Bill Ackman's Presentation on P&G from the Ira Sohn Conference

Below please find Bill Ackman's presentation on P&G from the recent Ira Sohn Conference.  In the presentation he claims that P&G is under-earning their potential and he thinks they can hit $6 in EPS by 2016 (with an expansion of the EBIT margin from 19% to ~ 24%).    This $6 in EPS they think will result in a $120 stock price and when including the $5 in dividends should be a total return of $125 vs the price at the time of $78 (it is at approx. $81 now - and AG Lafley is returning as CEO replacing Bob McDonald).  Overall the presentation is the nice in-depth stuff you have come to expect from Pershing Square.  Enjoy.

  A Rising Tide is a Good Gamble - Ira Sohn Conference 2013 Bill Ackman

Don Yacktman interview with Steve Forbes

Don Yacktman recently sat down for an interview with Steve Forbes.  In the interview he talks about his investing style as well as giving some highlights from his portfolio.  Enjoy.

Kyle Bass on CNBC

Kyle Bass was on CNBC today dropping some knowledge on his Japan trade.  He goes on to state that the  Bank of Japan has JPY10 trillion cushion (after the JPY60 trillion deficit) to soak up this 'rational investor paradox' selling and this is dwarfed by the holdings of JGBs in the largest Japanese banks (who are now starting to rotate away from JGBs into foreign bonds). Bass goes on to say that he thinks they are going to have make the plan even bigger if they are to successfully contain rates.  Pretty interesting stuff and frankly on helps play into his ultimate thesis.

Enjoy.

Otterwood Capital Management - Presentation on Japan

Christine Hughes of Otterwood Capital Management gives a nice layout of their thesis on Japan (basically a rehash of the Kyle Bass argument but with updated charts and data).  Enjoy.

Jim Grant on CNBC

Jim Grant was on CNBC today talking about the Fed comments along with his view on the economy.  He also gave some interesting commentary on Great Northern Trust (GNI) a liquidating trust and how he thinks it could potentially be a good short.  He also thought that AAPL's recent bonds represented a potentially interesting short candidate.  He also gave a nice pitch for gold as a hedge for monetary weakness.

Enjoy.

Steve Romnick of FPA Management interview with Steve Forbes

Steve Forbes recently sat down with Steve Romnick of FPA Management to discuss his investing style, views on the market, and other things.  The interview is quite enjoyable - in it Steve Romnick recommends buying farmland over gold.  He also has a couple other interesting things to say about how he got started in the investment business.

Enjoy.

Vladimir Jelisavcic of Bowery Investment Management talking about the Shipping Industry

Vladimir Jelisavcic the founder and CIO of Bower Investment Management had a great article in FinAlternatives talking about the economics of the ship building industry and why he thinks its an area that is ripe for distressed debt investors.  For those of you not familiar with the industry it offers a nice primer.

Here is the link: This is the Time to Invest in Distressed Debt

If the full article doesn't come up just copy and past the title and Google it and you should be able to find a full version.

Enjoy.