Suppose you had $2 million to invest in just one business, what ideas would you follow to turn that $2 million equity stake into a corporation worth $2 trillion 150 years later? Q3 2019 hedge fund letters, conferences and more In 1996, Charlie Munger gave a talk titled Practical Thought about...
Regal Funds Management was down 8.3% for October, but it's up by more than 89% year to date, despite October's negative return. Q3 2019 hedge fund letters, conferences and more rawpixel / Pixabay Regulatory investigation revealed It was revealed late last month that the fund is under investigation by the Australian Securities and...
The Absolute Return Partners letter for the month of December 2019, titled, "A Future Embedded in the Present." "We are drowning in information but starved for knowledge." - John Naisbitt Q3 2019 hedge fund letters, conferences and more From megatrends to ‘fads’ From an investment point-of-view, what’s the difference between a trend and...
Samuel Dean set up his milk business at just the right time. Q3 2019 hedge fund letters, conferences and more It was 1925, and milk was fast becoming a staple of the American diet. Milkmen delivered glass bottles to doorsteps across the country… And parents had their kids drink three glasses...
Conventional wisdom says that US small-cap stocks have historically outperformed large-cap stocks, but some recent studies have argued that this is not always necessarily the case. Q3 2019 hedge fund letters, conferences and more pasja1000 / Pixabay Two recent studies stand out. Alquist et al. (2018) consider the empirical findings of the...
FORECASTS & TRENDS E-LETTER by Gary D. Halbert November 26, 2019 Q3 2019 hedge fund letters, conferences and more IN THIS ISSUE: 1. Many Baby Boomers Are Over-Allocated to Stocks… & Risk 2. 54% of Americans Own Stocks, But Top 10% Dominate 3. By Comparison, How Much Do Institutions Invest in Stocks? 4. More Alternative Investments Now...
When Is The Right Time To Sell A Stock? In 2016, buying a stock is an exceptionally smooth and streamlined process for most investors. You don’t need to have any experience in the field of investing, you don’t need to know a broker on Wall Street and a large...
“Davidson” submits: Q3 2019 hedge fund letters, conferences and more The Dallas Fed reported the 12mo Trimmed Mean PCE at 2.00%, revised lower from the 2.06% Oct report. Inflation has remained close to or at 2% since 2011. The SP500 priced at $3,150 this morning reflects a premium of 32% to...
When rig counts have fallen ~25% and your still producing record amounts of oil, a weekly decline of a few rigs is meaningless Q3 2019 hedge fund letters, conferences and more “Davidson” submits: In the face of a 25% fall in the Baker Hughes/GE Rig Count, US Crude Production rises to 12.9mil...
“Davidson” submits: Q3 2019 hedge fund letters, conferences and more The Chemical Activity Barometer(CAB) reported 122.45 with positive revisions for past 3mos. The CAB reflects industrial weakness due to recent strong US$ as capital leaves China in response to US tariff initiatives. Job Openings indicate that this series is more closely...
This post was created on 10/1/2019 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...
Ferrari isn’t used to losing. Q3 2019 hedge fund letters, conferences and more Its $250,000+ sports cars are the epitome of luxury, style, and exclusivity. When you see one cruising down the street, most people can’t help but stop and stare. Ferrari started as a racing company. Founder Enzo Ferrari handcrafted finely...
Stock buybacks or share repurchases is one of the most controversial subjects in finance. Some investors believe that they are a waste of money, and would rather excess company cash be returned via dividends. Other investors like buybacks, but hate dividends. If you’re looking for value stocks, and exclusive access to...
When I was a trader at Lehman Brothers, I was told not to talk to the media under any circumstances. If a reporter calls and says, “I’m so-and-so, and I’m from The Wall Street Journal,” you hang up. Click. Q3 2019 hedge fund letters, conferences and more Free-Photos / Pixabay There doesn’t seem to...
Corporate Management teams are LBO’ing themselves with cheap debt (Thx Fed) to reduce share counts and increase stock values (time shift) now to enrich themselves at the expense of employees and future investors stuck with all the debt.( @MI_investments) Q3 2019 hedge fund letters, conferences and more Why low interest rates...
10,000 baby boomers retire every day. Q3 2019 hedge fund letters, conferences and more But retirement won’t mean endless rounds of golf or trips to Tuscany for a lot of these folks, who are now 55–75 years old. In fact, retirement will lower the living standards of 40% of boomers, according to The Wall Street...
Three years ago, I wrote an unusual piece called “How do you Manage a Company when the Stock is Considerably Overvalued?” Part of it dealt with the simpler case of dealing with closed-end funds that trade at a consistent premium to NAV. Quoting that portion of the article: Q3 2019...
The prospect of disruption is one of the most significant risks equity investors face today. Over the past few years, there has been a whole host of large established companies that have lost market share to smaller startups, which provide a better service at a fraction of the cost. If...
ValueWalk's Raul Panganiban interviews Kevin Neubauer, Associate at Seward & Kissel LLP. Q3 2019 hedge fund letters, conferences and more andrewlloydgordon / Pixabay Interview with Kevin Neubauer Transcript Hello podcast listeners today's very special episode with Kevin Neubauer. He's an associate at Seward & Kissel. He's also the lead author of the Seward &...
Being a parent just cost $8.99CDN more per month. Disney is joining the streaming wars. Netflix used to be the only game in town. Now everybody is going over the top. AppleTV, HBO Max, NBC’s Peacock etc…How many streaming services do you need? I’m not sure if cutting the...
Key Points In a prolonged anti-value momentum-driven rally, it’s easy and natural to forget the long-term value proposition of a rebalancing discipline. The evidence and intuition underlying a contrarian value investing discipline has proven merit in cycle after cycle across history. By steadily rebalancing against the market’s most extravagant...
We’ve just been listening to Joel Greenblatt’s interview on the Value Investing with Legends podcast. During the discussion he provided some great insights into a prudent approach to investing in today’s market. Here’s an excerpt from the interview: Q3 2019 hedge fund letters, conferences and more Joel Greenblatt: Do negative yields...
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