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Funds

Holdings and activity of leading value funds.

Hedge Fund Links ~ 6/24/16

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  • The content provided within this blog is property of MarketFolly.com and any views or opinions expressed herein are those solely of MarketFolly.com and do not represent that of any firm or institution.
  • MarketFolly.com is not an investment advisor of any kind, so do not consider anything on this page to be legal, tax, or investment advice.
  • MarketFolly.com is not responsible for any 3rd party links or content.

What We're Reading ~ 6/22/16

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  • Spending money to make money, a.k.a. stock based compensation.
  • Mary Meeker's 2016 internet trends report [Recode].
  • China Connect: key mobile market trends in China [Slideshare].

Dear Chairman Book Review: Boardroom Battles and the Rise of Shareholder Activism By Jeff Gramm

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  • He has written an intriguing book entitled Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism.
  • While the first few chapters of the book are admittedly slower and perhaps not as intriguing, the back half of Dear Chairman is chalk full of interesting anecdotes.
  • The book is around 250 pages, so not a terribly huge ask in terms of time commitment, and it's easy to stop and pick back up after each Chapter given they all detail independent situations.

Seth Klarman's Value Investing Lessons

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  • "What can go wrong? How much can you lose? We don't think of risk in an academic sense of beta, which doesn't make any sense to us at all. Volatility's not risk, volatility is volatility. Volatility creates opportunities and isn't necessarily risk at all, unless you absolutely needed to sell the day that prices are really low. Rather, risk is the probability of losing and how much you can lose if you lose. So we focus on risk before we focus on return."

Adam Grant's TED Talk: Surprising Habits of Original Thinkers

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  • Organizational psychologist Adam Grant gave a TED Talk on the surprising habits of original thinkers.
  • While this TED talk doesn't frame original thinking in the context of financial markets, it's a useful exercise of thought.
  • Be sure to also check out both of Adam Grant's books: Give and Take: Why Helping Others Drives Our Success as well as his other title, Originals: How Non-Conformists Move the World.

What We're Reading ~ 6/15/16

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  • Calculating the return on incremental capital investments.
  • What's the best management advice you've ever received.
  • What's one thing you've learned at Harvard Business School [Medium].

Interview With Glenview Capital's Larry Robbins: Capitalize For Kids Investor Series

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  • The Capitalize For Kids Conference has recently started an Investor Series of interviews.
  • Their first issue features conversations with Larry Robbins of Glenview Capital, Pierre Lavellée of CPPIB as well as the team at Cambridge Associates.
  • To read the rest of Robbins' in-depth interview, definitely check out the Capitalize For Kids Investor Series here.

Investing Lessons From KKR's Henry Kravis

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  • "So I imagine there will be many more private equity firms than there are today. It's very hard to kill a private equity firm. You can kill a hedge fund overnight; people pull their money out as fast as they put it in. You can't pull your money out of a private equity firm as easily. If a firm is bad, all that can really happen is that it won't be able to raise another fund. Eventually it'll go out of business. But that can take years."

Jim Grant's Talk at Google

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  • Jim Grant of Grant's Interest Rate Observer recently held a talk at Google.
  • His talk recreates the scene and deconstructs the situation.
  • For other investors' presentations at Google, we've also highlighted Howard Marks' talk, as well as Michael Maubboussin's talk at Google.

Pershing Square Rolls Valeant Options Exposure From 2017 to 2019

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  • Bill Ackman's hedge fund firm Pershing Square Capital Management has filed an amended 13D with the SEC regarding its position in Valeant Pharmaceuticals.
  • The filing also notes that Pershing has closed its January 2017 options positions and opened similar positions in options expiring January 2019.
  • Pershing bought call options and sold put options and you can view the entire list of transactions here.

Elliott Management Writes Letter to CDK Global; Sachem Head Trims CDK Stake

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  • First, Paul Singer's Elliott Management has sent a letter to CDK Global.
  • Elliott notes they've had discussions with shareholders that represent more than half of CDK's shares outstanding and many of these investors want the company to improve CDK's business operations and capital return program.
  • Second, Scott Ferguson's activist firm Sachem Head Capital has filed an amended 13D with the SEC regarding their CDK Global stake.

Wally Weitz's Wealthtrack Interview

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  • A few months ago, value investor Wally Weitz of Weitz Investment Management sat down with Consuelo Mack in an episode of Wealthtrack.
  • Weitz says that the fund he particularly runs is long/short but not designed to be market neutral or anything like that.
  • During the interview, Weitz talks about why he likes Liberty Global and why he sold Valeant Pharmaceuticals.

Hedge Fund Links ~ 6/10/16

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  • The content provided within this blog is property of Market Folly and any views or opinions expressed herein are those solely of market folly and do not represent that of any firm or institution.
  • Market Folly is not an investment advisor of any kind, so do not consider anything on this page to be legal, tax, or investment advice.
  • Market Folly is not responsible for any 3rd party links or content.

Trian Fund Updates Stakes in Sysco & Bank of New York Mellon

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  • First, in an amended 13D with the SEC regarding their position in Sysco, Trian disclosed it now owns 7.8% of Sysco with 43.95 million shares.
  • Per a Form 4 filed with the SEC, Trian acquired 520,000 shares on June 3rd at a weighted average price of $48.7874 and 173,000 more shares on June 6th at $48.8295.
  • Second, Peltz's firm also filed a separate Form 4 with the SEC regarding its stake in Bank of New York Mellon.

Berkshire Hathaway Buys More Phillips 66 (PSX)

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  • Warren Buffett's Berkshire Hathaway has filed another Form 4 with the SEC regarding its stake in Phillips 66.
  • We highlighted how Berkshire Hathaway bought PSX shares last month as well, as this has been an ongoing purchase for some time.
  • After the most recent transactions, Berkshire now owns over 78 million PSX shares.

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