letters to investors
Dan Loeb Could Easily See The Next Game Of Thrones Book Focusing On Portfolio Positioning And Factor Risk
The Third Point manager feels like he's going into battle every damn day.
David Einhorn Isn't Gonna Mince Words Here: 2015 Could've Gone Better
In fact, it's difficult to impossible to imagine it having gone worse.
No One Is More Disappointed In Larry Robbins Than Larry Robbins: Larry Robbins
2015 has been a bit of an annus f*cking horribilis for the hedge fund manager but it's not over yet.
Paul Singer Wants His Literary Musings Kept Among Friends
Sharers of Singer's letters better run and hide.
Larry Robbins Isn't Sure, But He Thinks A Giant Tuna Tried To Kill Him
He shared the harrowing tale with investors this month.
Leon Cooperman Doesn't Even Know How You Can Look At Him
He's deeply ashamed about last month's performance.
If Ben Bernanke Is Going To Keep Printing Money, David Einhorn Is Going To Continue Stockpiling Gold Watches
In other GL updates, sources at Brovada say the investment team has swung from two point underdogs to 13.5 point favorites in the annual interoffice basketball game and the Greenlight baby-making machine continues to work overtime. Greenlight Capital 3rd Quarter Letter 2012 [PDF] Related (-ish): The Search For Einhorn's Gold
Bill Ackman: Where We're Going, We Don't Need Roads
The principal weakness we share with most other money managers is the fact that our capital base is not permanent, and we therefore keep cash on hand and/or own passive liquid investments which we can sell to meet potential investor demands for capital. To address this weakness in our open end hedge fund structure, later this year, we intend to launch the private phase of Pershing Square Holdings, Ltd., which we expect to eventually list on the London Stock Exchange...In [the cases of Canadian Pacific, JC Penney, Justice Holdings and General Growth], we had the resources to effectuate the necessary change and the capital commitment from investors who were willing to wait for the changes to be implemented. During the course of each investment, however, there have been periods of enormous skepticism both from the investing public at large and, presumably, from some of you who are invested in the Funds...The Pershing Square funds have been a large beneficiary of our ability to take advantage of periodic market skepticism by increasing our ownership at more favorable prices. Volatility is the friend of the unleveraged long-term investor. We much prefer the bumpy road to higher rates of return than a smoother ride to more modest profits. Pershing Square Q12012 Letter To Investors [PDF]
Warren Buffett And David Einhorn Are In Agreement Re: The Frigidity Of Their Disfavored Investment Ideas
Back in February, in his annual letter to investors, Berkshire Hathaway chief Warren Buffett spent a good bit of time discussing why one shouldn't own gold. Beyond the fact that, according to WB, gold doesn't "change in size and [is] incapable of producing anything," and you'd be much better off buying farmland (which "a century from now will have produced staggering amounts of corn, wheat, cotton and other crops and will continue to produce that valuable bounty") or shares of Exxon Mobil (which "will probably have delivered trillions of dollars in dividends to its owners," the Oracle of Omaha had one incontrovertible, be all end all reason for eschewing the metal: its unfuckability. Oh sure, you can do things to a cube, you can fondle it, you can talk dirty to it, you can send nude pictures of yourself, you can even drill a hole in it and fuck it senseless, but, the thing is, the cube will not respond. No reciprocation, no gratitude, not even a sign it enjoyed itself. For Buffett, no further argument was necessary as to the worthlessness of the commodity. (Silver, on the other hand, will make you feel like you're 18 again.) Anyway, David Einhorn sort of feels the same way about the dollar. Greenlight Capital 1Q2012 Letter To Investors [PDF] Related: Don't Think He Hasn't Tried