales came at prices of $75.02, $74.72, and $74.57 on December 18th, 19th, and 22nd respectively.

After these recent sales, they're left with 16,700,000 shares.

Per Google Finance, Adobe Systems is "a diversified software company. The Company offers a line of software and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring and engaging with content and experiences across multiple operating systems, devices and media."


For more from this manager, be sure to check out Ubben's presentation from the Sohn Conference San Francisco.

Eminence Capital Adds To Xoom, Men's Wearhouse Stakes

Ricky Sandler's hedge fund firm Eminence Capital has filed a 13G and a 13D with the SEC regarding two of their positions.


Adds To Xoom Stake

First, Eminence has revealed a 6.4% ownership stake in Xoom (XOOM) with over 2.44 million shares. 

This means they've boosted their stake by over 1.57 million shares since the end of the second quarter.  The filing was required due to activity on December 9th.

Per Google Finance, Xoom is "engaged in online international money transfer service. Its customers use Xoom to send money to family and friends in 30 countries. The Company generates revenue from transaction fees charged to customers and from foreign exchange spreads on transactions where the payout currency is other than United States dollars."


Increases Men's Wearhouse Position

Second, Sandler's hedge fund also disclosed a 11.9% ownership stake in Men's Wearhouse (MW) with over 5.7 million shares in an amended 13D filing with the SEC.

Their position size is now larger to the tune of 1.15 million more shares.  The filing was required due to activity on December 16th.

The filing also notes that Eminence's standstill clause (which capped their ownership at 10%) has been amended to 12%.

Per Google Finance, Men's Wearhouse is "a specialty retailer of men's suits and a provider of tuxedo rental product in the United States and Canada. It operates in two segments: retail and corporate apparel."

For more from this manager, you can see what stocks Sandler recommended at the Robin Hood Investors Conference.

Howard Marks' Latest Memo: The Lessons of Oil

Oaktree Capital's chairman Howard Marks is out with his latest memo.  His commentary is considered some of the best out there and even Warren Buffett reads it.  Marks' latest missive is entitled "The Lessons of Oil" and it is embedded below.



You can download a .pdf copy here.

For more from Marks, we'd highly recommend also checking out his book, The Most Important Thing.