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Funds

Holdings and activity of leading value funds.

Warren Buffett & Jorge Paulo Lemann Talk at Harvard Business School: Brazil Conference

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  • Lemann met Buffett at the Gillette board and Buffett said he was very rich in the sense that he had tons of time and was able to do what he loves and that's what Lemann wanted after selling the bank.
  • "The first thing I want is a business I understand... where it'll be 10, 15, 20 years from now. Understand if there's some economic castle with a moat, and whether the knight in the castle is any good." - Buffett.
  • For more wisdom, we've also highlighted Warren Buffett's 2016 letter as well as Buffett's talk with Bill Gates.

Howard Marks: The Truth About Investing

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  • Oaktree Capital's Chairman Howard Marks has put together a slideshow entitled The Truth About Investing which was posted by the CFA Society.
  • "Superior performance doesn't come from being right, but from being more right than the consensus.
  • You can be right about something and perform just average if everyone else is right, too.

Hayden Capital's Thesis on Zooplus

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  • Fred Liu's Hayden Capital has penned an in-depth write-up on Zooplus, a leading online retailer of pet food and supplies in Europe.
  • Hayden notes the company's 94% sales retention rate and 31% annualized sales growth since 2010.
  • Hayden counters that AMZN's European distribution centers aren't equipped to handle heavy, bulky items and points to Chewy.com's success in the US market.

Bill Miller Wealthtrack Interview

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  • Bill Miller recently appeared on Consuelo Mack's WealthTrack for an interview.
  • Looks for stocks trading at a discount to intrinsic business value: looks for business that are naturally cash generative and buys them when free cashflow yield is 50% or more higher than the market.
  • Miller doesn't think the market is overvalued on a relative or absolute basis.

The Wizard of Lies Movie Trailer: Bernie Madoff HBO Film

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  • HBO has released a trailer for its new film The Wizard of Lies featuring Robert De Niro and Michelle Pfeiffer.
  • This new television movie tells the story of Bernie Madoff's infamous ponzi scheme.
  • It premiers on May 20th on HBO and also features Hank Azaria, Alessandro Nivola, and Kristen Connolly, among others.

Berkshire Hathaway Trims Wells Fargo Stake To Stay Below 10% Threshold

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  • Warren Buffett's Berkshire Hathaway has withdrawn its application to the Federal Reserve which would have let them take their ownership stake above 10%. Now, they'll sell 9 million shares instead in order to remain below the 10% level.
  • As of the end of 2016, Berkshire owned 479 million WFC shares.
  • Berkshire has said that "Investment or valuation considerations" did not play a part in their decision to sell as it looks like they're merely just trying to stay under the threshold.

What We're Reading ~ 4/12/17

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JANA Partners Files 13D on Whole Foods Market

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  • Barry Rosenstein's hedge fund firm JANA Partners has filed a 13D with the SEC regarding shares of Whole Foods Market.
  • Per the filing, JANA now owns 8.3% of the company with 26.31 million shares.
  • The filing indicates JANA was buying throughout February, in early March and late March, and into early April.

Tiger Global Buys More Apollo Global Again

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  • Chase Coleman's hedge fund firm Tiger Global has filed a Form 4 with the SEC regarding its position in Apollo Global Management.
  • Per the filing, Tiger Global purchased 1,266,800 shares in total across April 6th and 7th at weighted average prices of $25.254 and $25.301.
  • Tiger Global now owns over 25 million shares of APO. This comes after the hedge fund has been buying Apollo Global over the past two months.

Sohn New York Conference & Investment Contest 2017

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  • Since 1995, the Sohn Investment Conference in New York has been the premier investing event.
  • This year's conference is coming up fast, so be sure to register for the conference before it sells out.
  • The winner of the contest will then present their idea in front of 3,000 people at the Sohn Investment Conference in New York.

Kase Capital Short Wingstop Presentation

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  • Whitney Tilson's hedge fund firm Kase Capital has released a slide deck on its short position in Wingstop.
  • He notes that while the company is growing rapidly, the stock's valuation is "Absurd", trading at 52x trailing EPS and 29x trailing EBITDA. Tilson points out that same store sales growth is decelerating and the company's gross margin has also declined significantly.

Betting on Zero Trailer: Documentary on Bill Ackman's Fight Against Herbalife

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  • Bill Ackman and Pershing Square's short bet against Herbalife has been dragging on for quite some time now.
  • Now, a documentary has been released called Betting on Zero.
  • The documentary is available on iTunes now, but here's a teaser of what you can expect.

Hedge Fund Links ~ 4/7/17

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Ryanair's Low Cost Flywheel: Scuttleblurb Analysis

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  • Scuttleblurb has agreed to let us post their recent analysis of Ryanair for free.
  • "I have always been attracted to the low cost operator in any business and, when you can find a combination of an extremely large business, a more or less homogenous product, and a very large gap in operating costs between the low cost operator and all of the other companies in the industry, you have a really attractive investment situation. That situation prevailed twenty five years ago when I first became interested in the company, and it still prevails."

What We're Reading ~ 4/5/17

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