I am a value investor focused on misunderstood securities and industries, with an eye for long-term stock ownership. I am a big fan of Joel Greenblatt's special situation investing, Berkshire Hathaway's focus on high quality enterprises, David Einhorn's shorting and accounting scrutiny, Bruce Berkowitz's financial investments, and Seth Klarman's focus on downside risk. I do my best to pull from each of them in my pursuit of investment excellence. I run a concentrated portfolio (5-7 significant positions) with a heavy emphasis on earning power. I find it is difficult for balance sheet values to be monetized quickly, especially with a small portfolio, so I stick to the money I know should be coming in every year.
Andrew McDonald is a healthcare investment professional with expertise in identifying transformative medicines as well as in forecasting clinical trial, regulatory, and sales outcomes. Prior to co-founding LifeSci Advisors, Andrew most recently served as senior biotechnology analyst at Great Point Partners, a dedicated life science hedge fund. From 2004-2006, Andrew was Co-head of Healthcare Research and Biotechnology Analyst at ThinkEquity Partners, a boutique investment bank. Prior to entering the financial services industry, Andrew was a medicinal chemist at Cytokinetics from 2001-2004, where he discovered and developed a promising anti-cancer agent now in clinical trials. Andrew began his pharmaceutical career as a medicinal chemist at Pfizer from 2000-2001. Andrew received a Ph.D. in organic chemistry from UC Irvine and completed his B.S. in chemistry at UC Berkeley.
Name: Eric Cohen
# of portfolios: 2
2010 Annual Performance Portfolio # 1
Security: C June 19 2010 3.0 Call
Gain (%): 81.88%
Security: LQX Jan 21 2012 30.0 Call
Gain (%): 36.01%
Security: National Western Life Insurance
Loss (%): -1.88%
Security: Rig Jan 21 2012 60.0 Call
Gain (%): 21.19%
2010 Annual Performance Portfolio # 2:
Security: CitiGroup INC
Gain (%): 22.15%
Security: Rio Tinto PLC
Gain (%): 20.37%
Security: EXC Jan 19 2013 35.0 Call
Current Positions as of today 2/11/2011:
American Reprographics Company (ARC) +31.16%
SuperValu Inc (SVU): +9.72%
BBY Jan 19 2013 30.0 Call: -12.5% LOSS
5 out of 6 profitable trades between my 2 personal accounts in 2010. One loss for under 2%!
Working with small amounts of capital and therefore making concentrated bets.
My current options position in Best Buy has a break even point of $38 and expires 2013. Best Buy Stock is currently at $33.60.
Good Luck to all! Thank you very much for your interest. If you have any questions or comments feel free to message me.
During the last 14 years Gelu has worked with top quartile financial institutions and companies across Central and Eastern Europe (mainly Romania and Turkey). During that period he pursued origination of opportunities and the closing of a number of transactions, managed multidisciplinary teams, processes and situations and has been on the Board of some investee companies. Currently Gelu manges his own advisory and assists customers with various transaction services such as due diligence, business planning and negotiations. Gelu is a trainer a trainer of financial modelling with the Romanian Institute of Banking.
Home Residence: Mount Holly, North Carolina
Investing Philosophy: Extreme Distress Earnings Plays During Multi-Year Market Bottoms; I could care less about stocks that are 10%, 20%, or even 50% undervalued. I will wait an entire decade for the oppurtunity to buy 10, 20, and even 50 baggers through direct equity exposure or LEAPS at market bottoms. Once Mr. Market begins to turn into a "manic depressant" as Benjamin Graham would put it, I am even open to shorting the hyper-valuation stocks.
Portfolio: $100,000 Family Fund; Sole Decision Maker for fund; First $50,000 was granted in April 2010 and invested into Noble Corp. (NE) at the end of May and beginning of June (current position); Second $50,000 granted in September, currently in cash ($53,000 roughly).
Update (3/31/2011): Sold 90% of Noble Corp. (NE) stake at just over 50% gain, which was held for roughly 10 months. Very cautious right now, 20% portfolio in Wal-Mart (WMT), 10% in Johnson and Johnson (JNJ), and 8% in Noble Corp. (NE). Rest is in cash (62%). Portfolio value roughly $125,000.
Update (4/6/2011): Sold rest of Noble Corp. (NE)
Update (4/26/2011): Sold Johnson and Johnson (JNJ) for profit. Great company, but valuation is decent, nothing special, 20% WMT, 80% cash.
Update (11/15/2011): Been in cash for some time now... but feel great about this because of how artificial the whole charade is right now...
Update (11/25/2011): Valuations in some cyclical companies set up for 2X and 3X gains, but I'm greedy when it comes to desiring outlier-like returns and incredible margin of safety (for you Ben Graham haha... Enjoying watching with tons of dry powder)
Mr. Market Rating: IRRATIONAL EXUBERANCE
(Update, overdue, 11/25/2011)
Mr. Market Rating: Valuations starting to become reasonable, especially in coal, other cyclical sectors
Investing Events Attended:
2010 - Berkshire Hathaway Annual Meeting (May), Second Annual Value Investing Panel at Creighton University (May), Pabrai Funds Chicago Meeting (September)