This article is a guest post by Rich Howe, CFA, of Stock Spin-off Investing. This write up was originally published in November 2019 exclusively for subscribers of the Stock Spin-off Investing Newsletter. For the next week (offer expires 1/24), sign up with code VW to get 20% off an...
We usually role out our quarterly letter pages at the end of the Q or beginning of next Q this time being Dec 31st or January 1st ish because we have an early holiday gift we decided to role it out early. Going forward all our quarterly letter pages...
Welcome to the December 2019 (Q4) issue of Hidden Value Stocks. In this issue, we included interviews with two fund managers as well as recent updates from the Olesen Value Fund, Saga Partners and McIntyre Partnerships. The first interview is with Samir Patel, the Founder and Portfolio Manager of...
Greenlight Masters, the fund of funds managed by value investor David Einhorn returned 11.1% net of fees and expenses in 2019. While this was below the S&P 500's return of 31.5%, it fell within the Masters the long-term annual return goal of 10% to 15%. Since its inception in 2002,...
The first score of the century is in the history books. It was the best and worst of times, but in the reverse order. The lost decade was followed by the longest bull market in history. Overall, it was not so good for U.S. stocks, downright bad for international...
Greenlight Capital was up 13.8% in 2019, underperforming the S&P 500's 31.5% gain. According to the fund's fourth-quarter letter to investors, which was reviewed by ValueWalk, the short portfolio lost 20.1%, while the macro holdings added 1.5% to returns before fees. Their shorts went up a little less than...
David Einhorn's Greenlight Capital was up 13.8% for 2019, compared to the S&P 500's 31.5% gain. The long portfolio contributed 37.4%. In their year-end letter to investors, which was reviewed by ValueWalk, the Greenlight team said they were rather disappointed with their 2019 returns because as of the end...
As we move into 2020, Jesse Ho Head of Event-Driven at Carlson Capital believes the fertile M&A environment that persisted throughout 2019, is likely to continue over the next 12-months. Writing in his December and year-end letter to investors of the Black Diamond Arbitrage Partners fund, the fund manager speculates...
In trading and investing, the taste for “unpleasant truths” is slim. Q4 2019 hedge fund letters, conferences and more Pexels / Pixabay This is human nature… it’s always been this way. And we at MO know something quite important. We know it with the certainty of gravity: The millions who take the...
In an outtake from our Managed Futures Outlook 2020 – we can’t ignore the effect that politics have had on systematic trading programs over the past year or so. Something that could take a toll in the year to come…. Trade wars, new presidents and new economic policies or...
David Einhorn Q4 2019 Letter To Investors. See the full PDF at the bottom of this post. See much more exclusive Q4 hedge fund coverage here. Dear Partner: The Greenlight Capital funds (the “Partnerships”) returned 13.8%1 in 2019 compared to 31.5% for the S&P 500 index. Since its inception in May...
In 1958, Warren Buffett started buying shares in a small map company that he believed was seriously undervalued. Writing in his 1958 partnership letter, he did not reveal the name of the security, although he did declare that it had an estimated intrinsic value of $135 per share, compared to...
ValueWalk's Raul Panganiban interviews Jim Osman, the founder and CEO of The Edge Consulting Group. In this part, Jim discusses looking beyond face value, where investors should look for value, how should investors evaluate activists ideas, tips for novice investors, and if he has any favourite activist investors. Q3 2019...
Electron Capital Partners gained 7.4% net in all of 2019 following its 3.4% return for the fourth quarter. The fund has about $1.3 billion in assets under management. jarmoluk / Pixabay Flight to safety weighs on U.S. returns In his year-end letter to investors, which was reviewed by ValueWalk, Managing Partner Jos...
One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of...
During his recent interview with Tobias, Steven Kiel of Arquitos Capital discusses investing using a Buffett Partnership style strategy. Here’s an excerpt from the interview: Q4 2019 hedge fund letters, conferences and more Image source: YouTube Video Screenshot Tobias Carlisle: So, these are all particularly interesting positions, how do you transition from...
We field a bunch of calls at the start of each month asking how that hedge fund, this emerging manager, and that mutual fund did last month, and thought to simplify things for you with this categorized list of different alternative investment performance for the month gone by. Q4 2019...
Northrop Grumman Corporation (NOC) operates as a security company. It provides various systems, products, and solutions in autonomous systems, cyber, space, strike, and logistics and modernization, as well as in command, control, communications and computers, intelligence, surveillance, and reconnaissance (C4ISR) to customers worldwide. The company operates Aerospace Systems, Innovation...
Every year, the markets provide us with lessons on prudent investment strategies. Many times, markets offer investors remedial courses, covering lessons it had taught in previous years. That’s why one of my favorite sayings is that there’s nothing new in investing, only investment history you don’t yet know. Q4 2019...
Seth Klarman is one of the greatest value investors alive today. Over the past few decades, his hedge fund, the Boston-based Baupost, which manages around $30 billion of assets for clients around the world, has achieved an average annualized return in the region of 20%. What's more, Baupost often...
ValueWalk's Raul Panganiban interviews Salil Mehta, statistician and risk consultant. He is the author and creator of the Statistical Ideas blog and he is the author of Statistics Topics. Q4 2019 hedge fund letters, conferences and more 200degrees / Pixabay Interview with Salil Mehta Transcript Hello, listeners, today's very special episode with Salil Mehta,...
Introduction Almost by definition, value investing rarely performs well in the short run. This is especially true when you are in a strong bull market like we’ve been in since March 2009. Most companies as represented by the S&P 500 are currently trading at fundamental multiples that are significantly above...
Mohnish Pabrai's Pabrai Investment Funds ended 2019 on a high note according to the value investor's year-end investor update, a copy of which has been reviewed by ValueWalk. According to the update, at the end of December 2019, Pabrai's flagship PIF2 fund was up 9.2% net for the calendar year...
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