This is the final excerpt from IMA’s winter letter. Q4 2020 hedge fund letters, conferences and more Pipelines are undergoing a renaissance today, but it’s not the one you think. The previous renaissance of shale oil and natural gas development was anything but a good outcome for this industry. Capital-intensive industries,...
Welcome to our latest issue of issue of ValueWalk’s hedge fund update. Below subscribers can find an excerpt in text and the full issue in PDF format. Please send us your feedback! Featuring Seth Klarman and Dan Loeb's investment in Intel, losses and profits from Reddit's frenzy, and an analysis...
The internet is not known as a purveyor of truth. (In case you didn’t know.) Q4 2020 hedge fund letters, conferences and more The false information can take many forms. Maybe it’s the fake Robin Williams quote your aunt shared on Facebook. Or perhaps it’s the nutty Qanon conspiracies you see...
Key highlights for January 2021: Q4 2020 hedge fund letters, conferences and more Hedge fund managers were up 0.54% in January – outperforming the global equity market as represented by MSCI ACWI which gained 0.43% during the month. The top 10% of global hedge funds generated an average return of...
Alkeon Growth Partners was up 11.42% net for the fourth quarter, bringing its full-year return to 54.4% for 2020. The MSCI AC World returned 14.35% for the fourth quarter and 14.34% for the full year. Q4 2020 hedge fund letters, conferences and more The best environment for stock picking In their fourth-quarter...
Sio Partners, the specialist healthcare hedge fund, returned 0.9% net of fees and expenses in January, compared to a loss of -1% for the S&P 500 and a gain of 1% for the MSCI World Healthcare Index. Long investments contributed 12.6%, according to a copy of the firm's letter,...
In his latest Q4 2020 Investor Letter, Dan Loeb discussed why investors should avoid taking positions against companies with large short interests. Here’s an excerpt from the letter: Q4 2020 hedge fund letters, conferences and more The recent short squeeze in certain securities is nothing new. Indeed, as Jesse Livermore said...
Hawk Ridge was up 19.4% net for 2020, compared to the Russell 2000's 19.9% return and the HFRI Equity Hedge Total Index's 17.4% gain. The fund had ones of its best years ever in terms of alpha generation as it generated almost 12% compared to a beta-adjusted Russell 2000....
Good morning! In this week’s Dirty Dozen [CHART PACK] we look at buybacks, the trend towards more frequent market dislocations, what a real equity bubble looks like, crypto’s voracious energy appetite, deglobalization, and more… Q4 2020 hedge fund letters, conferences and more Let’s dive in. There’s a persistent bid under this market...
In a recent email interview with Business Insider, Terry Smith provided twelve book recommendations that every investor should read: Q4 2020 hedge fund letters, conferences and more holiho / Pixabay Berkshire Hathaway’s Annual Shareholder Letters The Warren Buffett Way by Robert Hagstrom Liar’s Poker, The Big Short, Flash Boys and Moneyball – All by Michael Lewis The Predators Ball by...
When a house burns down, it affects more than just the owner, occupants, and even the neighbors. Q4 2020 hedge fund letters, conferences and more Quick, efficient firefighting is a public good. Stopping contagious diseases is another public good. The public interest demands all fires—in all forms—be extinguished before they spread. Now we...
When people talk about the stock market, you will often hear them quote the S&P 500 and the Dow Jones Industrial Average. These are two large indexes that account for many of the largest companies in the United States (and for that matter, the world). But while investing in...
Eric Khrom's Khrom Capital returned 61% net of fees and expenses in 2020, according to a copy of the firm's full-year letter to investors, which ValueWalk has been able to review. Q4 2020 hedge fund letters, conferences and more Following this return, since inception 13 years ago, the fund has returned...
This is part nine of a ten-part series on some of the most important and educational literature for investors with a focus on value. Across this ten-part series, I’m taking a look at ten academic studies and research papers from some of the world’s most prominent value investors and...
GrizzlyRock Value Partners returned 30.31% net for the fourth quarter, bringing its full-year return to 7.57% net. During the fourth quarter, longs added 42.8%, while shorts detracted 10.3%. Q4 2020 hedge fund letters, conferences and more In his annual letter to investors, which was reviewed by ValueWalk, managing partner Kyle Mowery...
President Biden has not backed down from his $1.9 trillion COVID-19 spending proposal, and House Democrats are pushing full steam ahead on making his vision a legislative reality. But a top budget watchdog just warned that the budget-busting legislation, which costs roughly $13,260 per federal taxpayer, is full of...
Key Points Around the globe, value is trading at extremely deep discounts relative to growth. The discounts are wide no matter how we measure valuation. While we still like our last named trade of the decade, emerging markets value stocks, the UK equity market, and UK value stocks in...
Crispin Odey's flagship investment strategy, the Odey European Fund, lost - 30.5% in 2020, according to a copy of the strategy's fourth-quarter letter to investors, a copy of which ValueWalk has been able to review. This was one of the worst performances in the fund's history. Since its inception in...
During his recent interview with Tobias, Michael Mitchell, who is IgnoreNarrative on Twitter discussed Reversion Of The Mean Caused By Private Equity. Here’s an excerpt from the interview: Q4 2020 hedge fund letters, conferences and more Image source: YouTube Video Screenshot Reversion Of The Mean Caused By Private Equity Tobias: I couldn’t agree...
Grey Owl Capital Management commentary for the fourth quarter ended December 31, 2020. Q4 2020 hedge fund letters, conferences and more “I am still making order out of chaos by reinvention.” - John le Carre Dear Client, The 4th quarter of 2020 began with tremendous anxiety and divisiveness around the Presidential election. Investment...
GreenWood Investors commentary for the fourth quarter ended December 31, 2020. Q4 2020 hedge fund letters, conferences and more Dear GreenWood Investor: We continue to be encouraged by the progress we made in the fourth quarter. Performance net of all fees and expenses was +16.4% in the Global Micro fund, +9.2% in...
Mott Capital Management commentary for the fourth quarter ended December 31, 2020. Q4 2020 hedge fund letters, conferences and more We survived and flourished in 2020. That is the good news. For the year, the Mott Capital Management Thematic Growth Composite climbed by 25.4% net of fees and transaction costs, easily beating...
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