The Finance Curse With Nicholas Shaxson

ValueWalk's Raul Panganiban interview Nicholas Shaxson, journalist and investigator. He has authored several books including “Treasure Islands” and his most recent book, “The Finance Curse: How Global Finance is Making us All Poorer.” Q4 2019 hedge fund letters, conferences and more 024-657-834 / Pixabay Interview With Nicholas Shaxson   Transcript Hello podcast listeners. Today's a...

Bill Ackman Up 100x On Hedges Put On In Early March [Full Letter]

LONDON--(BUSINESS WIRE)--Regulatory News: Pershing Square Capital Management, L.P. today released the following letter to investors: Q4 2019 hedge fund letters, conferences and more Dear Pershing Square Investor, On March 3, 2020, we disclosed that we had acquired large notional hedges which have asymmetric payoff characteristics; that is, the risk of loss from these...

Crescat Capital: Global Macro Themes And Value Driven Models

ValueWalk's Raul Panganiban interviews Crescat Capital's Kevin Smith And Tavi Costa, discussing their trade of the century idea. In this part, Tavi and Kevin discuss what led them to finance and investing,what working at Crescat like, their focus on global macro themes and value driven models, and finding contrarian...

Crescat Capital: China Is Running A Banking Ponzi Scheme

ValueWalk's Raul Panganiban interviews Crescat Capital's Kevin Smith And Tavi Costa, discussing their trade of the century idea. In this part, Tavi and Kevin discuss the Chinese currency bubbles and banking Ponzi scheme, how high can consumer confidence go, and buying the dip. Q4 2019 hedge fund letters, conferences and...

Brief thoughts on Discovery Communications (DISCK/A)

We had blogged about Discovery communications before here. On March 20th, the stock closed at $16.87 / share with 711 fully diluted shares outstanding generating a market cap of ~$12B. The company carries debt of $15.4B. The company also generated operating cash flow of $3.4B with a net income...

Markel Corp. Equity Portfolio

Reposting with edits as the prior post is not updating online. Markel (MKL) closed at $785/share as of March 20th. Since the reported book value of MKL was $802 as of Dec 31st, I wanted to look into the equity portfolio of $MKL and see the effect on its book...

Managing Downside Risk In A Downturn!

As value investors, a lot of us are starting to find the environment to be idea rich after a long time. Finally, the valuations are compelling, the companies we have researched are cheap, the war chest is ready to crack open, ready to be used. During such times, there...

Too Much Debt

Debt-based economies are unstable. Economies with a lot of short-term debt are more unstable. The Fed is like Johnny One-Note, or Fat Freddie with a hammer. They only know one tool, and it will solve all problems. Q4 2019 hedge fund letters, conferences and more mohamed_hassan / Pixabay Are there problems from...

We Are Facing a Depression, Not a Recession

We are already seeing large increases in request for unemployment insurance. It is going to explode. Let’s look at this data from Homebase. Q4 2019 hedge fund letters, conferences and more A stunning 39% drop in the number of hourly employees going to work in the U.S. just in the 10...

Qualivian Investment Partners Up 40% In 2019; Concentrated Investing: Slugging Percentage versus Batting Average [Q4 Letter]

Qualivian Investment Partners letter to investors for the fourth quarter ended December 31, 2019. Q4 2019 hedge fund letters, conferences and more “The best time to buy a compounder was ten years ago. The second-best time is today” Overview The Qualivian Focus Fund is an investment partnership focused on long-only public equities. We...

Great businesses with strong balance sheets are on sale: Greenhaven

Greenhaven Road Capital commentary for the month of March 2020, discussing the current COVID-19 crisis and opportunities of buying great businesses with strong balance sheets. Q4 2019 hedge fund letters, conferences and more rawpixel / Pixabay COVID-19 Crisis We typically reserve formal communication for our quarterly letters. However, these are not typical times....

Bill Ackman’s Meltdown Comes As Pershing Square Outperforms

Last week Pershing Square's founder and CEO, Bill Ackman, made an impassioned plea on CNBC to shut down the country for 30 days to contain the fast-spreading coronavirus. For more up-to-date hedge fund content, and exclusive access to value-focused hedge fund managers, check out Hidden Value Stocks. Ackman's comments sent the stock...

Charlie Munger In The 1994: Why Wal-Mart Will Outshine Sears

For many decades, Sears was the leading department store in America. Q4 2019 hedge fund letters, conferences and more If you’re looking for value stocks, and exclusive access to value-focused hedge fund managers, check out Hidden Value Stocks. However, the company failed to adapt to a changing environment and was soon overtaken...

Seth Klarman’s “False” Lessons Of 2008

A few weeks ago, I wrote an article covering Seth Klarman's 2010 annual letter to his investors of the Baupost hedge fund. Q4 2019 hedge fund letters, conferences and more In his letter, the value investor outlined the 20 lessons he took away from the 2008 financial crisis. Klarman also outlined 10...

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