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What We're Reading ~ Analytical Links 9/17/14

(via www.marketfolly.com)

Edge, time arbitrage and the shame of short-term thinking [Lux Capital]

A fireside chat with Charlie Munger [WSJ]

Buffett on market valuation [Brooklyn Investor]

Bears at their lowest level since 1987, now what? [Yahoo]

8 lessons from the first year of a registered investment advisory firm...

Corvex Management Increases Fidelity National Financial Stake

(via www.marketfolly.com)

Keith Meister's activist hedge fund Corvex Management has filed an amended 13D with the SEC regarding their position in Fidelity National Financial (FNF).  Per the filing, Corvex now owns 7.3% of the company with 20.24 million shares.

This is an increase of over 1.95 million shares since the...

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Starboard Value's Presentation on Transforming Darden Restaurants

(via www.marketfolly.com)

Jeff Smith's activist firm Starboard Value is out with a presentation on their position in Darden Restaurants (DRI).  They're pushing for change here and has put together a massive 293 slide deck illustrating the company's margin improvement opportunity, the need for a turnaround in its Olive...

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Lee Cooperman Discloses Aspen Group Position

(via www.marketfolly.com)

Lee Cooperman has disclosed a new position in Aspen Group (ASPU) via a 13G filed with the SEC.  He now owns 9.99% of the company with 11.24 million shares.  The filing was made due to activity on September 4th.

The fine print notes that this "does not include additional shares of common...

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Glenview Capital Boosts Fossil Group Stake

(via www.marketfolly.com)

Larry Robbins' hedge fund firm Glenview Capital has filed a 13G with the SEC regarding shares of Fossil Group (FOSL).  Per the filing, Glenview now owns 6.15% of the company with 3.25 million shares.

This marks an increase of 582,100 shares since the end of the second quarter.  The...

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Paulson & Co Reveals Overseas Shipholding Group Position

(via www.marketfolly.com)

John Paulson's hedge fund firm Paulson & Co has filed a 13G with the SEC regarding shares of Overseas Shipholding Group (OGISZ).  Per the filing, Paulson now owns 19.35% of the company with over 61.38 million shares. 

This is a newly disclosed position as it has not appeared in their...

Tiger Global Discloses New Bitauto Stake, Boosts Autohome Position

(via www.marketfolly.com)

Chase Coleman and Feroz Dewan's hedge fund Tiger Global recently filed two separate 13G's with the SEC. 

New Bitauto Stake (BITA)

First, they disclose a new position in Bitauto (BITA).  Per the 13G filing, they now own 14.9% of the company with over 6.56 million ADR shares. ...

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Cliff Remily's Value Investing Congress Presentation: Subsea 7

(via www.marketfolly.com)

We're posting up notes from the 2014 Value Investing Congress in New York. Next up is Cliff Remily of Northwest Priority Capital who presented Subsea 7.

Cliff Remily's Value Investing Congress Presentation

Nice bio: was at PIMCO equities. Traveled a lot "hospitalized on 3 continents", once...

John Lewis' Value Investing Congress Presentation: Long ePlus & Rosetta Stone

(via www.marketfolly.com)

We're posting up notes from the 2014 Value Investing Congress in New York. Next up is John Lewis of Osmium Capital who presented 2 ideas: E-plus and Rosetta Stone (RST).

John Lewis' Value Investing Congress Presentation

Osmium: concentrated (85% top 10), $100 mm - $1 bn market cap, 2-4 year...

SumZero Contest Winner at Value Investing Congress: Long Samsung

(via www.marketfolly.com)

We're posting up notes from the 2014 Value Investing Congress in New York. Next up is the winner of the SumZero International Ex-US stock competition who presented long Samsung.

SumZero Contest Winner: Value Investing Congress Presentation

Employer focus on: cheap, honest/good managers, dominant...

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Notes From Charlie Munger's Daily Journal Meeting 2014

(via www.marketfolly.com)

Thanks to Alex Rubalcava (@AlexRubalcava) for tweeting notes from Charlie Munger's Daily Journal (DJCO) 2014 meeting recently.  We've aggregated and posted the notes below with his permission:

Notes From Charlie Munger's Daily Journal (DJCO) Meeting

"We have a few shareholders and a bunch...

David Hurwitz's Value Investing Congress Presentation on Korea

(via www.marketfolly.com)

We're posting up notes from the 2014 Value Investing Congress in New York. Next up is David Hurwitz of SC Fundamental who presented "activist investing in Korea".

David Hurwitz's Value Investing Congress Presentation

• Has been investing in Korea 7 years. Sees compelling valuations (0.5x P/BV,...

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Whitney Tilson's Value Investing Congress Presentation: Short Exact Sciences (EXAS)

(via www.marketfolly.com)

We're posting up notes from the 2014 Value Investing Congress in New York. Next up is Whitney Tilson of Kase Capital who presented various short ideas.

Whitney Tilson's Value Investing Congress Presentation

Presentation has 4 parts: lessons from a dozen years of short-selling, update on 2 short...

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Alex Roepers' Value Investing Congress Presentation: 5 Long Ideas

(via www.marketfolly.com)

We're posting up notes from the 2014 Value Investing Congress in New York. Next up is Alex Roepers of Atlantic Investment Management who presented long Triumph Group, Sulzer, Owens-Illinois, Technip, and Koito Manufacturing.

Alex Roepers' Value Investing Congress Presentation

Takes minority...

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Sahm Adrangi's Value Investing Congress Presentation on Via Varejo

(via www.marketfolly.com)

We're posting up notes from the 2014 Value Investing Congress in New York. Next up is Sahm Adrangi of Kerrisdale Capital who presented the long case for Via Varejo (VVAR11).

Sahm Adrangi's Value Investing Congress Presentation

• Theme: looking abroad. US up 41% since Jan 1, 2013. Trailing P/E...

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