In his 2005 letter to the investors of the Nomad Investment Partnership, the firm's co-founder, Nicholas Sleep, declared that the main enduring advantages of a successful investor are "mainly psychological." Q3 2020 hedge fund letters, conferences and more He highlighted his list of the common psychological causes of investor misjudgment, which...
"Assets are priced for eternal delight and negative real interest rates lasting forever," Crispin Odey declared at the start of his December 2020 letter to investors of the OEI Mac fund. The $170 million fund lost -3% in December, according to a copy of an investor tear sheet, which ValueWalk...
Warren Buffett and Charlie Munger have always advocated the art of thinking. This is one of the reasons they have always stood out from the rest of the investment crowd. Q3 2020 hedge fund letters, conferences and more While the rest of Wall Street rushes from investment to investment, barely sleeping...
There are many great value investors. From the legendary like Warren Buffett, Benjamin Graham, Irving Kahn, Seth Klarman, Henry Singleton and Julian Robertson to the less known but still important figures like Wally Weitz, Charles Brandes and Walter Schloss. All of these investors have managed to outperform the market year...
Warren Buffett’s early correspondence to Berkshire Hathaway shareholders contains many nuggets of information that investors can learn from. And it’s not just value investors that can learn from Buffett’s early correspondence. Indeed, Buffett’s letters to Berkshire shareholders in the early 1970s don’t cover equity holdings. At the time, Berkshire was...
Dov Gertzulin's DG Value Partners recorded a strong end to 2020, helping the firm cap off the year on a positive note. Q3 2020 hedge fund letters, conferences and more According to a copy of the firm's latest investor tear sheet, which ValueWalk has been able to review, DG's flagship fund...
After an incredibly impressive 12.9% return in November and a 4.8% return in December, KG Investments Fund finished 2020 with a total positive return of 15.7%, slightly underperforming the S&P 500 index, which returned 18.4% for the year. That's according to the group's latest investor tear sheet. Q4 2020 hedge...
According to data compiled by hedge fund data group HFR, the gap between the top and bottom performing hedge funds hit the highest level in 2020 for 11 years. Q3 2020 hedge fund letters, conferences and more The data shows that for the 12 months to the end of November, the...
The value vs. growth debate is one of the oldest arguments of the investment world. Value investors generally believe they have the right strategy, and until the financial crisis, the returns appeared to justify this conclusion. Q3 2020 hedge fund letters, conferences and more However, growth investors have ruled since 2009....
This is part three of a multi-part series on Seth Klarman, value investor and manager of Boston-based Baupost Group. Part one can be found here and part two can be found here. To ensure you do not miss the rest of the series sign up for our free newsletter. In...
ETFs and other passive instruments have attracted record amounts of investor cash this year. In November, investors plowed $112 billion into long-term mutual funds and exchange-traded funds, a record not seen since January 2013 when $117 billion of investors' cash found its way into funds. ETFs were the most popular...
Baupost: Making Use Of Market Inefficiencies To Buy Debt A number of hedge fund managers and high profile investors have come out to criticize the deteriorating structure of the market over the past twelve months. Most of the complaints have centered around the volatility caused by high-frequency traders and a lack of debt...
This is part four of a multi-part series on Seth Klarman, value investor and manager of Boston-based Baupost Group. Parts one, two and three can be found at the respective links below. To ensure you do not miss the rest of the series sign up for our free newsletter. Part one ...
The Nomad Investment Partnership had one of the best track records in the hedge fund industry during the first decade-and-a-half of this century. Q3 2020 hedge fund letters, conferences and more With one of the best track records in the investment industry, the Nomad Investment Partnership was a well-regarded fund manager. Run...
There are many ways to define risk. Warren Buffett has said that "risk comes from not knowing what you're doing." Q3 2020 hedge fund letters, conferences and more Is it a true black swan or just a mirage? His mentor, Benjamin Graham, believed that risk should be measured as the chance of...
The Nomad Investment Partnership had one of the best track records in the hedge fund industry during the first decade-and-a-half of this century. Q3 2020 hedge fund letters, conferences and more Run by Nicholas Sleep and Qais Zakaria between 2001 and 2013, the partnership yielded a total return of 921.1% after...
Nishkama Capital - Ravee Mehta On GARP Investment Management [Part Two] This is part two of a two-part interview with Ravee Mehta, the founder and portfolio manager of Nishkama Capital LLC. The interview is part of ValueWalk’s Value Fund Interview Series. You can find part one of the interview here. Throughout this...
I recently stumbled across two precious resources about the Godfather of value investing, Ben Graham. The first resource is a collection of notes from Benjamin Graham’s lectures when he was a professor at Columbia University. The notes were taken during lectures given in 1946, six years after the 1940 version...
Henry Singleton’s Teledyne is one of the greatest business success stories there is. The conglomerate was born in the early 60s by the acquisition of a single company with less than $1 million in revenue. Over the next 15 years, Henry Singleton acquired around 125 (or 145 or 130 there are...
Saba Capital is one of this year's best-performing hedge funds. According to HSBC's Hedge Weekly update of fund performance figures, the firm's flagship fund, the Credit Relative Value fund, returned 71% for the year to the end of November. Q3 2020 hedge fund letters, conferences and more According to the firm's ...
When the film adaptation of Michael Lewis’ book The Big Short was released last year, it caused a stir. At the end of the movie, it is revealed that one of the film's heroes, Dr. Michael Burry the first institutional investors to discover the problems with and bet against...
Hedge funds have been one of the big winners of 2020. Funds and their managers have faced criticism over the past decade for failing to match the broader market's performance, despite their higher fees and the advantages they claimed to have over other market participants. Q3 2020 hedge fund letters,...
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