This post was created on 10/1/2019 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...
By ProtoplasmaKid (Own work) [CC BY-SA 4.0], via Wikimedia CommonsThe 2019 Project Punch Card Value Investing Conference will be held on Wednesday, December 11, 2019 at the Fordham University at Lincoln Center, New York. The conference has an incredible line up which includes speakers such as Michael Mauboussin, Rupal Bhansali,...
Over the past 90 years, the world has changed dramatically, and so has the stock market. Investment trends and fads have come and gone, while old-world companies have collapsed, to be replaced by newer upstarts. But the one thing that hasn't changed over all these years is the outperformance of...
Remember all the anxiety, nervousness, and terror in 2008? The stock market was crashing, but that was the least of many folks’ worries. Many Americans lost their houses, their jobs, and their ability to put food on the table. Q3 2019 hedge fund letters, conferences and more Just before Christmas 2007,...
Alkeon Growth Partners LP returned 4.87% in November, taking its year-to-date gain for 2019 to 33.15%. For the year to the end of November, the MSCI World Index, the fund's benchmark index, added 21.67%. Alkeon Growth Partners LP is one of the original feeder funds into the Alkeon Growth Master...
What makes a person healthy, wealthy, and wise? The UN’s Human Development Index (HDI) measures this by one’s life expectancy, average income, and years of education. Q3 2019 hedge fund letters, conferences and more However, the value of each metric varies greatly depending on where you live. Today’s data visualization from...
Co-CIO Francis Gannon details what Royce has been hearing in our conversations with the CEOs of small-cap companies. Q3 2019 hedge fund letters, conferences and more kreatikar / Pixabay What have you been hearing in your conversations with CEOs? I think one of the unique things about working at Royce is that we...
In the 2004 addition of Forbes Greatest Investing Stories it lists Ben Graham’s ten criteria for valuing stocks. While this is not intended to be a criticism, it’s a great illustration of how this same criteria, which worked so well for many years, would be difficult to use when...
Partners Group Private Equity (Master Fund) experienced a busy third quarter, according to the firm's third-quarter investor report, a copy of which has been reviewed by ValueWalk. Q3 2019 hedge fund letters, conferences and more rawpixel / Pixabay According to the report, the fund completed 17 direct investments, two primary commitments, and...
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. skeeze / Pixabay The recent revival of import tariffs by the U.S. has created a puzzle. Why, in the midst of this “trade war,” has China not used the weakness in its exchange rate...
“Davidson” submits: Q3 2019 hedge fund letters, conferences and more Not all markets are equal. Advisors typically recommend that investors balance portfolios globally. Now that sufficient history is available one needs to question this routine recommendation. Market history from 2008’s ‘Great Recession’ is instructive. Intl Markets as represented by the MSCI...
Asset price is a simple case of demand and supply. The following words from Agnico eagle CEO ( one of the largest gold miner in the world) will tell you the supply situation. Smart investors already know about the demand picture. Q3 2019 hedge fund letters, conferences and more There is...
Real estate investment trusts or REITs have come a long way since they were first signed into law back in the 1960s. Q3 2019 hedge fund letters, conferences and more Pexels / Pixabay The first REITs primarily consisted of mortgage companies, but over the past few decades, REITs managing everything from cell...
Key Points Performance backtests are often used as evidence to “prove” a smart beta strategy is “better” than its competitors. In our view, careful attention must be given to these claims because backtested results are easily data mined. The historical distribution of live fund performance is a useful guide...
Summary Market recap - A good month Market cycle - Steady; Plus, defining the red line Some encouraging signs on the horizon Portfolio positioning Q3 2019 hedge fund letters, conferences and more I. Market recap - A good month Equity markets continued their climb up the wall of worry despite lingering anxiety...
Michael Mauboussin's notes from the 2019 Value Invest New York Conference. Michael is Director of Research at BlueMountain Capital Management in New York. Robert Hagstrom is Chief Investment Officer of Equity Compass Investment Management and Senior Portfolio Manager of the Global Leaders Portfolio. Q3 2019 hedge fund letters, conferences and...
Keith Ashworth-Lord's notes from the 2019 Value Invest New York Conference. Keith Ashworth-Lord is Chief Investment Officer of Sanford DeLand Asset Management Ltd and Fund Manager of the CFP SDL UK Buffettology Fund. Q3 2019 hedge fund letters, conferences and more Keith Ashworth-Lord - “Putting Buffettology into Practice” – A Stock...
Jennifer Wallace's notes from the 2019 Value Invest New York Conference. Jennifer is a founding partner of Summit Street Capital Management, LLC and serves as the firm’s Chief Investment Officer and Portfolio Manager. Q3 2019 hedge fund letters, conferences and more katicaj / Pixabay Jennifer Wallace: It Ain't What You Don't Know...
Joel Greenblatt's notes from the 2019 Value Invest New York Conference. Joel Greenblatt serves as Managing Principal and Co-Chief Investment Officer of Gotham Asset Management, the successor to Gotham Capital, an investment firm he founded in 1985. Q3 2019 hedge fund letters, conferences and more Joel Greenblatt: "The Evolution of Value...
Richard L. Chilton, Jr.'s notes from the 2019 Value Invest New York Conference. Richard is the founder, Chairman, CEO & CIO of Chilton Investment Company. Q3 2019 hedge fund letters, conferences and more Tumisu / Pixabay Richard L. Chilton Jr.: A Private Equity Approach to Investing in High-Quality Stocks Pitch: Union Pacific Trades...
During this week’s Value: After Hours podcast Taylor, Brewster, and Carlisle explain why Warren Buffett is the G.O.A.T (greatest of all time), and discuss Berkshire’s secret sauce. Here’s an excerpt from the interview: Image source: YouTube Video Screenshot Q3 2019 hedge fund letters, conferences and more Jake Taylor: Yeah, I didn’t take...
While it sure doesn’t seem like it given how high most asset classes have risen this year, a full 5 of the 8 asset classes we track were down in November (albeit slightly). The wet season and late harvesting had put a big damper on commodities especially in November,...
Owning a large number of stocks reduces risk. Less widely known is that it also increases expected returns. Q3 2019 hedge fund letters, conferences and more There is a tendency to think that owning a handful of stocks may be a bit riskier but have an equal likelihood of outperforming the...
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