Fund manager Amit Chokshki attended this week's 3rd Annual New York Value Investing Congress on behalf of Seeking Alpha. Here are Amit's notes from the presentation of T2 Partners' Whitney Tilson and Glenn Tongue:
- EMC trades at a very cheap relative value against its peers.
- T2 believes EMC will eventually sell off entire VMW stake as the vast majority of parent companies that engage in spin-offs do.
Resource America (REXI) – long idea
- Controversial because REXI is involved in nearly every “bad” category from securitizations to real estate.
- Operates three main busineses: Real Estate, Commercial Finance, and Finance Funding
- REXI doesn’t bear significant credit risk because most debt is non-recourse and REXI is in many cases just the asset manager
- REXI has a history of creating shareholder value through operations as well as spin-offs such as Atlas America.
- T2 believes REXI will emerge unscathed from a business/intrinsic value perspective and offers significant upside
Berkshire Hathaway (BRK.A) – long idea, update from previous VIC:
- Still trading at a discount to intrinsic value.
- Attractive opportunity because of the rock solid balance sheet, rapidly growing businesses, and Warren Buffett having a war chest during very turbulent market conditions.