This past Monday top value investors from across the country gathered in New York to discuss their investment ideas at the 5th annual Value Investing Congress. I was planning to attend, but some unforeseen events back at home prevented me from traveling to New York. Thankfully, since I was registered for the event, I have [...]
One of the highlights of this year’s Value Investing Congress was Bill Ackman’s presentation on Monday, October 6, 2008. The focus of his presentation was on his recent long position in Wachovia (WB). If I got my facts straight, Ackman bought into Wachovia around Monday, September 29, 2008. He then sold half of his position [...]
Jeff Matthews is with Ram Partners. Matthews just published his book today. Two years ago the annual meeting he took 30 pages of notes. This past May he took his computer and took notes. Had great words to say about Lee Cooperman. He bought Lynne Broadcasting for a $1. Thinks it was bought by AT&T for $131 [...]
Aaron Edelheit of Sabre Value Management presents “Small Cap Diamonds in a Rough Market.” Sabre is generating 19% annualized returns. How has the small cap value sector outperform so long? Edelheit argues this is because there are periods of illiquidity and volatility. Edelheit focuses on insider buying, spin-offs and restructuring.
Kian Ghazi is with Hawkshaw Capital Management. He starts up by discussing previous picks in Wesco and Learning Tree and how they have played out. Hawkshaw is a long/short U.S. equity investment partnership. There is a heavy emphasis on research investigation. How do we invest with conviction? Value investors identifying high quality one of a [...]
Boykin Curry from Eagle Capital Management starts off the second day of the Value Investing Congress. His presentation is on value investing and time arbitrage.
Carl Icahn just joined us at the Value Investing Congress. He’s speaking on the current financial crisis and the role of shareholder activism. According to Icahn, the real problems with these financial companies are the Boards. The Boards do not in any way hold managements accountable. They take risks when they shouldn’t. When Boards work [...]
John Burbank of Passport Capital is the next presenter. He is being patched in via video conference, which had a rough start due to technical issues. It added comic relief, which was welcome given the depressing morning presentation and current market numbers. Passport Capital is targeting 30% annualize returns and the word here is that he [...]
Whitney Tilson and Glenn Tongue move on from their presentation on the housing bubble and credit crisis to their current stock picks. They present on EchoStar (SATS), Fairfax Financial (FFH), and Berkshire Hathaway (BRKa). EchoStar EchoStar Corp. is a spinoff of EchoStar Communications (DISH). They make set-top boxes, but also includes Slingbox. Also has satelites/broadcast [...]
I’m at Value Investing Congress in New York City this morning. I’ve already caught up with Todd Sullivan of Value Plays and Vitaliy Katsenelson from Vitaliy’s Contrarian Edge. Whitney Tilson and Glenn Tongue are giving the first presentations on the housing bubble and credit crisis. Tilson steps through the historical data on housing and borrowing. Some [...]