market folly
Updates on what top hedge funds are investing in

  • 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.

  • 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.

  • 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

  • Robin Hood Investors Conference 2014: Summary of Stock Picks
    The 2014 Robin Hood Conference took place over the past two days in New York where hedge fund managers presented their latest investment ideas to benefit the Robin Hood Foundation which fights poverty.  Julia La Roche of Business Insider tweeted tidbits from the event and here's an aggregation of them all.

    Stock Picks From Robin Hood Investors Conference 2014

    David Einhorn (Greenlight Capital): long SunEdison (SUNE), Greek banks like Alpha and Piraeus (via warrants).  Short French debt.

    David Tepper (Appaloosa Management): short the Euro.

    Larry Robbins (Glenview Capital): long Community Health (CYH), Realogy (RLGY), VCA (WOOF), Fidelity National Financial (FNF)

    Dan Loeb (Third Point): long Amgen (AMGN) and has talked to management

    Paul Tudor Jones (Tudor Investment Corp): Thinks commodities will be a mess until 2020, likes US stocks.

    Jim Chanos (Kynikos Associates): Short Petrobras

    Scott Ferguson (Sachem Head): Long Comcast (CMCSA).  He previously worked at Ackman's Pershing Square.

    Keith Meister (Corvex Capital): Long Crown Castle International (CCI), also long Allergan (AGN).

    Zach Schreiber (PointState Capital): ex-Duquesne guy, used to work with Stan Druckenmiller.  Long Cheniere Energy (LNG).

    Nehal Chopra (Tiger Ratan Capital): long Charter Communications (CHTR)

    Fred Wilson (Union Square Ventures): Venture Capital, not equities but insinuated he'd be short Netflix (NFLX), Amazon (AMZN), and eBay (EBAY).

    Tom Wagner (Knighthead Capital): long American Airlines (AAL)

    Matthew Sidman (Three Bays Capital): long Churchill Downs (CHDN)

    Ricky Sandler (Eminence Capital): long Telefonica Brasil (VIV) and eBay (EBAY)

    Traci Lerner (Chesapeake Partners): long American Airlines (AAL), Gencorp (GY) and Eagle Materials (EXP)

    Whitney Tilson (Kase Capital): long Sodastream (SODA) and Micron (MU).  Short Lumber Liquidators (LL) and Exact Sciences (EXAS)

    Ivy Zelman (Zelman Associates): long homebuilders, Lennar (LEN), Pulte (PHM), Toll (TOL), as well as Fortune Home & Security (FBHS) and Mohawk (MHK).

    Bill Eigen (JPMorgan): Short bonds to play volatility

    Nathaniel August (Mangrove Partners): Short Worldwide Wrestling Entertainment (WWE), long Fortress Investment Group (FIG)

    Oleg Nodelman (EcoR1 Capital): long Clovis (CLVS)

    Amish Mehta (SQN Investors): long Blucora (BCOR)

  • Huge Discount to the 3-Day Family Office Super Summit in Miami for Our Readers
    MarketFolly has secured 7 tickets at a heavily discounted price to next month's Family Office Super Summit in Miami on November 11-13, 2014.  This 3-day conference features 40+ family office executives presenting on topics such as fund manager selection, building a direct investment program, and asset allocation models.  This is a rare opportunity to hear from the CIOs that manage capital for the world's wealthiest families, all while networking in beautiful Miami, Florida.

    Since Market Folly is a media sponsor, we have negotiated 7 tickets at a huge discount of $1,200 off your admission. That means the first 7 professionals who register can attend all 3 days for just $797 instead of the normal price of $1,997 simply by entering the promo code "folly" on the reservation form:  Due to the size of this discount please do not share this coupon code with non MarketFolly subscribers and access the code will be cut off as soon as 7 professionals have registered by using this discount.

    Family Office Super Summit Speakers List

    • Michael Connor, Consolidated Investment Group 
    • Matthew McCarthy, Nottingham & Spirk 
    • Jonathan Bergman, TAG Associates 
    • Elliot Dornbusch, CV Advisors 
    • Al Bhatt, Coral Gables Trust 
    • Paul Vogel, Argos Partners 
    • Richard Joynt, Bedell Family Office 
    • John Jonson, Lyrical Partners 
    • Christian Zabbal, Black Coral Capital 
    • David Rosen, Pritzker Group 
    • David Fisher, Bentley Capital 
    • Gary Domoracki, Ten Mountain Capital 
    • Jimmy Hickey, RiverRock Capital 
    • Candice Beaumont, L Investments 
    • Ronald Macleod, Baciu Family Capital 
    • Timothy Smith, Petro Lucrum 
    • Mauricio Gruener, GFG Capital 
    • Mark Renz, Barclay Breland Family Office 
    • Cliff Oberlin, Oberlin Wealth Partners 
    • Roman Khlupin, W Family Office 
    • Declan Ramsaran, Redwood Wealth Canada 
    • William Kidd, KIDD & Company 
    • Camilo Nino, AKRO Group 
    • James Cassel, Cassel Salpeter & Co. 
    • Blakely Page, Spouting Rock Capital 
    • Ira Perlmuter, T5 Equity Partners  
    • Jorge Carstensen, Helvetica 1890 
    • Santiago Ulloa, WE Family Office 
    • Abe Tatar, The Hysek Group 
    • Michael Weinberg, MOW & AYW 
    • Stuart Dunn, Holdun Investment Partners 
    • Christian Jagodzinski, Desdemona Capital 
    • Gregory Spick, UPS Investments 
    • Anthony Ritossa, Ritossa Olive Oil & Family Office 
    • Richard Stone, Stone Family Office 
    • Scott Freund, Family Office Research 
    • Henley Smith, Commonwealth Asset Management 
    • Paul de Sousa, BMG, Inc. 
    • Rodolfo Paiz, The Guayacan Group 
    • Christina Dikareva, Single Family Office (Private) 
    • Logan Powell, Copper Beech Capital 
    • Daniel Shakhani, RDS Capital 
    • Sergio Pedro, Private Family Office 
    • Greg Curtis, Greycourt & Co. 
    • Andrew Mehalko, AM Global Family Investment Office 
    • Harris Fried, Fried Family Office 
    • Peter Marquardt, The Leo Group 
    • Leah Zveglich, Aster Family Advisors 
    • Richard C. Wilson, Billionaire Family Office 
    • Jesse Shemesh, Kite & Key Realty Group 
    • Thomas Handler, Handler Thayer

    Conference Details:

    Where: JW Marriott of Miami in Brickell ($200 discounted rooms available)

    When: November 11-13, 2014

    Why: Learn from top family office investors, form new family office relationships, and access three days of family office insights covering a range of institutional investing topics.

    Limited Time Discount For Market Folly Readers

    Since Market Folly is a media sponsor, we have tickets with a $1,200 discount to this 3-day conference available for the first 7 professionals who register using the promo code "Folly" on this form: or call us if you have questions or trouble registering at (212) 729-5067.

    Like all of our events we 100% guarantee that you will love the conference and get far more than your money's worth of value from it or we will refund you instantly upon request.

    See you in Miami.

    Richard C. Wilson
    (212) 729-5067
    Wilson Conferences
    Family Offices Group Association
    3300 NW 185h Avenue Suite #108
    Portland, Oregon 97229

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