Q3 2017 hedge Fund Letters

Hedge Fund Q3 Letters: Short HULU, AT&T & VZ; G&D; Pabrai Comeback; Ostriches; Paulson Loses … Again…. And More [UPDATED]

Q3 hedge fund letters is nearing an end but we have a few updates  but the content is shifting to this PAGE – we will continue to note updates here but the actual content and the updates inside the paywall will only be continued on this  page bc this is so clearly stated if you ask us where to find the rest there is a good chance we will ignore you. Stay tuned for Q4 page and in meantime all updates here

12/24 more and conferences

UPDATED 12/10 Sohn Lonon and Brazil and more to come and even Q3 still some more to come lots of very bearish stuff and Bitcoin free talk only

UPDATED 11/22/17 Great news we will be devoting a dedicated subdomain or even a domain for ValueWalk premium. this will give us a lot more options in both features and easier layout for everyone. Plus we will have HTTPS and SSL although we do not process payments because of liability concerns a CTO of a large hedge fund expressed concern to me just earlier today. You do not need to worry unless paypal gets hacked although then we probabl have a lot more to worry about! I digress!

Anyway stay tuned for the new domain and possibly a new plugin to manage our growing membership better

More letters and conferences and more to come. Check out one fund more bearish than Elliott – BUY GOLD THE END IS NEIGH

As is the custom at ValueWalk on the first day of the new Q we create the page for all the notable hedge fund events of that quarter. This Q3 2017 hedge fund letters page was originally letters but we have expanded it to hedge fund conferences, feature stories, misc, activism and more. However, due to the proliferation in particular of conferences and activism we tend to do the following – for activism if it is a short campaign we post a link or two, if a dedicated campaign like with Bill Ackman at the time of this writing against ADP well provide links to his dedicated site ADPascending since it gets tedious for us and readers to view every single SEC filing.

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In terms of conferences there are so many that we try to focus on more interesting/value added ones or ones we attend. So for both this Q3 2017 hedge fund letters page and prior ones there is no exact formula so we always welcome reader input!

Also, feel free to help us out with conferences if you are competent and attended or want to attend any if open to media we could get you in for free and if not open to media we could help you in other ways.

Before getting into Q3 2017 hedge fund letters and material we must state to protect ourselves from trolls that the links are not an endorsement whatsoever nor does any omission mean anything, besides for the fact that we do not find the letter interesting/newsworthy or we do not have access to it. Please see our legal disclaimers. More on lack of letters below.

Last updated 11/09/2017 11:35PM EST - more letters and those conference notes we promised are coming - if they do well we are going to invest more resources on conference notes - no one liked my parody Q3 ltter - some of those lines and quotes are actually from letters but probably a bit of overkill - emerging managers keep telling me they are getting investors from being "profiled here" - one colleague told me recently got over $1M in AUM just from here- ill take a finders fee (and you should offer at least a few grand if i got your fund $500k or whatever) working out details with our legal since i dont want a conflict of interest and also waiting on FINRA registration for that which will be unrelated to ValueWalk (new to follow!) but I know some major allocators looking for good small hedge funds to invest in (not seed)  but also if you are interested in good emerging managers and small caps check out HVS for more on that - right now we are not being compensated and we would be upfront eabout that even if there was no legal reuiqrement. Anyway, again we do not endose anyone or anything

UPDATED 11:50PM ST on Nov 16 2017 we still have more coming in especially conferences. On that note if you are semi competent and live in London or will be there at the end of Nov please contact me jacob@valuewalk.com for potential offer

Update 9:30PM EST on Nov 12 2017

UPDATE 10/16 for Q3 2017 hedge fund letters going forward we are adding dates by individual items to help you better identify what is new - thanks to readers for the feedback

Last updated: 11/07/17 12:15AM EST with more letters also we are experimenting with in depth conference notes if it does well we intent to continue - we will be posting more over coming days and weeks

Q3 2017 hedge fund letters LAST UPDATED 11/5/17 12:10AM EST with some letters full Capitalize For Kids notes and much more coming

LAST UPDATED 11/03/2017 with C4K conference, Odey and some other letters - EBI conference coming soon

Q3 2017 hedge fund letters LAST UPDATED 10/31/2017 at 05:55PM EST updated with full Robinhood notes lots of letters and much more conference coverage coming in the next few days

Q3 2017 hedge Fund Letters

 

Also check out

2015  letters

2016 letters

2017 Letters

Into great  funds focused on small caps? Check out our new site!

Without further to do Q3 2017 hedge fund letters below and stay tuned because this page was just launched

Q3 2017 hedge fund letters

Letters

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Absolute Return Partners

Alluvial July

Artko - 10/21

Ariel - 10/22

Alkeon 11/12

Arquitos

Atremis - 10/22

Alphaclone

Ariel july

Aristotle 1015

Austenback July

Avenir - 10/31

Bayes 11/7

Barac

Barnegat - 10/30

Bireme - 11/9

Baupost on PR, Part II

Balyasny

Bill Nygren

BlueTower - 10/26

Bonhoeffer - 11/12

Berkowitz on SHLD - 10/17

Broad Run - 10/26

Brevan Howard

BlackBear - 10/26

Bronte

Bridgewater

Burr

CableCar 10/15

Centaur - 11/12

Cobas 12/10

Corsair - 10/24

Cureen - 10/25

Clearbridge 11/7

Dodge & Cox - 10/23

DarkHorse

Deer Park - 10/30

Elliott

Ewing Morris 10/17

Evermore  11/5

Global Allocation Fund

Horseman August

Incline - 11/6

Euclidean

Half Moon - 10/31

Hayden - 11/7

Fairholme

First Eagle - 10/28

Firefly 11/16

FPA 10/18

Farnam

FASANARA

Global Allocation

Greenhaven 10/28

Gilder Gagnon soars - 10/19

Greenlight

GrizzlyRock - 10/21

Hypotenuse - 10/30

Hazelton - 10/22

Horizon Kinetics - PE Memo

  • Q3 10/28

IceCap - 10/22

IP Capital 10/22

Jensen call 11/7

GMO - EM Debt

Generic Capital - 11/10

Greenwood - 10//19

Greenhaven Road - 10/30

GreyOwl 11/9

Jensen 10/15

JANA

Kempen - 10/24

KKR - 10/16

Lakewood - 10/25

Laughing Water  - 11/7

Left Brain - 11/01

Lindsell Train - 10/211

Lighthouse - 11/16

Longleaf - 10/15

Logos 10/18

Longleaf - 11/16

Locust Wood - 10/30

Mairs 11/7

Maverick 10/19

Mead - 10/16

Madera

  • Q3 - 11/10

Moab - 10/26

Meson - 10/25

Maverick - 10/21

Miller - 10/22

Mittleman 11/1

Mott

Moore Capital

Newgate

Peters MacGregor - 10/30

Pabrai 10/16

Pershing

Oakmark

Omega 10/19

Old West - 10/22

Odey

Oldfield Partners - 10/30

Papyrus 11/7

Picton Mahoney

Roumell - 10/25

Ruffer

RV Capital

Sandon

Stanphyl July

Tweedy 10/18

Third Avenue all on 11/16

Third Point

SEQUX

Sandon 11/16

Starvine

SouthPoint- 10/30

StoneHouse up 157%

Teton

Triarii 10/25

TIG - 10/31

Turtle Creek  - 11/16

Two Sigma July

Upslope - 10/31

Weitz Q3

Wedgewood 10/15

Wolf Hill - 10/21

Vltava

Verde

Vilas - 11/9

Vulcan 11/5

Q3 2017 hedge fund letters Features

Abenomics

Andy Hall right but too late

Arlington Value

Artemis VIX

Berkshire vs HFs

Black Monday

Brazil

Cederberg Capital

China HFs

Throw in the towel

China short 2.0

China trolls Hayman

Commodities

Climate Change

CT HF PM runs for Gov

Dalio’s Quest to Outlive Himself

Book tour

Our interview with Ray, and part II

Eurozone short HF closes

Cross Quants

Endowments

Icahn RINs

Icahn biofuels

Icahn trump

Icahn down big

Hedge fund weatherman

PH&N

Gator

Gullane Capital

HFs thirst for 2% return

Fast traders crushed

Man Group

Goes all in on AI

Mifid 2

Mergers

Macro

Mark Hart gives up Yuan short

Lindsell Train

Novogratz goes crazy on crypto

Larry Robbins ACA

Paul Singer

Peltz kills 100k jobs?

Point 72

Puerto Rico

PR losses

Private Debt

Quants crushed

Quant Robots

Quant youngesters

Reinsurers weather

Returns

Robot analysts

Renaissance

Two Sigma

Scavenger Hunt

Sun Valley, Druck on AMZN,Klarman

Sound Point

Steve Cohen charging 2.4% mgmt fee

Trump, Ziff, Hermitage

Q3 2017 hedge fund letters And Conferences

American Century

Camp Kotok, more

Delivering Alpha and interviews 

GIBI

Morningstar  ETF - BlackRock, Vanguard, Moats, Ritholtz, Nudging

Mining Conference - Paulson slides

Sohn SF

Wide Moat Investing

WSJD

Total Alts

Q3 2017 hedge fund letters Operational stats

Andy Hall's goodbye

Austenback closes

Baupost returns cash

BAM hires from GS

Hugh Hendry shuts

Hutchin Hill shuts credit

Mandel retiring

Saba closure\

Paulson

Pharo Macro

Whitney Tilson closes

CommonWealth Opportunity

Greenight redemptions

Activism

CSX

ADP

Europe prepares

KANG

P&G

Vanguard

Q3 2017 hedge fund letters Investment Pitches

Alignment

Alaris Royalty

Naty Gas

ROIC

Crescat on China

Misc

Buffett w/ students, slides

Dalio

HF of the year gets scammed

Howard Marks

RTRS vs Brevan

GMO

Loeb FB

 

LOL

Hedge fund letter template

Q4

Letters

Absolute Return 11/1

Bronte Nov 12/ 10

Stanphyl

Greenight

Third Pt

  • Oct returns

Pershing

Conferences

Asia Value Conference - 10/22

Buffett w/ students, more - 10/26

Capitalize For Kids - Einhorn, Levin, 3G , Eisman, Smith, Cowen - UPDATED 10/21

DealBook - 11/10

EBI full notes 11/16

Invest 4 Kids - notes pdf 11/2

Grants - Cohodes, Taconic

Oxford - Einhorn Warns 11/16

Reuters 11/16

RobinHood  Greenberg, Saba  10/22

WSJ CEO Conference

Features

Ackman

Decagon

Buffett vs Cohodes 10/18

Buffett AI 11/16

G&D 10/16

Loeb long malls 11/12

Paradise Papers - reinsurers

Psychopaths - 10/19

PTJ SJW

Ops

BW Marketer leaves

BW endowments

Family Office boon - 10/22

Quant HF shuts

SAC trader leaves

Activism

DD oil activism

Truman, Dewey 2.0

Pitches

Clark on shorting

Luxoft

LOL

Cooperman on SEC

Griffin cracks down on sugar

Jim Grant Vs Dalio, more, our in-depth coverage on the topic with behind the scenes commentary - 10/15/17

Steph Curry

Comments (2)

  • milks

    Long squeeze

    A growing number of firms are sounding the alarm on investor cash levels that have dropped near the lowest levels in history.
    Low cash levels are a threat to the ongoing equity bull rally, because it signals that investors are running out of money they can use to keep the market going higher.

    The stock market has a cash problem.

    As in, investors are running out of it, and the shortage could threaten the 8 1/2-year equity bull market that we’ve come to know and love.

    It’s a new reality facing investors of all types. While money market assets make up a record-low 17% of long-term funds, the cash balance of equity mutual funds also sits at an all-time low of 3.3%, according to data compiled by INTL FCStone.

    Some of the market’s very biggest lenders have also highlighted dwindling investor capital. On Morgan Stanley’s earnings call on October 17, chief financial officer Jonathan Pruzan said that “we’ve seen cash in our clients’ accounts at its lowest level.”

    Strategists at Bank of America Merrill Lynch have repeatedly highlighted a similar development among their private clients. Cash for the group has dropped to a record low as a percentage of total assets, they wrote back in July. And while that could be interpreted as investor confidence, all the resolution in the world is meaningless if you don’t have capital to spare.

    A few weeks earlier, also in July, Citigroup said that institutional investors they surveyed were holding roughly 2.25% of assets under management in cash, the lowest since at least the start of the eight-year bull market.
    And the firm doesn’t mince words when discussing the increasingly dire situation.

    “A decade of financial repression has turned cash into trash,” the firm’s macro strategist Vincent Deluard wrote in a recent client note. “There are a lot of fully-invested bears out there. There is not much sidelines cash left to push stocks higher.”

    All of this combined marks an interesting twist for a stock market landscape that’s long been buoyed by the presence of money on the sidelines. Throughout the past couple years, bulls have cited that excess capital as waiting to flood back into stocks, pushing the market higher.

    That argument holds less water now, and a red flag has been raised. After all, in 2000 and 2007, prior to bear market downturns, investors were confidently holding similarly low levels of cash.

    It’s worth noting, however, that not every Wall Street bank is sounding the alarm over low cash levels. Goldman Sachs has been a notable holdout over the past few months, even going as far as to cite “normal” cash holdings as a reason the bull market can continue for longer. Their data finds that investors seeking returns are holding cash levels that equal 3.3% of mutual fund assets, in line with recent history.

    Goldman’s differing outlook highlights the fact that there’s no exact way to know how much cash is readily available for deployment across the entire stock market. For that reason, opinions will continue to differ over whether or not we’re reaching a bearish tipping point.

    But if the low-cash truthers out there are right, investors are going to have to sell if they want to free up money for other pursuits — or simply hold cash on the sideline. And that’s when things could get dicey.

    October 31, 2017 at 5:12 am
  • ???

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    November 22, 2017 at 1:40 am

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