Kerrisdale Capital's Kerrisdale Partners returned 1.3% net for its investors in May, building on its strong performance in the first four months of 2019. According to a copy of Kerrisdale's May 2019 returns tear sheet, a copy of which ValueWalk has been able to review, the fund is up 18.1% [...]
Anyone can value stable, money-making mature companies, but a real test of valuation skill is when you have to evaluate "difficult" companies, according to Aswath Damodaran. In his lecture notes on valuation and calculating intrinsic value, Damodaran declares that valuing young companies, companies that don't fit the accounting mold and [...]
Continued from part one... Q1 hedge fund letters, conference, scoops etc Abrams and his team want to understand the fundamental economics of every opportunity because, "It is easy to tell what has been, and it is easy to tell what is today, but the biggest deal for the investor is to [...]
Today, David Abrams manages around $9 billion for clients at his hedge fund, Abrams Capital. Abrams set up his firm in 1989/90 soon after he left the now legendary value-focused hedge fund, Baupost. Q1 hedge fund letters, conference, scoops etc After working at Seth Klarman's firm for ten years, Abrams set [...]
Professor of Finance at the Stern School of Business at New York University, Aswath Damodaran is commonly referred to as a modern day Benjamin Graham. His work and insights on corporate finance and equity valuation is second-to-none, and he is one of the leading authorities on equity valuation in [...]
Online bank Chime is trying to shake up America's banking market. Unlike traditional bank accounts, Chime is an online-only bank, which lets customers deposit and save money on its platform and spend using a no-fee debit card. Rather than charging customers to use their own bank accounts, Chime earns [...]
Millennium Management's USA fund is up 3.73% net for the year to the end of May, according to a copy of the firm's May investor tearsheet, a copy of which has been reviewed by ValueWalk. Q1 hedge fund letters, conference, scoops etc mohamed_hassan / Pixabay For more up-to-date hedge fund content, and exclusive [...]
In April of this year, UC Berkeley hosted a series of informal discussions and panels in San Francisco of the critical issues, technologies, and policies that drive financial fraud around the world. One of these discussions, between Bethany McLean (author, The Smartest Guys in the Room), Martin Stapleton (Gladstone Capital [...]
When it comes to hedge fund performance, smaller tends to be better. Q1 hedge fund letters, conference, scoops etc rawpixel / Pixabay A study released in April 2016, compiled by researchers Chao Gao and Chengdong Yin from Purdue University's Krannert School of Management, and Tim Haight of Loyola Marymount University, found that [...]
In April of this year, UC Berkeley hosted a series of informal discussions and panels in San Francisco of the critical issues, technologies, and policies that drive financial fraud around the world. Q1 hedge fund letters, conference, scoops etc One of the panels, chaired by infamous short seller Jim Chanos of [...]
Carlson Capital's flagship strategy, the multistrategy Double Black Diamond fund, gained 0.1% net last month and is up 0.7% net for the quarter to the end of May. Q1 hedge fund letters, conference, scoops etc Isucc / Pixabay For more up-to-date hedge fund content, and exclusive access to value-focused hedge fund managers, check [...]
This is the third part of a short series covering a rare interview with Chinese investor Li Lu and Charlie Munger. Part one of the series is here: Charlie Munger and Li Lu Rare Interview: What Makes Successful Investors And part two: Charlie Munger, Li Lu Interview: "If The Reality Changes, We Will [...]
Over the past 12 months, shares in Rogers Corp, the US-listed advanced materials business, have gained around 28% as investors have bought into the company’s growth story. According to Chris Wang, CIO of Yunqi Capital, this could be just the start of a much bigger rally for the stock. Q1 [...]
JD.com is currently the second biggest online retailer in China behind Alibaba. However, Tongshu Wang, CIO at WT Asset Management, a greater China equity long-short fund, believes that it is only a matter of time before smaller peer Pinduoduo Inc. overtakes the group as the latter concentrates on building [...]
India is one of the world’s fastest growing economies, it is also one of the world’s most under-banked economies. Q1 hedge fund letters, conference, scoops etc Simon / Pixabay For more up-to-date hedge fund content, and exclusive access to value-focused hedge fund managers, check out ValueWalk’s exclusive value newsletter, Hidden Value Stocks. According to [...]
When eBay announced that it would be spinning off its payments processor PayPal in June 2015, the market didn't know what to expect. PayPal had grown substantially since eBay first acquired it in 2002, but de-merging the two businesses was never going to be a simple process. Q1 hedge fund [...]
The idea of a real estate investment trust or REIT was first established in 1960 when Congress established the designation as an amendment to the Cigar Excise Tax Extension of 1960. Q1 hedge fund letters, conference, scoops etc rawpixel / Pixabay Since then, thousands of REITs have been created to meet investors [...]
This is the second part of a short series on an interview with Himalaya Capital's founder and manager Li Lu. Part one is here: Li Lu: Warren Buffett's "Indifference" Towards Making Money Is His Key To Success Q1 hedge fund letters, conference, scoops etc Li Lu's multi-year research process When asked about his research process, and [...]
This is the second part of a short series covering a rare interview with Chinese investor Li Lu and Charlie Munger. The first part of the series is here: Charlie Munger and Li Lu Rare Interview: What Makes Successful Investors Q1 hedge fund letters, conference, scoops etc Munger on why Berkshire bought Apple After [...]
DG Value Partners, the value-focused hedge fund managed by DG Capital Management, added to its gains for 2019 during the month of May returning +0.29% for investors net of fees. Following this positive performance, for the year to the end of May, the fund is up 4.72% net. Q1 hedge [...]
There is only one man Charlie Munger has ever trusted to manage his money (apart from Warren Buffett of course), and that is Chinese investor Li Lu. Q1 hedge fund letters, conference, scoops etc In his own words, Munger declared at the 2019 Daily Journal annual meeting, "I'm 95 years old. [...]
Los Angeles-based hedge fund Canyon Partners doesn't see many opportunities in the current market. The firm, which has around $23 billion of assets under management, is "significantly underinvested" according to co-CEO Joshua Friedman. Speaking with Bloomberg in Davos, Switzerland, at the end of January, Friedman declared that in the [...]
