tag:blogger.com,1999:blog-24974323714819319972024-02-22T05:53:10.732-08:00Neo-AlphaThis blog is an effort to sift through the noise. Please note that a number of resources are used to create these theses and due to an overriding desire to think rather than edit I will not be citing every little source.Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.comBlogger634125tag:blogger.com,1999:blog-2497432371481931997.post-50499588441042237182015-02-10T06:56:00.000-08:002015-02-10T06:56:07.274-08:00Third Point Capital - Q4 2014 Investor LetterDan Loeb, the founder of Third Point, is out with his Q4'14 investor letter. In 2014 Third Point was up 5.7%. In the letter they talk about their long positions in Amgen, FANUC, and also shares their opinion on Greece.
Good stuff as always. Enjoy:
<p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"> <a title="View Third Point Q4 2014 on Scribd" href="http://www.scribd.com/doc/255272195" style="text-decoration: underline;" >Third Point Q4 2014</a></p><iframe class="scribd_iframe_embed" src="https://www.scribd.com/embeds/255272195/content?start_page=1&view_mode=scroll&show_recommendations=true" data-auto-height="false" data-aspect-ratio="undefined" scrolling="no" id="doc_43159" width="100%" height="600" frameborder="0"></iframe> Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com1tag:blogger.com,1999:blog-2497432371481931997.post-85116052767741708622015-02-04T06:59:00.003-08:002015-02-04T06:59:59.007-08:00Latest Issue of Graham & DoddsvilleColumbia Business School is out with their latest issue of Graham & Doddsville. In this issue they interview Bill Ackman of Pershing Square Capital, Jay Petschek and Steve Major of Corsair Capital, and Andrew Wellington of Lyrical Asset Management. Plus there are some student pitches on: JBLU, FSLR, SCH:NO, CDK, SCTY, CATM, and BIN). Enjoy.
<p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"> <a title="View Graham Doddsville Winter 2015 on Scribd" href="http://www.scribd.com/doc/254659489" style="text-decoration: underline;" >Graham Doddsville Winter 2015</a></p><iframe class="scribd_iframe_embed" src="https://www.scribd.com/embeds/254659489/content?start_page=1&view_mode=scroll&show_recommendations=true" data-auto-height="false" data-aspect-ratio="undefined" scrolling="no" id="doc_51143" width="100%" height="600" frameborder="0"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-33234684611080044732015-01-24T11:55:00.001-08:002015-01-24T11:55:53.352-08:00Bill Ackman on BloombergBill Ackman of Pershing Square Capital Management was on Bloomberg recently discussing how he considered investing in Tesco, his stake in Herblaife and other positions.
Enjoy:
<object data='http://www.bloomberg.com/video/embed/X0R_10X0SCihlcBujMXo~Q?height=395&width=640' width=640 height=430 style='overflow:hidden;'></object>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-67720411403856501992014-12-20T13:00:00.002-08:002014-12-20T13:00:55.227-08:00NYU Evaluation NewsletterThe students at NYU Stern School of Business are out with their latest Evaluation Newsletter. This third issue focuses on a wide range of issues, including some investment recommendations. Enjoy:
<p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"> <a title="View NYU Stern Evaluation Dec 2014 on Scribd" href="http://www.scribd.com/doc/250580043" style="text-decoration: underline;" >NYU Stern Evaluation Dec 2014</a></p><iframe class="scribd_iframe_embed" src="https://www.scribd.com/embeds/250580043/content?start_page=1&view_mode=scroll&show_recommendations=true" data-auto-height="false" data-aspect-ratio="undefined" scrolling="no" id="doc_16804" width="100%" height="600" frameborder="0"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-73608511303948686042014-12-20T12:59:00.001-08:002014-12-20T12:59:14.583-08:00Howard Marks on OilHoward Marks, the founder and Chairman of Oaktree Capital, is out with his latest missive. This time he writes about the recent pull-back in oil. Enjoy:
<p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"> <a title="View Howard Marks Lessons of Oil on Scribd" href="http://www.scribd.com/doc/250579628" style="text-decoration: underline;" >Howard Marks Lessons of Oil</a></p><iframe class="scribd_iframe_embed" src="https://www.scribd.com/embeds/250579628/content?start_page=1&view_mode=scroll&show_recommendations=true" data-auto-height="false" data-aspect-ratio="undefined" scrolling="no" id="doc_50914" width="100%" height="600" frameborder="0"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-41739850980797037022014-12-01T10:59:00.002-08:002014-12-01T10:59:43.368-08:00Pershing Square Q3 2014 Letter to InvestorsBill Ackman's Pershing Square is out with their Q3 2014 letter to investors. Due to a well timed bet in Allergan they are up 35% net YTD. In the letter they talk about their position in Allergan (AGN), Canadian Pacific (CP), Air Products and Chemicals (ADP), etc.
Enjoy.
<p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"> <a title="View Pershing Square Q3 14 on Scribd" href="http://www.scribd.com/doc/248818409" style="text-decoration: underline;" >Pershing Square Q3 14</a></p><iframe class="scribd_iframe_embed" src="https://www.scribd.com/embeds/248818409/content?start_page=1&view_mode=scroll&show_recommendations=true" data-auto-height="false" data-aspect-ratio="undefined" scrolling="no" id="doc_53731" width="100%" height="600" frameborder="0"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-80826687706468034412014-11-03T20:02:00.002-08:002014-11-03T20:02:42.691-08:00Julian Robertson on Bloomberg TV Part 3Julian Robertson continues his segment on Bloomberg TV talking about the Bank of Japan's monetary policy and how he thinks that will impact global currency.
<object data='http://www.bloomberg.com/video/embed/j5TP5ghJTfGviYwNjxbiEw?height=395&width=640' width=640 height=430 style='overflow:hidden;'></object>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-59369945551178767292014-11-03T20:01:00.001-08:002014-11-03T20:01:54.136-08:00Julian Robertson on Bloomberg TV Part 2Julian Robertson continued his recent interview on Bloomberg TV talking about the state of the hedge fund business:
<object data='http://www.bloomberg.com/video/embed/PyNhS9wkR4CfhThNSkFKXQ?height=395&width=640' width=640 height=430 style='overflow:hidden;'></object>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-28577753360847864232014-11-03T19:58:00.002-08:002014-11-03T19:58:59.505-08:00Julian Robertson on Bloomberg Part 1Julian Robertson was on Bloomberg recently talking about his belief that currency was a good area to be investing right now. He then touched on the large bond bubble that was brought on by the interest rate policies.
<object data='http://www.bloomberg.com/video/embed/zdO1xV0nRPGR9VzoduXH1w?height=395&width=640' width=640 height=430 style='overflow:hidden;'></object>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-42930509779326286282014-10-27T15:31:00.002-07:002014-10-27T15:31:31.274-07:00Graham & Doddsville Fall 2014Columbia Business School is out with their latest issue of Graham and Doddsville. In this issue they interview Wally Weitz, Guy Gottfried, and the team from Development Capital Partners. In addition there are two student write ups: a short on B&M European Value Retail SA (LON: BME) and a long on Countrywide, Plc. (LON: CWD). Enjoy:
<p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"> <a title="View Graham &amp; Doddsville Fall 2014 on Scribd" href="https://www.scribd.com/doc/244666393/Graham-Doddsville-Fall-2014" style="text-decoration: underline;" >Graham &amp; Doddsville Fall 2014</a></p><iframe class="scribd_iframe_embed" src="https://www.scribd.com/embeds/244666393/content?start_page=1&view_mode=scroll&show_recommendations=true" data-auto-height="false" data-aspect-ratio="undefined" scrolling="no" id="doc_20941" width="100%" height="600" frameborder="0"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-7499135236981559702014-10-22T11:04:00.002-07:002014-10-22T11:04:39.496-07:00Third Point Capital's Q3'14 Letter to InvestorsDan Loeb's Third Point Capital is out with their Q3 2014 letter to investors. In the letter they discuss Amgen (which Loeb spoke at the Robin Hood Investor Conference about), EBAY, and Alibaba (BABA). They also exited Sony in the quarter. YTD Third Point is up 6%.
<p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"> <a title="View Third Point Q3 2014 Investor Letter TPOI on Scribd" href="http://www.scribd.com/doc/243862997" style="text-decoration: underline;" >Third Point Q3 2014 Investor Letter TPOI</a></p><iframe class="scribd_iframe_embed" src="https://www.scribd.com/embeds/243862997/content?start_page=1&view_mode=scroll&show_recommendations=true" data-auto-height="false" data-aspect-ratio="undefined" scrolling="no" id="doc_70493" width="100%" height="600" frameborder="0"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-511596945799599762014-10-21T20:26:00.002-07:002014-10-21T20:26:27.179-07:00Nathaniel August - short WWE and long FIGNathaniel August of Mangrove Partners was presenting at the Robin Hood Investor Conference where he shared his short pitch on Mesoblast (ASX:MSB) and then went on CNBC to talk about why he was short WWE and long FIG:
<iframe src="http://player.theplatform.com/p/gZWlPC/vcps_inline?byGuid=3000322184&size=530_298" width="530" height="298" type="application/x-shockwave-flash" allowFullScreen="true" bgcolor="#131313"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-76587982009187361572014-10-21T20:23:00.002-07:002014-10-21T20:23:20.366-07:00David Einhorn on CNBC - Short ATHNDavid Einhorn was presenting at the Robin Hood Conference this week. He made an appearance on CNBC to share his updated thoughts on Athena Health (ATHN) and bubbles overall.
<iframe src="http://player.theplatform.com/p/gZWlPC/vcps_inline?byGuid=3000322168&size=530_298" width="530" height="298" type="application/x-shockwave-flash" allowFullScreen="true" bgcolor="#131313"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-7020160466881361132014-10-21T20:22:00.001-07:002014-10-21T20:22:11.624-07:00David Einhorn on CNBC - Long SUNEDavid Einhorn presented at the Robin Hood investor conference where he discussed why he was long Sun Edison (SUNE). Enjoy:
<iframe src="http://player.theplatform.com/p/gZWlPC/vcps_inline?byGuid=3000322195&size=530_298" width="530" height="298" type="application/x-shockwave-flash" allowFullScreen="true" bgcolor="#131313"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-4744130606125914402014-10-21T20:21:00.001-07:002014-10-21T20:21:13.291-07:00David Einhorn on CNBC - Finding Opportunities in the MarketDavid Einhorn was on CNBC as part of his appearance at the Robin Hood Conference where he talked about where he is finding opportunities in the market. Enjoy:
<iframe src="http://player.theplatform.com/p/gZWlPC/vcps_inline?byGuid=3000321900&size=530_298" width="530" height="298" type="application/x-shockwave-flash" allowFullScreen="true" bgcolor="#131313"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-57836584142414912442014-10-21T20:19:00.002-07:002014-10-21T20:19:20.974-07:00David Einhorn - Long AppleDavid Einhorn was on CNBC discussing why he was long Apple (AAPL)
<iframe src="http://player.theplatform.com/p/gZWlPC/vcps_inline?byGuid=3000322151&size=530_298" width="530" height="298" type="application/x-shockwave-flash" allowFullScreen="true" bgcolor="#131313"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-88757457465847067172014-10-21T20:16:00.000-07:002014-10-21T20:16:41.599-07:00Corvex Capital - Robin Hood PresentationKeith Meister of Corvex Capital presented at the Robin Hood Investor Conference today. He presented a long idea on Crown Castle International (CCI) and why he thought it could be worth 25% to 60% above the recent price. Presentation is below. Enjoy:
<p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"> <a title="View Corvex Management 2014 Robin Hood Investment Conference Presentation on Scribd" href="http://www.scribd.com/doc/243879582" style="text-decoration: underline;" >Corvex Management 2014 Robin Hood Investment Conference Presentation</a></p><iframe class="scribd_iframe_embed" src="https://www.scribd.com/embeds/243879582/content?start_page=1&view_mode=scroll&show_recommendations=true" data-auto-height="false" data-aspect-ratio="undefined" scrolling="no" id="doc_96113" width="100%" height="600" frameborder="0"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-65901056321259734372014-10-09T09:37:00.001-07:002014-10-09T09:37:44.104-07:00Carson Block Presentation at BaruchBelow please find a video recording of the presentation that Carson Block of Muddy Waters gave on shorting at Baruch College.
<iframe id="kaltura_player" src="https://cdnapisec.kaltura.com/p/1055612/sp/105561200/embedIframeJs/uiconf_id/16578131/partner_id/1055612?iframeembed=true&playerId=kaltura_player&entry_id=1_oe3xmbar&&wid=1_t3mctwnv" width="400" height="285" allowfullscreen webkitallowfullscreen mozAllowFullScreen frameborder="0"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-24613317830337105112014-10-06T09:18:00.002-07:002014-10-06T09:18:52.341-07:00Kerrisdale Capital Presentation on GSATKerrisdale Capital today came out with their short thesis on Globalstar (GSAT) arguing that the spectrum is worthless and that the company is a zero.
Enjoy:
<p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"> <a title="View Kerrisdale Capital - GSAT - 2014.10.06 (Presentation) on Scribd" href="https://www.scribd.com/doc/242075764/Kerrisdale-Capital-GSAT-2014-10-06-Presentation" style="text-decoration: underline;" >Kerrisdale Capital - GSAT - 2014.10.06 (Presentation)</a></p><iframe class="scribd_iframe_embed" src="https://www.scribd.com/embeds/242075764/content?start_page=1&view_mode=scroll&show_recommendations=true" data-auto-height="false" data-aspect-ratio="undefined" scrolling="no" id="doc_61108" width="100%" height="600" frameborder="0"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-91961557420512222162014-10-02T14:16:00.002-07:002014-10-02T14:16:46.352-07:00Bruce Berkowitz on WealthTrackBruce Berkowitz of the Fairholme Capital Management recently came on to Consuela Mack's Wealth Track. He explains why nearly 80% of his portfolio is in four financial stocks shunned by most investors (AIG, FNMA, BAC, and FMCC). Quite enjoyable as always:
<iframe width="560" height="315" src="//www.youtube.com/embed/q3v0-jKxUG0" frameborder="0" allowfullscreen></iframe>
Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-28915793449501313392014-10-02T13:48:00.002-07:002014-10-02T13:48:45.694-07:00David Tepper on Bloomberg TVDavid Tepper was on Bloomberg TV today. He was talking about the bond bubble, how you can't fight Draghi, and how he finds certain stocks interesting.
Enjoy.
<object data='http://www.bloomberg.com/video/embed/s~bPsCBFSWOmHYM5aPnTFw?height=395&width=640' width=640 height=430 style='overflow:hidden;'></object>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-7431262969657632422014-09-17T08:41:00.001-07:002014-09-17T08:41:02.806-07:00Starboard's Darden PresentationStarboard released a tome of a presentation on Darden (DRI). They go into incredible depth arguing that breadsticks should be limited at Olive Garden and not using salt in pasta water would prolong the pots useful life. While I am not sure if length of presentation has any correlation with investment returns they are sure putting that to the test on this one. Enjoy:
<p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"> <a title="View Starboard Value Transforming Darden on Scribd" href="http://www.scribd.com/doc/239940247" style="text-decoration: underline;" >Starboard Value Transforming Darden</a></p><iframe class="scribd_iframe_embed" src="//www.scribd.com/embeds/239940247/content?start_page=1&view_mode=scroll&show_recommendations=true" data-auto-height="false" data-aspect-ratio="undefined" scrolling="no" id="doc_99725" width="100%" height="600" frameborder="0"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-2797047613525347422014-09-09T19:50:00.001-07:002014-09-09T19:50:00.282-07:00Jeff Gundlach Presentation - Fixed Income PlaybookThe founder and CEO of DoubleLine Funds - Jeff Gundlach had a call today to share his thoughts on the fixed income market. As always he produced a lengthy presentation full of good macro stats.
Enjoy:
<p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"> <a title="View Gundlach Fixed Income Playbook on Scribd" href="http://www.scribd.com/doc/239212465" style="text-decoration: underline;" >Gundlach Fixed Income Playbook</a></p><iframe class="scribd_iframe_embed" src="//www.scribd.com/embeds/239212465/content?start_page=1&view_mode=scroll&show_recommendations=true" data-auto-height="false" data-aspect-ratio="undefined" scrolling="no" id="doc_43865" width="100%" height="600" frameborder="0"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-18055824498460061052014-09-09T19:46:00.000-07:002014-09-09T19:46:12.760-07:00Whitney Tilson's Presentation from the 2014 Fall Value Investing CongressHere is Whitney Tilson's presentation from the 2014 Fall Value Investing Congress. In the presentation he discusses his thoughts on shorting as well as two past short ideas: K12 (LRN) and Lumber Liquidators (LL) and his current favorite: Exact Sciences (EXAS).
Enjoy.
<p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"> <a title="View My Favorite Idea WhitneyTilson ValueInvestingCongress 9-9-14 on Scribd" href="http://www.scribd.com/doc/239215608" style="text-decoration: underline;" >My Favorite Idea WhitneyTilson ValueInvestingCongress 9-9-14</a></p><iframe class="scribd_iframe_embed" src="//www.scribd.com/embeds/239215608/content?start_page=1&view_mode=scroll&show_recommendations=true" data-auto-height="false" data-aspect-ratio="undefined" scrolling="no" id="doc_75444" width="100%" height="600" frameborder="0"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0tag:blogger.com,1999:blog-2497432371481931997.post-13662138441717479322014-09-04T15:01:00.001-07:002014-09-04T15:01:57.574-07:00Howard Marks latest Memo - Risk RevisitedHoward Marks is out with his latest memo - risk revisited. In the memo he discusses properly analyzing risk encapsulates a range of possibilities and how knowing probabilistic outcome doesnt yield knowing what will happen. While there are many possibilities there is only one eventual outcome. Good stuff - enjoy.
<p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"> <a title="View Howard Marks Risk Revisited on Scribd" href="http://www.scribd.com/doc/238671421/Howard-Marks-Risk-Revisited" style="text-decoration: underline;" >Howard Marks Risk Revisited</a> by <a title="View marketfolly.com's profile on Scribd" href="http://www.scribd.com/marketfolly" style="text-decoration: underline;" >marketfolly.com</a></p><iframe class="scribd_iframe_embed" src="//www.scribd.com/embeds/238671421/content?start_page=1&view_mode=scroll&access_key=key-JaIO61DqYX51eeIKJFZO&show_recommendations=true" data-auto-height="false" data-aspect-ratio="0.7729220222793488" scrolling="no" id="doc_19435" width="100%" height="600" frameborder="0"></iframe>Wall-Street Wanderlusthttp://www.blogger.com/profile/03975542463284069370noreply@blogger.com0