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Friday, June 28, 2013

DoubleLine's Jeff Gundlach presentation on "What in the World is Going On"

Yesterday Jeff Gundlach hosted a conference call sharing his views on the world and the market.  Below are the slides from the presentation.  Basically he feels that the liquidation cycle appears to have run its course with emerging markets, market bonds, US junk bonds, munis, and MBA.  He does not think that July will be a repeat of May/June on the rate market.  Enjoy.

Wednesday, June 26, 2013

Glenview Capital and HMA

Larry Robbins of Glenview Capital Management was on CNBC recently discussing his views on HMA as well as the overall market.  The fund has annualized around 15% net of fees since their inception in 2000.

Additionally they also recently went public with their campaign to replace HMA's board.  Glenview owns around 14% of HMA.  Below is their presentation where they campaign HMA shareholders for a change of the board and diagram the current board's history of ineffectiveness.  Enjoy.


For more information on Glenview's campaign with HMA take a look at the site they have set up:

Thursday, June 20, 2013

Leon Cooperman of Omega Advisors on Bloomberg TV

After making the rounds at CNBC yesterday Leon Cooperman showed up at Bloomberg TV today to discuss his views on the economy, the Fed, Tetragon, Sprint, etc.

It is somewhat of an echo from yesterday but enjoyable none-the-less.  He reiterates that he thinks the proper multiple on the S&P results in a range of potentially 1600-1700 and that could come down based on the Fed's tapering.

Wednesday, June 19, 2013

Leon Cooperman of Omega Advisors on CNBC

Leon Cooperman of Omega Advisors was on CNBC today discussing his views in the equity market.  He thinks a 15x - 16x S&P multiple is reasonable and he thinks they can earn around $100 - $106 so he thinks $1500 - $1600 is fair value - which is where we are now.  He is not worried about a big break to the downside given Fed policies and thinks people have under-risked dramatically.  He then went on to talk about THL Credit (TCRD) which yields 9.5% and sells above book value, he thinks the dividend will go up throughout the year and they just participated in a secondary offering.  He thinks there are a ton of stocks that are more attractive than a 2.2% treasure rate.  He then spoke about Linn Energy (LINE) how he thinks the stock is worth $40 and thinks the dividend will go up after the acquisition of Barry Petroleum closes.  This stock has been controversial - specifically Barron's has come out with a number of negative articles on their put hedging strategy.  He then spoke about why he went to sue Tetragon Financial (TFG) - the company had a near six year run of poor corporate governance and when they bought another company he brought the lawsuit to try to push for positive changes at the company. He then talked about what they are actively buying - TCRD which they are buying today, ESRX which they are buying, HAL which they are buying, and MSI which they are buying. In the turnaround category they are buying SandRidge (SD) and think its worth $10 vs. approx. $5 today.

Jeff Gundlach on CNBC

Jeff Gundlach the founder of DoubleLine Capital Management was on CNBC today sharing his views on the economy.

In the first video he said that he thought the Fed will reduce bond purchases later in the year as the Fed is financing the budget deficit and since the deficit is shrinking they will taper to some extent. He then went on to say that he felt that long-term US Government bonds would be the best investment going forward.  He said this was going to be the case since inflation is really-really low so we are going to see a bond market rally.  He then walks through his thoughts on the bond market and how he is worried that the financial markets are trying to balance on ZIRP.  He sees people fleeing from bonds into dividend paying stocks, REITs, MLPs, and other assets.  He thinks this is a mistake because the basic premise is I don't want to own bonds since yields are too low and since yields will rise soon they will fall, but if you look at the verdict of the market while bonds have had modestly negative returns most of the bond alternatives have had horrible returns.  He thinks if the low interest rate premise is incorrect yield alternatives will fall much further.

Kyle Bass at the Strategic Investment Conference (SIC) 2013

Below please find Kyle Bass's, of Hayman Capital, presentation from the Strategic Investment Conference.  SIC 2013 was held at the beginning of May and is a conference for high net-worth individuals and institutional investors and financial advisors.

In the speech, which is quite lengthy, Kyle goes into great detail on central bank expansion, an update on his views on Japan and how it will impact the world, the psychology of negative outcomes, and then spends a solid 20 minutes answer some Q&A - which proves to be quite fruitful as he discusses China, Iceland, how the small investor should play the Japanese market, and other topics.

Suffice it to say, its enjoyable and well worth your time - especially before the FOMC meeting tomorrow and given how the global markets are trending.


Tuesday, June 18, 2013

Tom Barrick of Colony Capital on CNBC

Tom Barrick the Founder and CEO of Colony Capital was on CNBC today sharing his views on the housing market and how to best play it.

In the first video he talks about the rebound in housing and why he thinks it continues to have room to run - this is basically land development businesses catching up and the high demand pushing land prices higher.  He also goes on to say that housing is the best play for the average american because they can vote with their feet.

In the second video he talks about how he thinks the periphery is a good way to play it via mortgage servicing companies, home improvement companies, etc.

Friday, June 14, 2013

Michael Price's Presentation at the London Value Investing Conference

Below please find a video recording of Michael Price's presentation at the London Value Investing Conference.  In the video he talks about his approach to investing.  He went on to recommend Peter Cundill's book There's Always Something to Do: The Peter Cundill Investment Approach.

He went on to talk about his investment process and how 2/3s of his portfolio consist of stuff trading below intrinsic value and the remaining 1/3 is comprised of special situations.

He then went on to talk about two ideas he is currently interested in: Hospira (HSP) and Hess (HES).  Hess is a representation of a special situation due to their ongoing proxy fight.

The presentation isn't too long and Michael Price is really a succinct thinker so I highly recommend watching watching the presentation in its entirety.


Tuesday, June 4, 2013

Jeff Gundlach on CNBC

Jeff Gundlach was on CNBC today sharing his thoughts on the market.

In the first video he talks about how he thinks bond rates will continue to rise a bit and commodity prices will continue to remain weak.

Video 1:

In the next video he discusses how he views Japanese stocks as a buy in the mid 12,000 range due to the Abenomics policy pushing up equities and pushing down the Yen.  He thinks we have seen the best rally since November until around a month ago.  His target was 13,000 - 13,500 which he announced in December and the Nikkei blew through this really fast.  He thinks the sell off is healthy given the sharp run up in prices.  He thinks there should be a nice bounce back upwards from a 12,000 buy target.

Video 2:  

In the final video, he shares his opinions on Apple.  He thinks the stock is headed to $500 up from around $450 today.

Video 3: