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Tuesday, July 24, 2012

Corsair Capital Q2 Letter

Corsair Capital is out with their Q2 2012 letter. They disclose that in the quarter they were down 2.2% net and YTD are up 5.0% net. Since inception (1991) they have annualized 14.3% net (quite impressive to say the least). In the letter they discuss their current opinion on the macro economy as well as give a decent portfolio update on their core positions (Inophos, Six Flags, Aperam, and TNS). As per usual they also include their quarterly write up on a position - this quarter the write up is on Digital Globe. They believe that Digital Globe is worth some $60/share quite interesting considering its curren trading price.

Corsair Capital - 2012.07.23

Greenlight Capital Q2 2012 Letter

David Einhorn's Greenlight Capital is out with their quarterly letter. In the ltter they reveal that they returned -3.2% in Q2 and are up 3.4% net YTD. During the quarter they revealed that they sold DELL (NYSE:DELL) and Best Buy (NYSE:BBY). Their largest positions are Apple, General Motors, Gold, Marvell Technology, and Seagate Technology. They also discuss new positions in Cigna (NYSE:CI) and Coventry Health Care (NYSE:CVH).

Greenlight Capital - 2012.07.23

Wednesday, July 18, 2012

Muddy Waters Report on New Oriental Education

Muddy Waters posted a new report today on New Oriental Education. The report sent the stock down 35% today. The company, which operates schools in China, was part of a wave of companies who did business primarily in that country but sold shares in the United States to attract new sources of capital. The report states that New Oriental is lying about the nature of its franchising operations, arguing that the company’s chief executive has denied the existing of what the report says is an extensive business.

In the report they accuse New Oriental of using fees from its franchises to inflate the cash levels on its balance sheet, thereby persuading its auditors to give it a clean bill of health. They arent the first firm to accuse New Oriental of fraud, OLP Global, has accused the company of fraud as well.

Muddy Waters Report on New Oriental Education & Technology Group

Monday, July 16, 2012

Carl Icahn on Forest Labs, Navistar, Chesapeake

Carl Icahn talks about his investments in Forest Laboratories Inc., Navistar International Corp. and Chesapeake Energy Corp. Icahn, also discusses the U.S. stock market and the outlook for corporate mergers and acquisitions.

Pretty interesting stuff.


Tuesday, July 10, 2012

David Einhorn on CNBC

David Einhorn was recently on CNBC to discuss his upcoming charitable event as well as some of his current positions. Einhorn then goes on to discuss his oped piece and the current state of the market. He goes on to discuss his bullishness on Apple (AAPL). He thinks Apple is well positioned and that he will be in it for sometime, he thinks the stock is currently meaningfully undervalued and he thinks it is a $1 trillion company.

While he doesn't say anything too insightful or controversial his comments on Apple were interesting.