Dr. Hugh Akston
Hedge fund manager, long/short equity, value

Lone Pine Not Alone In Resolving Covenant Issues

To steal from the genius of Mark Twain, the reports of Lone Pine Resources' death have been greatly exaggerated. One look at the stock chart will tell you that all is not well at Lone Pine Resources; however, a 50+ hour study of the SEC filings, press releases, and quarterly earnings will also tell you that this company is not going bankrupt either. We humans are cursed with a host of cognitive biases which cause our decision-making to deviate from a standard of rationality. These cognitive biases are often responsible for the mispricings that occur in financial markets. One of the most notorious is the recency bias which is our tendency to weigh recent events more heavily than earlier events....

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