market folly
Updates on what top hedge funds are investing in

  • What We're Reading ~ Hedge Fund Links 10/24/14
    Paul Tudor Jones says commodities will be ugly until 2020 [Business Insider]

    Investors add $18b to hedge funds in Q3 [FINalternatives]

    On hedge funds' use of social media [ValueWalk]

    A look at Paulson & Co's recent activity [ii alpha]

    Children's Investment Fund drops Coal India campaign & sells stake [FT]

    Bill Ackman targets stake in US company [Bloomberg]

    Lukewarm reaction to corporate splits ding hedge funds [WSJ]

    Hedge fund favorites tumble with average stock loss 16% [Bloomberg]

    Misery widespread at hedge funds [WSJ]

    Paulson urges Allergan to consider buying Shire [Dealbook]

    Top pension funds probed for hedge fund use [Bloomberg]

  • What We're Reading ~ Analytical Links 10/23/14
    On the mantra that interest rates have to rise [Aleph Blog]

    Why market volatility matters: it makes investors do stupid things [Abnormal Returns]

    A look at Hertz Global [Seventeen Mile]

    On how much Bank of America is actually making [Bloomberg View]

    Ocwen still under scrutiny from regulators [Bloomberg]

    Some companies should stop giving forecasts [Herb Greenberg]

    How should investors view cash? [Vanguard]

    Profile of Jim Koch, the head of Sam Adams [Atlantic]

    Enhancing financial stability by improving culture in FinServices industry [NY Fed]

    Has IBM been utilizing their cash poorly? [Dealbook]

    Full Vanity Fair interview with Apple's Jony Ive [Apple Insider]

    What makes a great investor from a venture capital perspective [Product Hunt]

  • Third Point's Q3 Letter: Long Amgen, eBay & Alibaba, Exited Sony
    Dan Loeb's hedge fund firm Third Point is out with its third quarter letter.  In it, the firm reveals that they've added to their stake in Amgen (AMGN), established a sizable new position in eBay (EBAY), and have a significant direct investment in the newly public Alibaba (BABA). 

    Additionally, they've exited their long of Sony.  They also reduced or exited positions in AIG, Hertz, Softbank, LNG.

    Then, with the recent market volatility, they lifted some hedges and added back to positions that they had previously sold at higher levels.  Third Point writes, "Although consensus has shifted to lower growth, slower inflation, modest rates, and continued monetary expansion, we think the markets will resume an overall upward trajectory in the US through year-end."

    Embedded below is Third Point's Q3 letter where they specifically talk about AMGN, EBAY, BABA and SNE:

    You can download a .pdf copy here.

  • David Einhorn: Seeing Buying Opportunities Past Few Weeks
    At the Robin Hood Investors Conference this week, Greenlight Capital's David Einhorn sat down with CNBC to talk markets.  He said he's seeing a lot of opportunities now and has bought "a bunch of things" the past couple of weeks.

    Einhorn says he's not concerned with the day-to-day swings of the market as that's not his circle of competence.  He mentioned he hasn't been as long as some other people and has used the recent weakness to add to positions/establish new ones.

    He continues to like Apple (AAPL), saying it trades at 10x next year's earnings net of cash.  The Greenlight founder also continues to be short AthenaHealth (ATHN).

    Lastly, he likes SunEdison (SUNE) and thinks it can head to $32 per share (just under $19 now), arguing that it's a simple thesis but a complicated financial story since they own interests in various companies.

    Embedded below are the videos of Einhorn's interview at Robin Hood:

    Video 1

    Video 2

    Video 3

    Video 4

  • Corvex Capital's Presentation on Crown Castle (CCI)
    At the Robin Hood Investors Conference the past few days, Keith Meister of Corvex Capital sat down with CNBC to talk about his positions.

    He owns almost $1 billion worth of Crown Castle International (CCI), the wireless tower operator.  He says it's the best combination of real estate and telco.  He likes their fixed cashflow and that they benefit from the big

    He says the problem with CCI is they need to payout cash to shareholders by ramping up a dividend and growing that dividend at 10% a year.

    Meister also noted that he's a passive shareholder of Allergan (AGN) and likes being aligned with Bill Ackman's Pershing Square.  Simply put, he wants AGN to sell their company for the highest price possible.

    Embedded below is the video of Meister's interview at Robin Hood:

    As well as Meister's interview on Allergan:

    Additionally, here's Corvex's presentations on CCI via embedded slideshows below:

    Letter to CCI Shareholders:

    CCI Presentation:

    Robin Hood CCI Presentation:

    You can download the .pdf's here.

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