This post was created on 3/30/2019 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 [...]
David Einhorn's hedge fund, Greenlight Capital, posted its worst-ever loss last year, with its leading fund losing 9% in December alone and a total of 34% for the whole of 2018. However, as it turns out, Einhorn is much better at picking hedge fund managers than he is stocks. For [...]
Steppinstars / Pixabay Concerns about a bear market have begun to grow again after three more months of impressive stock market gains. One hedge fund manager said in his recent Q1 letter that he believes the bear market has already begun, while another highlighted signs of "excessive speculation" and warned [...]
Value investors use a variety of techniques when it comes to developing investment ideas, but one step some might not think to take is conducting interviews. Investing wisely takes quite a lot of research, but it may not always seem natural or even possible to interview the management of [...]
When it comes to value investing, one strategy that's often used is seeking out companies which have sizeable moats against competition. In a presentation for the Value Investing Club at Google earlier this year, Connor Leonard of the Investors Management Corporation explained two ways of looking at moats and [...]
The following are rough notes of presentation from the 2019 Sohn Investment Conference which took place on the 6th of May. Speakers include David Einhorn, Jeffrey Gundlach, Larry Robbins, Lauren Taylor Wolfe, Todd Westhus and many more. Stay tuned for more updates. This is the masterpost so you will be [...]
Charlie Munger is considered to be one of the world's greatest investors, alongside his business partner and longtime friend, Warren Buffett. Q1 hedge fund letters, conference, scoops etc Munger's approach to investing is different from most other money managers. He's not afraid to be greedy when others are fearful and spends [...]
Today is a very very special episode with William Bernstein. He is back for another episode in which we discuss his upcoming book, "The Madness of Crowds". We discuss the history of human irrationality. Dr. Bernstein is a retired neurologist and PhD. He authored many financial books such as [...]
Falling into a value trap is one of the biggest risks value investors face. Unfortunately, there is no set framework for analyzing and discovering traps or even a fixed description of what constitutes a value trap. If you’re looking for value stocks, and exclusive access to value-focused hedge fund managers, [...]
When the dot.com bubble burst in 2000--2002, Warren Buffett dived into the market, but he wasn't rushing to buy equities. The Oracle of Omaha moved quickly to take advantage of the situation evolving in the junk bond market. Q4 hedge fund letters, conference, scoops etc In 2003, Buffett described the junk [...]
This post has aLREADY been updated 162 times since January 1st 2019 - please stay tuned for more updates listed in the title 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 [...]
Since its founding in 1970, the Sequoia has earned its reputation as one of the best investment funds ever to have existed. But, as I have covered throughout this series, the fund and its founders, Bill Ruane, Richard Cunniff, and Robert Goldfarb, faced an uphill struggle in its early years. If [...]
Bill Ruane and Richard Cunniff set up the Sequoia Fund in the early 1970s to manage the money of Warren Buffett's former partners, who had been left without an investment manager after Buffett decided to retire from the money management business at the end of the 1960s. If you’re looking [...]
Income inequality is at a new record high in the U.S., according to legendary investor Paul Tudor Jones. He spoke about the issue at the Inside ETFs conference in January and called attention to a Harvard study which found that 51% of Millennials ages 19 to 29 either don't [...]
As I covered in the first part of this series, in 1970, Bill Ruane set up the Sequoia Fund after receiving encouragement from Warren Buffett, who had decided to close his own investment partnerships in 1969. Buffett recommended Ruane to his partners as he believed he was a money manager [...]
The 2008 Graham + Dodd Luncheon Symposium, held at Columbia Business School, took place amid one of the most turbulent times for financial markets since the great crash and 1929. Luckily, it also presented an excellent opportunity for the investors attending to hear how some of the best value investors [...]
It’s not enough to hand over your money to the government anymore. Q4 hedge fund letters, conference, scoops etc Now you have to pay them for the privilege to do so. That’s the basic premise behind negative interest rates: investors around the world are crazy enough to buy government bonds whose yields [...]
This article utilizes (among other sources) letters to investors from Bill Ruane's early years in the 1970s and 1980s which were found in archives and have never appeared on the internet to our knowledge. While we cannot post the original documents we provide quotes and analysis on them in [...]
Last year, David Einhorn's Greenlight Capital recorded one of the worst losses in its 23-year history. As has been widely reported over the past few weeks, Einhorn's flagship fund lost -34.3% in 2018 substantially underperforming the S&P 500, which lost -4.4% for the year. 2018 was the year "we weren't [...]
A Q&A session with Dan Rasmussen, Portfolio Manager of the famed Verdad Capital as well as, Nick Schmitz, Japan Portfolio Manager, and Brian Chingono, Director of Quantitative Research. The full podcast is available for all readers, the full 10,000 plus word transcript is available below for ValueWalkPremium subscribers and [...]
Lukasz Tomicki, the founder of Austin, TX-based LRT Capital, had a life-changing moment after he achieved a degree of success. This led him into the hedge fund business where his emerging strategy has outperformed the major stock and hedge fund indices, he told ValueWalk. How the fund outperforms “the markets” [...]
Seth Klarman once said that in investing, whenever you act, "you are effectively saying, I know more than the market. I am going to buy when everybody else is selling. I am going to sell when everybody else is buying." Q4 hedge fund letters, conference, scoops etc He called this mentality, [...]
