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Nassim Taleb: Just How Do People, Ignorant Of What They’re Trading, Succeed?

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  • You would think that the people who specialized in foreign exchange understood economics, geopolitics, mathematics, the future price of currencies, differentials between prices in countries.
  • I had to learn cockney just to communicate, and mostly to go drinking, with my colleagues during my visits there; at the time, London traders got drunk almost every day at lunch, especially on Friday before New York opened.

Bloomberg: Why Value Investing Has Been Doing Badly

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  • Here’s a great podcast from Bloomberg with hosts Joe Weisenthal and Tracy Alloway discussing – why has value investing been doing so badly.
  • One of the oldest, most basic strategies in investing is value investing, which, for lack of a better way to put it, means “buy stocks that are cheap.” Value investing, a style associated with Warren Buffett, systematically attempts to uncover low-priced stocks.
  • But by many measures, value investing hasn’t been working recently, as high-priced growth stocks (think: technology) have trounced cheap stocks.

Options Trading Strategies – Why Should Investors Avoid Options In Single Names

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  • During his recent interview with Tobias, Benn Eifert, CIO at QVR Advisors , discusses options trading strategies and why investors should avoid options in single names.
  • Tobias Carlisle: You find that there’s sufficient liquidity in the options, enlisted options, even in single names, to put those trades on?
  • Benn Eifert: Whereas index, you don’t have nearly the same asymmetric information problem, right?

A comprehensive list of TSX Exchange Traded Debt

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  • Over two years ago I lamented there was no good consolidated list of TSX-traded debentures available.
  • I’ll give Felix Choo some credit for resurrecting a digital version of this.
  • Other than trying to make this a “real-time” sheet (can anybody give me a good automated source of debenture quotations that doesn’t involve a $2,000/month Bloomberg Terminal?

TCI Fund Boosts Canadian Pacific Railway Stake

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  • Sir Chris Hohn's TCI Fund management has filed an amended 13G with the SEC regarding its position in Canadian Pacific Railway (CP).
  • TCI has bought CP shares for seven consecutive quarters and their stake is now worth almost $2.5 billion.
  • Per Yahoo Finance, Canadian Pacific Railway "owns and operates a transcontinental freight railway in Canada and the United States.

7 Companies Showing Confidence With Increased Dividends

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It is very easy for a CEO to get on a conference call and talk about confidence in the future while communicating glowing projections, but do they really believe what they are saying? Are there any actions that would make you believe what they are saying? Senior management purchasing company stock is a strong indicator of confidence in the future. Another indicator is sticking with a dividend plan, including regular increases.

Below are several select companies with management and board confident enough to increase their cash dividends...

Some links

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  • Good writers seem to be better (Hedge-) fund managers The Valuesque Blog with a great deep dive on the GE/Baker Hughes accounting and the Markopolis Report Another new Langfrist fund with its initial report: Compound Interest Yetanothervalue blog with its August roundup post (dieting, short selleng etc.)
  • A good collection of Stock spin-off links Broyhill half year letter to investors A nice investment check list from the UK value Investor

JANA Partners Buys Bloomin' Brands, FIles 13D

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  • Per the filing, JANA now owns 9% of the company with over 7.81 million shares.
  • Per Yahoo Finance, Bloomin' Brands, Inc., "through its subsidiaries, owns and operates casual, upscale casual, and fine dining restaurants in the United States and internationally.
  • As of December 30, 2018, the company owned and operated 1,068 restaurants and franchised 164 restaurants across 48 states; and owned and operated 125 restaurants and franchised 131 restaurants across 20 countries, Puerto Rico and Guam.

Lone Pine Capital Adds To Dominos Pizza Stake

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  • Steve Mandel 's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding its stake in Dominos Pizza (DPZ).
  • Per the filing, Lone Pine now owns 5% of Dominos Pizza with over 2.07 million shares as of August 20th.
  • This is up from the 1.24 million shares Lone Pine disclosed at the end of June when they established a new stake in the company.

Dr. Michael Burry Buys More Tailored Brands, Sends Letter to Board

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  • Dr. Michael Burry Sends New Letter to Tailored Brands Board
  • Given the quarter-century lows in the common stock and the severe undervaluation this entails, we believe the best use of funds from the corporate apparel segment sale, in good part or in full, is for a share repurchase.While management is considering asset sales, we would encourage exploring the market for Tailored’s Canadian operations.
  • It operates through two segments, Retail and Corporate Apparel.

Blue Sky - some notes and an agenda for ASIC

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  • That said – in 2014 Blue Sky is a fast-growing and profitable asset management firm that had raised $35 million in cash at parent company level which it invested in the funds it managed.
  • Blue Sky ran out of money and they took a further $50 million in cash from Oaktree.
  • b) The cash raised and the accumulated profits were invested in Blue Sky funds – but that Blue Sky is such an atrocious investor that $200 million in investments at cost were not enough to repay Oaktree on liquidation or c) The investments were never made – and were fictional from inception.

Hedge Fund Links ~ 8/30/19

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  • The stock picker versus portfolio manager communications challenge [Harvest]

Old School Value Nugget Fest (August 29th Edition)

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  • It’s times like these that I find starting my day with writing down the top few things I want to accomplish that day can really help.
  • The reason is that we often take risks that we don’t even know we are taking.”
  • “We found first that markets price in the cyclicality, with these companies trading at low multiples at peak cycle and high multiples at cycle troughs.

TAM Stock Screener – Stocks Appearing in Dalio, Marks, Cohen Portfolios

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  • Part of the weekly research here at The Acquirer’s Multiple features some of the top picks from our Stock Screeners and some top investors who are holding these same picks in their portfolios.
  • Superinvestors who currently hold positions in Cimarex Energy include:
  • Ray Dalio – 761,277 total shares

This Week’s Best Investing Articles, Research, Podcasts, And Infographics 8/30/2019

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  • Here’s a list of this week’s best investing reads:
  • This week’s best investing research reads:
  • This week’s best investing podcasts:

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