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Wednesday, April 30, 2014

Activist Investors and the Search for Alpha

At the Milken Conference they hosted a panel on activist investing. It was a star studded panel featuring: Clifton Robinson, Jeff Ubben, Barry Rosenstein, and Chris Teets. Worth listening to. Enjoy:

Thursday, April 24, 2014

Marcato Capital Presentation at Active-Passive Investing Summit

Mick McGuire of Marcato Capital recently gave a presentation at the Active-Passive Investor Summit. He gave reasons why he is long Sotheby's (where he recently announced he is siding with Dan Loeb and Pershing Square) and Dillard's (DDS). ENjoy: Marcato-Sothebys-Dillards.pdf

Wednesday, April 23, 2014

Pershing Square Presentation on Allergan

Following the big news of Bill Ackman's fund Pershing Square taking a stake in Allergan (AGN) Pershing has produced their customary lengthy slide presentation. Enjoy:

Bill Ackman Allergan Presentation by CanadianValue

Tuesday, April 22, 2014

Greenlight Capital Q1 2014 Letter

Below please find Greenlight Capital's Q1 2014 letter to investors. In the letter David Einhorn talks about his concerns on a pending tech bubble. We also find out that Greenlight ended Q1 down 1.5%. They established positions in SUNE, CONN, ATC, and Resona. Great stuff as always. Enjoy:

Greenlight

Barry Rosenstein the head of JANA on CNBC

Barry Rosenstein the head of JANA was on CNBC today talking about activist investing and his recent stake in Walgreen's (WAG). He thinks WAG has a lot of value levers to pull.

Jeff Ubben on CNBC (part 2)

Here is part 2 of the Jeff Ubben interview on CNBC. In this interview he shares his thoughts on Microsoft (MSFT). Enjoy:

Jeff Ubben on CNBC (part 1)

Jeff Ubben of ValueAct Capital was on CNBC recently sharing his opinion on Microsoft (MSFT) and Valeant Pharmaceuticals (VRX). Here is the first interview in which he shares his thoughts on VRX and the recent news that Bill Ackman's Pershing Square is partnering with the company to help it take over Allergan. Enjoy:

Thursday, April 3, 2014

Jim Chanos on CNBC talking about the Slow Death of the PC

Jim Chanos was on CNBC today talking about the slow death of the PC industry. He is long the innovators like Apple and Samsung but is short HPQ, IBM, and the disk drive maker. He thinks they will lose out to the cloud movement - Google and Amazon even make their own servers. Over half of HPQ's cash flow is from factoring receivables which they only disclose in the footnotes and they changed management incentive to FCF. He is not short Microsoft since he thinks they are figuring out the cloud.

Jim Chanos - CAT Short is No Brainer

Jim Chanos on CNBC today talking about why his short in Caterpillar (CAT) is a no brainer as they are a derivative of the Chinese economy and will collapse with it.

Jim Chanos on CNBC

Jim Chanos was on CNBC today discussing how tough it is shorting and how Sotheby's (BID) is one of the best bubble indicators.

Tuesday, April 1, 2014

Michael Mauboussin AIC Keynote

Michael Mauboussin gave the keynote address at the recent 17th annual Credit Suisse Asian Investment Conference. His talk was about his recent book and how to untangle skill and luck in the business context. Its good stuff. Enjoy: