Updates on what top hedge funds are investing in
What We're Reading ~ Analytical Links 9/17/14
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 [Reformed Broker]
Competition is for losers [Peter Thiel]
An independent Scotland could become an energy powerhouse [Fortune]
Britain needs greater unity not a messy break-up [George Soros]
The tollbooth businesses of Visa & Mastercard [Scuttlebutt Investor]
A discussion on Apple Pay [Twitter]
Why banks are buying into Apple Pay [American Banker]
Thoughts on what the Apple Watch means [Daring Fireball]
Hermes takes the long view in China [FT]
Inflection point for Western Union? [YGC]
Alibaba's coming out party & valuation [Aswath Damodaran]
Alibaba IPO is a bonanza for select firms [WSJ]
On the rise of NY regulator Benjamin Lawsky [Bloomberg]
There is no bond bubble [Barrons]
Corvex Management Increases Fidelity National Financial Stake
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 end of the second quarter. The filing was made due to activity on September 8th. They bought 535,000 shares at $26.64 in late July and 1.4 million shares in early September at $27.60.
Per Yahoo Finance, Fidelity National Financial is "together with its subsidiaries, provides title insurance, technology, and transaction services to the real estate and mortgage industries in the United States."
Corvex's FNFV Group Stake
Corvex at the same time filed another 13D on FNFV Group common stock (FNFV). Per that filing, they own 2.9% of the company with 2,694,572 shares.
FNFV was spun-off from FNF.
It's also worth pointing out that Corvex had been selling these shares throughout July and then recently sold 2.5 million shares at $15.28 in early September.
Per Yahoo Finance, Fidelity National Financial Ventures "operates as an investment arm of Fidelity National Financial, Inc. and is based in United States."
Glenview Capital Boosts Fossil Group Stake
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 filing was made due to activity on September 4th. We've also detailed how another hedge fund has been active in FOSL shares. Ricky Sandler's Eminence Capital also increased its Fossil stake this summer.
Per Google Finance, Fossil Group is "a global designer, marketer and distributer company that specializes in consumer fashion accessories. The Company’s offerings include a line of men's and women's fashion watches and jewelry, handbags, small leather goods, belts, sunglasses, soft accessories and clothing. Its products are distributed globally through various distribution channels, including wholesale in countries where it has a physical presence, direct to the consumer through its retail stores and commercial websites and through third-party distributors in countries where the Company do not maintain a physical presence."
We've detailed other recent portfolio activity from Glenview here.
Lee Cooperman Discloses Aspen Group Position
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 stock issuable upon the exercise of warrants which contain a blocker provision under which the reporting person can only exercise his warrants to a point where he would beneficially own a maximum of 9.99% of the issuer's outstanding shares.
Per Google Finance, Aspen Group is "offers relevant online education. The Company derives revenue primarily from tuition and fees derived from courses taught by the Company online, as well as from related educational resources that the Company provides to its students, such as access to its online materials and learning management system. The Company’s subsidiary, Aspen University Inc. (Aspen University), delivers education experiences and has served thousands of students. Aspen University offers students 65 degree programs, specializations, completion programs and certificates in a range of areas, including business and organization management, education, nursing, information technology, general studies and more."
Starboard Value's Presentation on Transforming Darden Restaurants
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 Garden brand, among other things.
Embedded below is Starboard Value's presentation "Transforming Darden Restaurants":
You can download a .pdf copy here.
For more on Starboard, check out Jeff Smith's presentation at the recent Value Investing Congress as well.