June 7, 2015

Who is in Charge?

It has been quiet on the farm lately but nothing like three cross country flights to catch up on the academic literature. I’ve always thought it is important for people to have skin in the game.  UBS recently put out […]
May 26, 2015

Lots of My Favorite

Not a whole lot of great reads in my world so it’s been a little quiet lately.  If you have seen anything particularly wonderful please pass along! Below is the quarterly 13F update from Novus, and they track a lot […]
May 10, 2015

13F: GREENLIGHT

13F week 8…everyone’s favorite hedge fund poker player. Download PDF CHAPTER 14 – GREENLIGHT CAPITAL “What I like is solving the puzzles. I think that what you are dealing with here is incomplete information. You’ve got little bits of things. […]
May 5, 2015

Small vs Large, Growth vs Value?

Meketa puts out nice quarterly commentaries.  Below is their Capital Markets Outlook, and I think you will notice most of the big shops seem to broadly agree on the current opportunity set. A few charts then download: —- —- DOWNLOAD […]
May 3, 2015

13F: GLENVIEW

13F week …Glenview. Download PDF CHAPTER 14 – Glenview Larry Robbins knows a good thing when he sees it. In 2004, he saw a good thing in health care stocks, a focus he maintained for the next decade, reaping huge […]
April 26, 2015

13F: GARDNER RUSSO

13F week 13…Gardner Russo & Gardner… Download PDF CHAPTER 13 – GARDNER, RUSSO & GARDNER “95% of the world does not live in the United States. Figure out a way to make investments that recognize the promise of that 95 […]
April 21, 2015

THE WARNING SIGNSOF MAJOR MARKET TOPS

I sat in on a session with Paul Desmond and Tracy Knudsen at a conference recently and asked them if I could share some of their work.  Below you will find two pieces worthy of a read. Table then download: […]
April 19, 2015

13F: FAIRHOLME

13F week 12…this fund & manager generate quite a bit of diverse opinions… Download PDF CHAPTER 12 – FAIRHOLME FUNDS “At some price, a great business becomes a speculation.” “Cash is like a financial valium, that you can keep your […]
April 17, 2015

Carry and Trend

Carry and trend piece from PIMCO.  Chart then download: —- —- Download PDF Carry and Trend Website www.pimco.com/
April 16, 2015

An All Time Great

A speech with an all-time great, Stanley Druckenmiller.  Via Businessweek Speech at Lost Tree Club
April 12, 2015

13F: ESL/RBS

13F week 11…This one is interesting due to the super high concentration.  I don’t follow Lampert with my own $, but I was always curious why investors wouldn’t just buy his stocks and not pay the fees – after all […]
April 5, 2015

13F: COBALT

Been a bit distracted by getting that last book out but we can continue with the 13F profiles…this week, COBALT! Download PDF Wayne Cooperman entered the hedge fund game with an enviable pedigree. His father is Leon Cooperman, the legendary […]
April 1, 2015

CAP Values

Dah, I hit send too fast.  Sector CAPEs below: Discretionary 39.1 Health Care 31.5 IT 28.8 Staples 25.2 Telecom 24.8 Materials 24.8 Industrials 23.3 Utilities 20.9 Financials 16.8 Energy 13.8
April 1, 2015

CAP Values

Q1 archives updated, and below are all of the CAP values from Ned Davis, and a composite average across all of them.  Not surprising to see Europe still in the lead for cheap countries…As a reminder there will be some variation, […]
March 29, 2015

13F: EMINENCE

Next up, Eminence! Download PDF EMINENCE CAPITAL, LLC “Volatility can be a friend of the value investor – it provides more situations where stocks significantly diverge from their intrinsic value and can allow us to turn our capital faster.” By […]