Bill Ackman and Pershing Square Capital Management's Q2 2013 Letter to Investors

Below please find the Q2 2013 Pershing Square Capital Management Letter to investors. In the letter Bill Ackman discloses that YTD they are up 5.3% to 6.3% net of all fees across their various funds. They also show a pretty cool graphic which shows a list of every public investment Pershing Square has made since inception showing their purchase price and exit price and how those holdings would have fared had the fund still held them today. It is pretty interesting to see their entire investment history in one handy chart. He includes this to make the case that Pershing is an agent for good long-term value creation - I believe this likely stems from some of the recent bad press and redemptions that they have suffered. He then steers the letter to discussion the recent situations at Herbalife and JC Penney. Overall the letter is very interesting and well worth the read. Without further delay...enjoy.

Pershing Square Second Quarter Investor Letter Bill Ackman

Bill Ackman on Charlie Rose

Bill Ackman of Pershing Square Capital Management was recently on Charlie Rose to discuss J.C. Penney (JCP), Herbalife (HLF), etc. In the interview Charlie spends a lot of time discussing the situation at J.C. Penney with Bill understanding the whole Ron Johnson saga, the recent letter to the board, and his final move to step down from the board. Overall its an interesting interview and ads more color to an already interesting situation. Then they go on to discuss the drama around Herbalife (both between Bill Ackman and the company as well as between Bill and other hedge funds managers like Carl Icahn and Dan Loeb). Nothing earth shattering but overall pretty interesting. Enjoy.

Latest Memo from Howard Marks - The Role of Confidence

Howard Marks recently came out with his latest memo. It is more of the classic good advice out of Howard Marks. In the letter he discusses the role of confidence and how it impacts the economy, the market, etc. My personal favorite part of the letter is when he shares the excerpt from Seth Klarman. Enjoy. Howard-Marks-Role-of-Confidence

Third Point Capital Q2 2013 Letter to Investors

Dan Loeb and Third Point Capital are out with their Q2 2013 letter to investors. In the letter he discloses that Third Point is up 12.6% YTD versus 13.8% for the S&P 500. While Dan Loeb has done a truly amazing job keeping up with the market it is hard to outperform a one-way market when you remain hedged. But fret not, his performance since inception is still a jaw dropping 17.8% versus 6.6% for the S&P 500. In the letter he discloses that he sold his gold positions in Q2 due to their seeing greenshoots and believing that the Fed may potentially initiate rising rates in the not too distant future (gold would obviously not perform well in this scenario). He goes on to give a rather scathing review of the Sony position discussing the progress to date and his (appropriate) disappointments. He goes on to make the case for why their suggestion of spinning off the entertainment division would unlock value. He then discloses that they recently initiated a new position in CF Industries. He believes that under onerous assumptions (for natural gas pricing and price per ton of nitrogen fertilizer) CF would still generate around $1.2B in cash flow implying that it is currently trading at an 11% free-cash-flow yield. He suggests buying back shares and issuing a dividend as a way to unlock additional value with CF's copious cashflow (which is growing due to their U.S. natural gas cost positioning). Finally he briefly talks about the Yahoo! position, and how they agreed to sell back 2/3rds of their position to Yahoo! and have achieved an IRR of 50% on those shares since initiating the position. Enjoy.

Third Point Q2 2013

Greenlight Capital 2013 Q2 Letter to Investors

David Einhorn is out with his Q2 Letter to investor today. YTD they are up 7.1% YTD. In the letter he walks through their bullish thesis on GM, AAPL, VOYA, and others. He then goes on to walk through a number of closed positions in the quarter and briefly highlights their original thesis showing how it either has or has not played out. At quarter end the largest positions were Apple, General Motors, Gold, Marvell Technology, Oil States International, and Vodafone Group. Greenlight ended the quarter 109% long and 63% short. Enjoy:

Greenlight Capital Q2 2013 shareholder letter

Mario Gabelli on Bloomberg TV

Mario Gabelli was on Bloomberg TV today giving his opinion on a couple of his holdings as well as the market overall. He continued to reiterate his bullishness on the consolidation of the cable providers. Further he went on to discuss his bullish stance on General Mills, Post, and Hillshire Brands. Enjoy.

Crispin Odey interview

Crispin Odey the founder of Odey Asset Management recently sat down with Mick Gilligan for an interview. In the interview he discusses his views on the markets as well as a couple of larger comments on his funds. He then singles out Delta (DAL) as a potentially interesting idea and thinks the stock can triple over the next three years. Enjoy.