Jim Chanos presentation at ValueX Vail

Below please find Jim Chanos's presentation from the ValueX Vail conference. In the presentation he discusses how to identify and avoid value traps. In the presentation he cites specific examples in: Consol Energy (CNX), Petrobras (PBR), Hewlett-Packard (HPQ), Coinstar (CSTR), Banco Santander (SAN SM), and Fortescue (ASX:FMG). Hat tip to Marketfolly.

Enjoy.
A Search For Global Value…TRAPS_

George Soros on Bloomberg

George Soros was recently on Bloomberg discussion the impending European collapse and how he thinks it will play out. Overall its pretty interesting.

Enjoy.

Michael Burry UCLA Commencement

Below is Michael Burry's recent speech he gave at UCLA's commencement. In it he discusses his fund and how he got started as well as his current view on what is likely to happen in the future.

Enjoy.

Latest Memo from Howard Marks - Its all a big mistake

Here is the latest memo from Howard Marks.

Enjoy.

It's All a Big Mistake_06_20_12

Julian Robertson on Bloomberg

Julian Robertson was recently on Bloomberg talking about the markets, hedge funds, and where he sees value. Basically he thinks there is some opportunity in Europe.

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Nelson Peltz takes an activist stake in Lazard

Nelson Peltz‘s Trian Fund Management said on Monday that it now owns a 5.1% stake in Lazard, stressing that it believes the investment bank is undervalued but on the right track with its strategic plan. They give a 38-page presentation that focuses on the relative strengths of the firm, including a strong asset-management arm, a blue-chip franchise and a relative freedom from the regulatory requirements that weigh down on universal banks.

They conclude that Lazard is worth $42 in their base case, $51 midpoint, and $61 in their high case. Lazard closed today at $24.25 and are down after hours to $23.81. So if he/they are right there is some decent upside.

Enjoy.
Trian-Lazard-Presentation-6-18-2012

Columbia Business School - 2012 Pershing Square Challenge

Below are the video recordings from this year's Pershing Square challenge. For those unfamiliar with it, the Pershing Square Challenge marks the culmination of a three-month competition among roughly forty teams of first- and second-year Columbia Business School Students. Bill Ackman, founder and CEO of Pershing Square Capital Management, launched the challenge in 2008. After an initial round of eliminations, five final teams present a stock pitch at the Pershing Square event. A panel of judges then selects one winning team, which receives $100,000 from Pershing Square. The winning team donates $50,000 of the prize to an area within the Columbia Business School, and can choose to do whatever they collectively decide with the remaining $50,000.

The judges for this year were:
William Ackman, Pershing Square Capital Management; Anand Desai, Eton Park Capital Management; Craig Effron, Scoggin Capital Management; Mark Gallogly, Centerbridge Partners; Greg Hall, Blackstone Alternative Asset Management; Phil Hilal, Kingdon Capital Management; Alex Klabin, Senator Investment Group; Craig Nerenberg, Brenner West Capital Partners; John Paulson, Paulson & Co.; Scott Pearl, Seneca Capital; Whitney Tilson, T2 Partners.

In the videos you get to hear some decent pitches as well as some interesting analysis / questions by some of the brightest investing minds out there. Enjoy.

Video 1:



Video 2: