Funds

Holdings and activity of leading value funds.

Marcato Capital's Presentation on Sotheby's & Dillard's

(via www.marketfolly.com)

Mick McGuire of hedge fund Marcato Capital Management recently made a presentation on both Sotheby's (BID) and Dillard's (DDS) at the Active Passive Investor Summit.

They are activist investors in Sotheby's and their thesis is summed up by: significant levels of unproductive capital, inappropriate...

East Coast's Q1 Letter on Business Adaptation & the Gas Evolution

(via www.marketfolly.com)

Christopher Begg is out with East Coast Asset Management's Q1 letter entitled "The Economy of Evolution."  This time he touches on how businesses are constantly thwarted by change and can be forced to adapt.  Three specific forces they're focused on are: the Amazon effect hurting brick...

What We're Reading ~ Analytical Links 4/23/14

(via www.marketfolly.com)

A look at the Aereo Supreme Court case [SCOTUSblog]

What's Alibaba really worth? [Value Venture]

Macro and micro inefficiencies in equity markets [Ada Investments]

Takeaways from a slew of recent earnings calls [Avondale]

Americans still don't trust the stock market [CNN Money]

The stock...

Pershing Square's Presentation on Allergan/Valeant: The Outsider

(via www.marketfolly.com)

Bill Ackman's hedge fund firm Pershing Square Capital has released a presentation called "The Outsider" that details perspectives from Allergan's largest shareholder and talks about a potential combination with Valeant Pharmaceuticals (background on Pershing's involvement via that link).

One of...

Greenlight Capital's Q1 Letter: Sees Tech Bubble Forming

(via www.marketfolly.com)

David Einhorn's hedge fund firm Greenlight Capital is out with is first quarter letter.  In it, they talk about how a potential bubble in tech is forming.  As such, they've shorted a basket of momentum names in small size in order to manage risk.

Other main takeaways from the letter...

JANA's Barry Rosenstein on Activist Investing: Interview

(via www.marketfolly.com)

JANA Partners' Barry Rosenstein talked with CNBC today about activist investing and touched on his stake in Walgreen's (WAG).  Rosenstein says that the company has a "lot of levers to pull, including tax inversion."  Shares of WAG jumped during the interview and WAG is apparently JANA's...

Jeff Ubben on Valeant Pharmaceuticals and Microsoft: Interview

(via www.marketfolly.com)

ValueAct Capital's Jeff Ubben appeared on CNBC today to talk about some of his positions.  The activist investor talked about his stakes in Microsoft (MSFT) as well as his long-term holding in Valeant Pharmaceuticals (VRX), which is in the news today in a big way.

Late yesterday, we flagged...

Pershing Square Acquires Allergan Stake, Working With Valeant Pharmaceutical To Propose Merger

(via www.marketfolly.com)

Bill Ackman's hedge fund firm Pershing Square Capital Management has just filed a new 13D with the SEC regarding shares of Allergan (AGN).  Per the filing, Pershing Square now owns 9.7% of the company with over 28.8 million shares.  This is a brand new position for Ackman and the filing...

Lone Pine Capital Almost Doubles Michael Kors Stake

(via www.marketfolly.com)

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding their position in Michael Kors (KORS).  Per the filing, Lone Pine now owns 5.5% of the company with over 11.2 million shares.

They've almost doubled their stake recently as this marks an increase in their...

Daniel Miller's Pitch on Bon-Ton Stores & Rowan: Value Investing Congress Las Vegas

(via www.marketfolly.com)

We've posted up notes from the Value Investing Congress in Las Vegas and next up in the series is Daniel Miller of Gabelli's Focus Five Fund.  His presentation entitled "Investing in Conviction" pitched Bon-Ton Stores (BONT) and Rowan (RDC).

Daniel Miller's Value Investing Congress...

Ackman Cuts Beam Stake Yet Again

(via www.marketfolly.com)

In what has seemingly become routine selling, Bill Ackman's hedge fund firm Pershing Square has filed another amended 13D with the SEC regarding their Beam Inc (BEAM) stake.

Per the filing, they've basically cut their stake in half since their last sales only a few weeks ago.  As we've...

What We're Reading ~ Hedge Fund Links 4/21/14

(via www.marketfolly.com)

Lone Pine admits lousy quarter but reaffirms strategy [II Alpha]

Hedge funds suffer worst start to year since crisis began [FT]

Viking Global hits a few bumps and ponders a new vehicle [II Alpha]

Largest hedge funds vulnerable to 2008 repeat [Risk]

What a hedge fund failure looks like [All...

Eric Sprott's Presentation at Value Investing Congress Las Vegas

(via www.marketfolly.com)

We've posted up notes from the Value Investing Congress in Las Vegas and next up in the series is Eric Sprott of Sprott Asset Management who presented "Investment Opportunity of Your Lifetime."

Eric Sprott's Presentation at Value Investing Congress Las Vegas

•    Eric talked about...

Parallels Between Great Investors and a Renowned Sushi Chef: Jiro Dreams of Sushi

(via www.marketfolly.com)

At first glance, it may seem odd to compare a sushi chef to an investor.  But as you'll see by the end of this post, they both share a common goal: to become masters of their craft.

Jiro Dreams of Sushi is a documentary about renowned sushi chef Jiro Ono in Tokyo, Japan.  His restaurant,...

Isaac Schwartz's Pitch on Tarkett & Halik Savings Bank: Value Investing Congress Las Vegas

(via www.marketfolly.com)

We've posted up notes from the Value Investing Congress in Las Vegas and next up in the series is Isaac Schwartz of Robotti & Company who pitched Halik Savings Bank and Tarkett.

Isaac Schwartz's Value Investing Congress Presentation

•    Hidden in Plain...

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