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 [...]
Welcome to the September 2019 (Q3) issue of Hidden Value Stocks. This issue introduces interviews with two fund managers as well as recent updates from Stanphyl Capital and the Global Quality Edge Fund interviews, which were part of the September 2018 issue. The first interview is with Mark Walker, the [...]
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 [...]
Arquitos Capital Management letter to investors for the third quarter ended Septmeber 30, 2019. Q3 2019 hedge fund letters, conferences and more The stock market is a device for transferring money from the impatient to the patient. - Warren Buffett Dear Partner: Arquitos returned -12.6% net of fees in the third quarter of [...]
“Would Trump’s impeachment crash the market?” Q3 2019 hedge fund letters, conferences and more A reader asked me after House Speaker Nancy Pelosi announced a formal impeachment inquiry into President Trump’s dealings with Ukraine. A lot of people have a vague sense that impeaching Trump is bad for stocks. Political chaos means stocks [...]
Don’t get me wrong, I love dividends. I even have a money management strategy based off of them. But I know that dividends are more fickle than most of their fans admit. The infatuation that some money managers have with dividends is misplaced. To say that “Dividends don’t lie,” [...]
From agrarian economy to global superpower in half a century—China’s transformation has been an economic success story unlike any other. Q3 2019 hedge fund letters, conferences and more Today, China is the world’s second largest economy, making up 16% of $86 trillion global GDP in nominal terms. If you adjust numbers [...]
When the yield curve inverted earlier this year, Blackstone’s economic model predicted a recession in the next 20 months. But Byron Wien cautioned against relying on that forecast. Q3 2019 hedge fund letters, conferences and more Wien is the vice chairman for private wealth solutions at Blackstone. He spoke to investors [...]
Emerging Value Capital Management letter to investors for the third quarter ended September 30, 2019. Q3 2019 hedge fund letters, conferences and more Dear Partners and Shareholders, EVCM Fund net returns to investors are shown in the following table. "Be fearful when others are greedy and greedy when others are fearful" -- Warren [...]
The value of a business to a buyer in a going private transaction is its intrinsic value. In other words, if a business is acquired by another entity, the amount exchanged for that business is its intrinsic value. Q3 2019 hedge fund letters, conferences and more Quite often, investors confuse price [...]
A working paper from the World Economic Forum released earlier this year stated: Q3 2019 hedge fund letters, conferences and more skeeze / Pixabay China’s private sector — which has been revving up since the global financial crisis — is now serving as the main driver of China’s economic growth. The combination [...]
Mohnish Pabrai has owned Fiat Chrysler in his Pabrai Funds portfolios since 2012. Since then, the company has gone on to create a tremendous amount of value for investors. Indeed, according to Pabrai's second-quarter 2018 letter to investors, in 2012, the firm's approximate purchase price was around $6 per share. [...]
ValueWalk's Raul Panganiban interviews Raoul Pal, the Co-Founder and CEO of Real Vision. In this part, Raoul discusses what let him to investing and finance, his investment philosophy and approach, how his early career was like, what do to if you have got your timing wrong, and how he defines [...]
Summary Market recap – Bumpy quarter Market cycle – It’s the economy again Consumer – You shall not pass! Credit conundrum Portfolio positioning Q3 2019 hedge fund letters, conferences and more I. Market recap – Bumpy quarter Heading into the third quarter, market concerns were centered around the ongoing uncertainty of the trade war between the United [...]
Summary In this episode of The Acquirer’s Podcast Tobias chats with Michael Mauboussin. He’s the Director of Research at Blue Mountain Capital Management. He’s been an adjunct professor at Columbia for more than 25 years, earning multiple awards for doing so. He’s the Chair of the board of trustees of the Santa Fe [...]
ASEAN is mainly correlated to Asia Pacific ex Japan and Emerging markets The region has a low correlation to the US, Developed Europe, and China A-shares In addition, ASEAN is the least volatile region A good region, when you want to play defense Q3 2019 hedge fund letters, conferences and more Article by Andrew [...]
Tollymore Investment Partners commentary for the third quarter ended September 30, 2019. Q3 2019 hedge fund letters, conferences and more Dear partners, Tollymore generated returns of +13% in the first nine months of 2019. Tollymore has generated cumulative returns of +85% since inception, annually compounding capital under its management at +20% pa1. Incentives, [...]
During his recent interview with Tobias, Michael Mauboussin, the Director of Research at Blue Mountain Capital Management, discusses the three most powerful ideas from Expectations Investing. Here’s an excerpt from the interview: Q3 2019 hedge fund letters, conferences and more Image source: YouTube Video Screenshot Tobias Carlisle: So much the better for [...]
Howard Marks memo to Oaktree clients for the month of October 2019, titled, "Mysterious." Q3 2019 hedge fund letters, conferences and more Most of the time, my memos have their origin in something interesting that’s happening in the world or in a series of events I come across that I think [...]
Interview with Mohnish Pabrai, the Managing Partner of the Pabrai Investment Funds, from the Graham & Doddsville Fall 2019 Issue. Q3 2019 hedge fund letters, conferences and more Mohnish Pabrai is the Managing Partner of the Pabrai Investment Funds. Since inception in 1999 with $1 million in AUM, Pabrai Investment Funds [...]
Social Security is a textbook illustration of how government programs go off the rails. Q3 2019 hedge fund letters, conferences and more StockSnap / Pixabay It had a noble goal: to help elderly and disabled Americans, who can’t work, maintain a minimal, dignified living standard. Back then, most people either died before reaching that point [...]
Certain politicians and social critics would have us scandalized that the annual income of CEOs of large corporations is often several times that of the employees who work in those companies. Is it unfair that executives make substantially more than a middle manager, an executive assistant, or an assembly-line [...]
Fundraising for these real estate vehicles is lacklustre as the industry awaits final regulatory guidelines from the US Treasury Q3 2019 hedge fund letters, conferences and more Opportunity Zone Funds (OZFs) are designed to enable investors to do well by doing good. Created to spur investment in low-income communities designated as [...]
During his long career, Warren Buffett has invested in thousands of companies and acquired a whole range of businesses for his conglomerate. Q3 2019 hedge fund letters, conferences and more However, of all of these deals, two stand out as being the most transformational. If you’re looking for value stocks, and exclusive [...]
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