Perritt Capital Management 2Q19 Commentary: Whac-A-Mole

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 [...]

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US Dollar vs Global Currencies

“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  [...]

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Will Automation Decimate Rural Areas?

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 [...]

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Starvine Capital Corporation 1H19 Commentary

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. [...]

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Blue Tower Asset Management 2Q19 Commentary

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), [...]

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What Is Free Cash Flow To The Firm?

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 [...]

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Hedge Fund Short-Sellers Are Coming Back

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 [...]

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Henry D. Wolfe: Do ETFs And Indexes Hurt Activist Investors

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, [...]

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Interview With Mitchell Kovitz And Joel Hirsh Of Kovitz Investment Group

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 [...]

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The Policy Pivot: Global Equities

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 [...]

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There’s A Lot Of Value In Cyclical Commodity Stocks, But You Have To Use A Different Valuation Method

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: [...]

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Does Huge Buybacks Guarantee Stocks Profits?

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 [...]

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Strategies To Reduce Crash Risk In Stocks

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, [...]

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