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Monday, December 30, 2013

Pershing Square Letter to Investors

Bill Ackman's Pershing Square Capital is out with a letter to investors describing their efforts with Herbalife (HLF) and their current positioning.  They also allude to a new position that the fund is taking and will be disclosed shortly.  Enjoy:

Contrarian - John Templeton Documentary

Bloomberg recently aired the documentary - Contrarian which is about the life of John Templeton.  Enjoy:

Jim Chanos on CNBC talking about new short opportunities

Jim Chanos was recently on CNBC talking about the new opportunities he sees in the market for meaningful downside.  He thinks serial acquirers who aren't growing organically are a good target for shorting.  He wouldn't name names bud alluded that the biotech industry was particularly rife with this problem - makes me wonder if he is short Endo Health Solutions (ENDP) or Valeant Pharmaceuticals (VRX) which would be bold since that is a favorite among many hedge fund managers. Enjoy:

Jim Chanos on CNBC

Jim Chanos was on CNBC talking about why he is still short China and thinks that CAT will be impacted along with hard commodities by poor Chinese demand:

James Dinan on CNBC Part 5

Jamie Dinan of York Capital was on CNBC talking why he is long shippers and has even gone so far as to purchase ships and the equity of the publicly traded shippers for his fund.  The Baltic Dry was up over 100% last month and he thinks ships will follow rates.

James Dinan on CNBC Part 4

Jamie Dinan of York Capital was on CNBC discussing his bullish view on the airline market.  Most of the airlines still trade at something like 5x EBITDA which he thinks is too low.  Post bankruptcy the companies have learned to make money at $95 oil and he thinks the sector looks attractive going forward. He thinks its a continuing show-me story as they execute and the multiple slowly expands:

James Dinan on CNBC Part 3

Jamie Dinan was on CNBC talking about how the corporate M&A environment will stay active in 2014 and beyond and thinks that the low rate environment will continue to add fuel to the fire.

James Dinan on CNBC Part 2

Jamie Dinan was on CNBC talking about why he liked Hertz (HTZ) and thinks it can earn $2.20 and thinks they could spin off the equipment rental business in 2014 to unlock additional value.  He thinks the consolidation in the space has really helped them along with the other large players as pricing has improved.  This is basically the thesis layed out by some Columbia Business School students at the Pershing Square Challenge in 2013  - if you haven't seen it take a look: here.


James Dinan on CNBC part 1

Jamie Dinan the founder and head of York Capital was on CNBC talking about how he views the market.  He thinks the normalization policy is healthy for confidence and as a result has a good chance going forward of seeing further multiple expansion.  Jamie thinks rates will stay low and corporate events will still run high making it a great future for an event driven fund like York.

Sunday, December 29, 2013

Hugh Hendry's Latest Letter

Hugh Hendry's Eclectica Fund is out with their December letter.  It is classic Hugh Hendry and in the letter he describes why he turned bullish on the market.  Enjoy:

Peter Lynch on Charlie Rose

Peter Lynch was recently on Charlie Rose talking about his life since retiring from Fidelity and his philanthropic activities.  Enjoy:

James Pan talk at George Washington University

James Pan - who is a lesser known money manager that has a fantastic track record (over the last 15 years he has compounded at 18.94% gross and 15.7% net assuming 20% carry).  He gave a talk at George Washington talking about his investment style, what he looks for, etc.

Well worth watching:

Wednesday, December 18, 2013

Barrington Capital's Presentation on Darden

Barrington Capital is out today with a lengthy slide deck on why they think Darden is undervalued.  They make the case that it is worth $71 - $80 per share versus the recent price of $52.50.


Monday, December 16, 2013

Robert Shiller talking about Market Valuations

Robert Shiller was recently on PBS sharing his opinions on market valuations and where he thinks we are in terms of historical over vs. under valued territory.  Enjoy:

Tuesday, December 10, 2013

Stan Druckenmiller on Charlie Rose

Stan Druckenmiller was recently on Charlie Rose talking about his investment style, background, his views on the economy and the government's entitlement spending.  Nothing earth shattering but quite enjoyable:

Sunday, December 8, 2013

Mohnish Pabrai presentation to Boston College

Mohnish Pabrai recently gave a presentation to Boston College on his investing style, views on the market, etc.  Enjoy:

Whitney Tilson Presentation to HBS Club on Lessons Learned from Short Selling

Whitney Tilson recently gave a presentation to the HBS Club of NYC on the dozen lessons he learned from shorting during his career.  He then went on to share his pitch on Lumber Liquidators (LL) and why he thinks its worth $35 vs a recent close of $96.88.  Enjoy:

Saturday, December 7, 2013

Full Kyle Bass Interview on Bloomberg

Here is the full lengthy interview from when Kyle Bass was recently on Bloomberg discussing: GM, JCP, and HLF.


Thursday, December 5, 2013

SumZero and Institutional Investor Pitch Event

Here is a link to the video recording and writeups from the recent SumZero an Institutional Investor stock pitching event at Columbia Business School:

Worth looking through the videos and the pitches.

Kyle Bass on Bloomberg TV

Kyle Bass was on Bloomberg TV earlier today discussing Herbalife, activist investors, and his own investing style.  He recently announced that he was long GM and thought it could rally 40% in the next 12-18 months.  Enjoy: