A Look At Key Hedge Fund Holdings: Bridgewater Associates [View article]
Tracking global macro hedge funds (including Bridgewater) via 13F's is a rather useless exercise because that form only discloses equity holdings when Bridgewater does the majority of its trading in other asset classes that the SEC doesn't require disclosure of (bonds, currencies, etc). In other words, you're only seeing a tiny slice of their portfolio. I would link to a relevant post explaining this, but SeekingAlpha has decided not to allow links in their comments, awesome.
Hedge Funds Have Been Buying These Stocks Recently [View article]
The EDU paragraph is wrong. It's not a new position for Joho, but rather a reduction of an existing position. Funny, considering he writes the wrong information in the article and then links to another article that has totally different (but correct) information. Literally could have just copied and pasted. Either way, wanted to highlight the inaccuracy given the controversy surrounding this stock currently.
Free Sample Issue of Hedge Fund Wisdom: Our New Quarterly Newsletter [View instapost]
Hi Daniel,
Sorry for the very delayed response, for some reason was never notified about your comment. The Hedge Fund Wisdom newsletter includes 4 issues a year, but when you subscribe you also gain access to our archives which include all past issues where you can read tons of investment ideas. The main benefit of our publication over others is that it's written directly by hedge fund analysts.
Pershing Square Gains 15% in November, Skeptics Emerge - A Lesson in Hedge Fund Tracking [View article]
Hi Will.i.am thank you for subscribing, we're glad to have you as a reader. It's great that you've found our newsletter resourceful as we put a lot of time and effort into it to ensure the work is in-depth and of high quality. Thanks!
Pershing Square Gains 15% in November, Skeptics Emerge - A Lesson in Hedge Fund Tracking [View article]
Thanks H.J.
Keep in mind though that all of our articles are posted directly on www.MarketFolly.com. Seeking Alpha does not publish all of them so you've certainly missed a few. We'd love to have you as a reader over on our main site. Thanks for the comment!
Pershing Square's 15% Return in November Sounds Fishy [View article]
Insider Monkey's main error stems from the fact that they're purely using the 13F filing as a means of gauging performance. Ackman held/holds more than just equity positions. Not to mention, the 13F filing details positions as of Sept. 30th and as other commenters have already detailed, General Growth Properties (GGP) has undergone a major corporate event since then.
Berkshire Hathaway Reduces Moody's Position, Again [View article]
Yes, the Value Investing Congress is a great event that brings in A-list speakers in the investment industry to talk about relevant macro issues and actionable stock picks. Glad you enjoyed the event as well!
Berkshire Hathaway Reduces Moody's Position, Again [View article]
Hi PDT, glad you found it resourceful and thanks for the comment. It's hard to gauge as to what Berkshire wants to do with this position. One thing's clear though: any price over $25 is one they're willing to sell some shares. Also keep in mind that it appears a lot of this position is attributed to GEICO (Berkshire's subsidiary managed by Lou Simpson) so it's not necessarily directly tied to Buffett's movements.
Howard Marks Says Buy High Quality, Large Cap U.S. Growth Stocks [View article]
You know, I've often wondered the same thing. There are *so* many managers extolling the supposed benefits of high quality US large caps, that it almost makes you wonder if that it and of itself is a contrarian signal.
Sure, these are great companies with solid cashflow and often health dividend & earnings yields. But at the same time, could they just be suffering P/E multiple compression due to lack of growth prospects? You highlight a prudent point in that most of these companies will rely on international markets for growth. That's a positive, as investors often don't have enough international exposure. But still, playing the emerging markets directly seems like a more enticing play than the developed countries.
I can see the argument being made either way. I think that many managers are arguing that high quality US large caps are good 'core' positions in a portfolio, acting as place holders to allocate some cash as a more 'safe' play than alternatives. After all, it's been a sideways choppy market this year. Also, I wonder how many are playing these stocks almost solely for the dividend yield? In a low interest rate environment, every basis point counts.
Thanks for the comment, enjoyed your contrarian view.
Stocks vs. Bonds and Risk vs. Reward: All in the Eye of the Beholder [View article]
This statement comes from information obtained from equity mutual fund outflows which have been staggering in recent weeks. So much capital has flowed out of equity funds and into bond funds.
A Look At Key Hedge Fund Holdings: Bridgewater Associates [View article]
Hedge Funds Have Been Buying These Stocks Recently [View article]
Free Sample Issue of Hedge Fund Wisdom: Our New Quarterly Newsletter [View instapost]
Sorry for the very delayed response, for some reason was never notified about your comment. The Hedge Fund Wisdom newsletter includes 4 issues a year, but when you subscribe you also gain access to our archives which include all past issues where you can read tons of investment ideas. The main benefit of our publication over others is that it's written directly by hedge fund analysts.
Let us know if you have any other questions. www.hedgefundwisdom.com
Hedge Fund Farallon Sells Some Beacon Roofing Supply [View article]
Crispin Odey Remains Optimistic on Stock Markets: Latest Commentary and Outlook [View article]
Pershing Square Gains 15% in November, Skeptics Emerge - A Lesson in Hedge Fund Tracking [View article]
Dan Arbess' Xerion Fund Prefers Commodities Over Equities [View article]
You're right that they have owned Ivanhoe Mines (IVAN), also listed in the letter as a previous investment (2006).
Pershing Square Gains 15% in November, Skeptics Emerge - A Lesson in Hedge Fund Tracking [View article]
Keep in mind though that all of our articles are posted directly on www.MarketFolly.com. Seeking Alpha does not publish all of them so you've certainly missed a few. We'd love to have you as a reader over on our main site. Thanks for the comment!
Pershing Square's 15% Return in November Sounds Fishy [View article]
We rebutted Insider Monkey's article here: www.marketfolly.com/20...
Hedge Fund T2 Partners' Largest Long and Short Positions [View article]
Berkshire Hathaway Reduces Moody's Position, Again [View article]
Warren Buffett's Worst Trade and Biggest Mistake [View article]
Berkshire Hathaway Reduces Moody's Position, Again [View article]
Howard Marks Says Buy High Quality, Large Cap U.S. Growth Stocks [View article]
Sure, these are great companies with solid cashflow and often health dividend & earnings yields. But at the same time, could they just be suffering P/E multiple compression due to lack of growth prospects? You highlight a prudent point in that most of these companies will rely on international markets for growth. That's a positive, as investors often don't have enough international exposure. But still, playing the emerging markets directly seems like a more enticing play than the developed countries.
I can see the argument being made either way. I think that many managers are arguing that high quality US large caps are good 'core' positions in a portfolio, acting as place holders to allocate some cash as a more 'safe' play than alternatives. After all, it's been a sideways choppy market this year. Also, I wonder how many are playing these stocks almost solely for the dividend yield? In a low interest rate environment, every basis point counts.
Thanks for the comment, enjoyed your contrarian view.
Stocks vs. Bonds and Risk vs. Reward: All in the Eye of the Beholder [View article]