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 [...]
This post has aLREADY been updated 159 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 [...]
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 etcNow 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 etcHe called this mentality, [...]
To be a successful long-term investor, Seth Klarman writes in his 2018 letter to investors of Baupost, one must think like a relief pitcher. Investors need to have the proper wiring to succeed, to be able to think about the market from an objective perspective, and not be influenced by [...]
According to Seth Klarman’s 2018 letter to investors (stay tuned for more coverage), despite the “treacherous” market environment of 2018, his hedge fund, the Boston-based Baupost, “successfully protected” investors’ capital, a result that is undoubtedly a determination of the firm’s desire to limit risk above all else.The art of [...]
The U.S. dollar has been the world's de facto reserve currency for decades, thanks in part to Washington's ability and willingness to lend money to other nations. However, the tables have turned as the years have dragged on, and the national debt now stands at a staggering $21.9 trillion [...]
All good things must end, but it seems like much of the world was willfully ignorant of the signs that harder times are just around the corner. In his recent letter to investors, which was obtained by ValueWalk, Baupost’s Seth Klarman describes 2018 as “a year of synchronized global [...]
In some ways the financial markets are a bit like musical chairs, leaving everyone scrambling for a seat when the music ends. Unfortunately, during long bull markets characterized by extreme excess, many investors begin to feel invincible, as if the music will never stop. However, all good things must [...]
As ValueWalk first covered a week ago, a year after the firm reported some of the worst losses in its history, Carlson Capital rebounded in 2018. Q3 hedge fund letters, conference, scoops etc Pexels / Pixabay The group's flagship hedge fund strategy, the Double Black Diamond fund, returned 2.6% net of all [...]
Now that 2018 is over, many hedge fund managers are read to close the book on it. For some, including Pabrai Investment Funds, the losses were sizeable. In his January letter, which was reviewed by ValueWalk, Managing Partner Mohnish Pabrai reported that the firm's three funds were all deep in [...]
Mohnish Pabrai is one of the most successful value investors practicing today. Pabrai is what I would call a 'true' value investor. He's not strayed from the underlying investment principles Benjamin Graham set out nearly 100 years ago for finding deeply undervalued businesses. If you’re looking for value stocks, and [...]
ValueWalk's Mark Melin interviews Michael Melby of Gate City Capital Management, LLC. Everyone can listen to the full interview embeddded below and the entire conversation has been transcribed by a human and is available for premium members.Q3 hedge fund letters, conference, scoops etc Transcript Michael, I appreciate you taking time with ValuWalk. [...]
If 2018 were a roller coaster, the last few months of the year would be the tall, steep hill the cars come careening down after spending much of the year climbing almost straight up to the top of that hill. While growth, momentum and tech stocks continued their dramatic [...]
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