This post was created on 6/30/2019 stay tuned for updates up to several times a day! As always we REALLY really appreciate legal letters and tips on hedge funds from our readers regardless of fund size. How is this different than SecurityAnalysis? We have a lot more (on funds both large [...]
Vilas Fund commentary for the second quarter ended June 30, 2019. Q2 hedge fund letters, conference, scoops etc Dear Vilas Fund Partner, The Vilas Fund, LP rose 7.8% in the second quarter of 2019, bringing the year to date return to 44.8%. The Fund has compounded at 11.5%, net of fees, since [...]
Perritt Capital Management commentary for the second quarter ended June 30, 2019, titled, "Whac-a-Mole." Q2 hedge fund letters, conference, scoops etc Lately it feels like the market has been playing a game of Whac-a-Mole. The moles (market worries) pop up from their holes at random and the market moves down accordingly [...]
maciej326 / Pixabay Lone Pine Capital had a solid second quarter, according the firm's letter to investors. The Lone Cypress fund was up 7.7% gross and 6.5% net, while the Lone Cascade fund was up 6.3% gross and 5.9% net. For comparison, the S&P 500 was up 4.3% for the [...]
“Davidson” submits: Q2 hedge fund letters, conference, scoops etc The impact of autocratic/socialistic and basically corrupt governments taking value from its citizens has always resulted in capital fleeing those countries to safer havens, i.e. gold or assets priced in safer currencies. Recent US$ strength beginning with Russia’s invasion of Ukraine and [...]
One of my most painful memories as a kid was having my braces tightened. Q2 hedge fund letters, conference, scoops etc The orthodontist would grip his pliers, clamp down on the metal wire cemented to my teeth, and crank. I’m happy to have straight teeth today... but man did those things hurt. And they [...]
A McKinsey report released last week finds rural areas will be the most negatively affected by the next wave of automation, but right- and left-leaning experts on technology and labor economics disagree, calling the report “speculative.” Q2 hedge fund letters, conference, scoops etc jarmoluk / Pixabay According to McKinsey’s analysis, automation will [...]
Starvine Capital Corporation commentary for the half year ended June 30, 2019. Q2 hedge fund letters, conference, scoops etc Overview Growth continues to trounce value Is the trend of indexation an opportunity? Dear Starvine Capital Client: The first half of 2019 saw a bounce in equities following a tough final quarter for markets in 2018. [...]
Sahm Adrangi's Kerrisdale Partners was up 6.1% for the second quarter, bringing its first-half returns to a commanding 20.6%. The S&P 500 was up 4.3% for the second quarter and 18.5% for the first two quarters, while the Barclay Hedge Fund Index gained 1.4% for the second quarter and [...]
Blue Tower Asset Management commentary for the second quarter ended June 30, 2019. Q2 hedge fund letters, conference, scoops etc The Blue Tower Global Value strategy returned 6.5% net of fees in the 2nd quarter of this year. In this letter we discuss our new position in Cornerstone Building Brands (CNR), [...]
Free cash flow to the firm (FCFF) is the cash flow that a company is ‘free’ to distribute to all providers of money (both, debt and equity) without damaging its growth opportunities. Below I explain the process an analyst would go through to estimate free cash flow. Like all [...]
Evanston Capital's Weatherlow Fund of funds returned 3% net during the second quarter as long/ short equity funds contributed about 80% of the gains for the quarter. For comparison, the HFRI Fund of Funds Composite Index was up 1.7% for the second quarter. Year to date, Weatherlow is up [...]
Carlson Capital's Black Diamond Arbitrage Partners gained 0.99% net for the second quarter, putting its return for the first six months of the year at 2.64%. Merger arbitrage contributed 40 basis points to the Q2 returns, and special situations and other event-driven investments contributed 112 basis points. As of [...]
skeeze / Pixabay Historically public investments have been the prime focus of hedge funds, but now a growing number of funds are dipping into private sectors. Studies have shown that private-equity funds have grown in popularity, and investors are allocating more and more of their investment capital toward PE. Thus, [...]
ValueWalk’s Raul Panganiban interviews Henry D. Wolfe, The author of “Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-term Shareholder Value“. In this part, Henry discusses if ETFs and indexes hurt activist investors, example of poor governance in a public company, the perception of his book, [...]
This is part four of a series on investing in a volatile market. Click here for part one on creating a financial roadmap; click here for part two on evaluating your risk tolerance; and click here for part four on diversifying using a risk pyramid. Q2 hedge fund letters, conference, [...]
ValueWalk's Raul Panganiban interviews Mitchell Kovitz, Founder and Principal of Kovitz Investment Group, and with Joel Hirsh, Principal and Portfolio Manager at Kovitz Investment Group. Q2 hedge fund letters, conference, scoops etc mohamed_hassan / Pixabay Interview with Mitchell Kovitz and Joel Hirsh Transcript Good morning podcast listeners, today is a very special episode with [...]
A lot of focus, talk, and frankly noise has emanated around a widely expected Fed rate cut at the end of this month. But the discerning observer will note that the Powell Pivot is actually part of a wider global monetary policy pivot. This has been a key theme [...]
During his recent interview with Tobias, small cap value manager Eric Cinnamond discusses how value investors can find opportunites in cyclical commodity stocks but it’s important to use a different valuation method. Here’s an excerpt from the interview: Q2 hedge fund letters, conference, scoops etc Image source: YouTube Video Screenshot Eric Cinnamond: [...]
Over the past dozen months or so, companies in the U.S. have significantly increased their buybacks spending, i.e., buying back their own shares. Q2 hedge fund letters, conference, scoops etc We have already explained buybacks phenomenon in older articles, however, we would like to explain this again: "Buyback or share repurchase is [...]
Because equities are much riskier than high-quality bonds, the vast majority of the risk of a conventional 60 percent equity/40 percent bond portfolio is equity risk. Here’s the simple math demonstrating the point. Q2 hedge fund letters, conference, scoops etc Goumbik / Pixabay Well-diversified equity portfolios have volatility of about 20 percent, [...]
Gold in INR (Indian Rupee)……before long national obsession is going to be back. The amount of interest Indians have in GOLD today can be gauged from the AUM of GOLD ETF and DSP gold mining fund… which is at multi year low. Interestingly, the interest rate cuts by Indian [...]
