CalPERS Board Spat Heats Up With No Escape For State Workers

The board of California Public Employees' Retirement System is apparently going through some serious drama right now as members air their grievances with one another publicly. Questions about how much the CalPERS board spat will affect their ability to manage state workers' retirement money are now lingering as the [...]

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Lakewood Capital’s Shorts JOBS Act IPO

Lakewood Capital managing partner Anthony Bozza sent his quarterly letter to investors today, and like most of the rest of the hedge fund industry, Q1 2018 was a difficult one. However, the firm still had several new ideas to present to investors. C_Scott / Pixabay ValueWalk obtained and reviewed the Lakewood [...]

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Seth Klarman On Why Facebook Stock Isn’t Great (Not Just Valuation)

Amazon, Facebook and the rest of the FANG group have been hot stocks for years, driven by momentum investors excited about the disruption the companies have caused. Klarman On Bitcoin  the danger of Chinese leverage Discipline while value investing in bubby times Value investing is not dead Radicalization of politics Dangerous FAANG valuations However, what goes up must [...]

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Seth Klarman Warns About Accelerating Disruption

One of the big themes that attracts major investment dollars is disruption as new companies put legacy firms out of notice, but it's only a matter of time before the disruptor becomes the disrupted. Below readers can find more of our coverage on Baupost 2017 letter Klarman On Bitcoin  the danger of Chinese leverage Discipline [...]

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Goldman Sachs: The Four Trends Dominating Earnings Calls

Every quarter, Goldman Sachs’ David J. Kostin and team publish their S&P 500 Beige Book, which looks at the key themes discussed on company earnings calls for the prior quarter. The most recent issue, published on February 13, details the anecdotal evidence of fundamental and thematic trends from the earnings [...]

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Are The Tides Turning For SMID Cap Stocks?

SMID cap stocks did well throughout most of 2016, especially small cap stocks, but then came December, and this group flip-flopped to underperform the market. Does this mean that more underperformance is ahead for SMID cap stocks, or can the group return to a strong performance for most of [...]

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