market folly
Updates on what top hedge funds are investing in

  • Citadel Adds To Acxiom Stake
    Ken Griffin's Citadel has filed a 13G with the SEC regarding their position in Acxiom (ACXM).  Per the filing, Citadel now owns 5.1% of the company with over 4 million shares.

    They've boosted their position size by over 2.7 million shares since the end of the second quarter.  The filing was required due to activity on September 25th.  ACXM shares have plummeted from $39 earlier this year down to current levels around $16.

    Per Google Finance, Acxiom is "an enterprise data, analytics and software-as-a-service company. The Company operates in three segments: Marketing and Data Services, IT Infrastructure Management, and Other Services. The Marketing and Data Services segment includes its global lines of business for customer data integration, consumer insight solutions, marketing management services, and consulting and agency services. The IT Infrastructure Management segment develops and delivers information technology (IT) outsourcing and transformational solutions. The Other Services segment includes the e-mail fulfillment business, the United States risk business, and the United Kingdom fulfillment business. In July 2014, the Company acquired LiveRamp, Inc., a service for onboarding customer data into digital marketing applications."


  • What We're Reading ~ Analytical Links 10/1/14
    Do valuation shorts work? [CFA] 

    Importance of ROIC: the math of compounding [Base Hit Investing]

    The great American deleveraging continues [Yahoo]

    The end of monetary policy [Forbes]

    'Stock Market Wizards' take losses [Dasan]

    Profile of Mohnish Pabrai [Forbes]

    On China's economy: a test of will [Economist]

    eBay does about-face in spinoff of PayPal [Dealbook]

    On Apple Pay's eCommerce disruption [Starpoint]

    Bullish piece on Bank of America [Barrons]

    US poised to become world's leading liquid petroleum producer [FT]

    Mystery man who moves Japanese markets [Bloomberg]

    An investor's guide to better writing [imausa]


  • David Tepper's Latest Thoughts: Bloomberg Interview
    Appaloosa Management's David Tepper sat down with Bloomberg TV today to discuss the upcoming Robin Hood Investors Conference that fights poverty in New York and to share some of his latest market thoughts.  Here are the highlights:


    David Tepper's Bloomberg Interview


    On his bet against bonds:  "They (ECB) haven't done any QE yet. So let them start some QE. But the beginning of the end was basically saying that when you create inflation and some inflation in the eurozone, then the bond market is going to start going down. If you don't create inflation in the eurozone of some sort or you don't stop the deflation, then that might not happen. But I do think that if they go in action, if they get in action, if they really get in action you will start creating inflation at some point in time. Until you do that, things will go where they go. And you can look at the curves over there."

    On how the saying used to be "don't fight the Fed" and now it's "don't fight Draghi": "Yeah, I think that's probably right to a certain extent. I don't think you want to fight it, but you've got to understand what it's going to mean. So the extent that if he's really in action then you don't want to fight him, but he has to really get in action. You have to start QE. This negative interest rates doesn't necessarily have the effect of creating money. It doesn't necessarily have the effect of creating inflation. So if you want to do that, do that. But right now he's done nothing. So let him start."

    On the US equity market multiple:  "Well I don't think it's high because if you – if you believe interest rates are 4 or 4.5 percent, 16.5 seems like about the right multiple. But I don't think we're at the 4.5 percent 10-years. We're at 2.5 percent 10-years or unfortunately 2.43 or something like that right now. And next year at 14 –"

    On Fannie/Freddie:  "I wish I didn't have any investment.  And we're just – we're going to do a little bit more research and see where we stand in different courts. There's – it's – there's appeal processes for different lawsuits, so you’re not done with this particular court. You also have other courts that you’re involved in. I forget the name. The court of settlement claims or something like that.   So you have different places, different venues to – to – that you haven't brought a case yet, and also you can appeal this last decision. So I think that will go on. And then you want to see what happened exactly in this – in this judge's opinion right here. So you have to do some analysis right now to see where the securities are (inaudible) down a lot. Are they value now? Are they buy, sell, hold? That's what you have to do, reevaluate (inaudible)."

    Tepper's thoughts on equities: "Well I kind of told you. Listen, it's – it's interesting on a multiple basis and – but you have to have certain things happening. You’ve got to have Europe stop – stop the nonsense, so to speak, Draghi stop the nonsense. So that's kind of it."


    Embedded below is the video of Tepper's Bloomberg Television interview:



    For more from Tepper, head to his call for the beginning of the end of the bond market bubble.



  • Lone Pine Capital Boosts Tiffany Stake
    Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding their position in Tiffany & Co (TIF).  Per the filing, Lone Pine now owns 5.3% of the company with over 6.85 million shares.

    This means they've boosted their stake by over 2.61 million shares since the end of the second quarter.  The filing was made due to activity on September 18th.

    You can view additional recent portfolio activity from Lone Pine here.

    Per Google Finance, Tiffany's is "a holding company that operates through its subsidiary companies. The Company operates in five segments: Americas, Asia-Pacific, Japan, Europe and other. The Company's principal product category is jewelry, which represented 92% of worldwide net sales during the fiscal year ended January 31, 2014."


  • Eton Park Capital Increases Riverbed Technology Position
    Eric Mindich's hedge fund firm Eton Park Capital has filed a 13G with the SEC regarding their position in Riverbed Technology (RVBD).  Per the filing, Eton Park now owns 5.63% of the company with 9 million shares.

    This means they've increased their position size by over 6 million shares since the end of the second quarter.  The filing was made due to activity on September 18th.

    Per Google Finance, Riverbed Technology "has developed solutions to the fundamental problems associated with information technology (IT) performance across wide area networks (WANs). Riverbed’s family of performance products include solutions for branch offices, mobile workers, private data centers, private clouds and cloud computing. The Company’s products include Steelhead products and Cascade product line."






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