peter1234

Thank you, good insights. :) Looks like they charge 1.5% pa management fee. Total annual expenses somewhere below 2% pa.

Interesting musings on using SPY Jan 15 Puts. http://www.alphaarchitect.com/index.php?c=index&a=blogpost&preview=true&blogid=12126&p=12126 BTW not sure if it lists all drawdowns >10%. For example, seems like 2011 and 2010 had drops > 10% as well.

Thank you, these are 3 good minutes. Looks like he looks for cheap & good stocks (like magic formula). Also uses DCF "his secret sauce". Quantitative screens as a start, then validation by hand "do I believe what the screen says?" :)

How does he select his stocks? He seems to mainly talk about market valuation and his hedges. Has anyone heard him talk about stocks? Does he have a big team selecting stocks or does he use some type of quant screen?

These are incredible/unbelievable numbers. He never really had big draw downs, just constantly under performed the index due to the hedges over the years. Thanks for bringing it up. Shows the power of a passive index. ;)

Only shows 1.3b. Question is whether we can find more of the 4.8b (3.2b is in cash) for total of 8b AuM. ;)

He has 3 funds. Is it possible that you only found the 13F for one fund? Or is it aggregated? There are different entities but I only found a current 13F for 1 entity (Abrams Capital Management, L.P. ) Abrams Capital LLC Abrams Capital Management, L.P. [ formerly Pamet Capital Management, LP ] Abrams Capital Management, LLC [ formerly Pamet Capital Management LLC ] Abrams Capital Partners II, L.P. Abrams David C

Agreed it was short. To be fair, he offered quite a few nuggets. Thanks for the links. :)

Very interesting, have not heard of him before. He seems to be a protege of Seth Klarman and also wrote in 'Klarman's' 6th Edition of Security Analysis in Part 7 "The Great Illusion of the Stock Market and the Future of Value Investing". My (un) educated guess to your questions is that his style is close to Seth Klarman. However, his 13F sure seems easier to understand... - don't think he shorts, otherwise he would not have been down 40% in 2008 - his 'hedges' are probably special situations - don't know where the majority of his assets are invested. His 13F shows 1.3b. WJS says he manages 8b, of which 40% cash, leaving 4.8b invested of which only 1/3 or 1.3b appears on the 13F (see the similarities to Klarman ;) ) - he was on a panel with Seth Klarman and Howard Marks, so an allocation to distressed debt seems like worth a guess - as for international: probably not so much directly with only 3 analysts Anyone with real info please chime in. :)

One to add (a favorite of Michael Burry): A recently updated textbook that walks you through all the financial items on the balance sheet, income statement, cash flow statement from the perspective of a business owner. Why Stocks Go Up and Down "The Book You Need To Understand Other Investment Books" :) :)

He seems to have 3 books on Amazon, 1 "expensive", 2 "cheap". ;) :) ;D http://www.amazon.com/Youre-Welcome-Planet-Earth-Convexity-ebook/dp/B00F43EHF2/ref=la_B00DC7EPJK_1_1?s=books&ie=UTF8&qid=1401389638&sr=1-1 http://www.amazon.com/Youre-Welcome-Planet-Earth-Powerful-ebook/dp/B00DBT66MI/ref=la_B00DC7EPJK_1_2? s=books&ie=UTF8&qid=1401389638&sr=1-2 http://www.amazon.com/Youre-Welcome-Planet-Earth-INTEGRATING-ebook/dp/B00KKVO334/ref=la_B00DC7EPJK_1_3?s=books&ie=UTF8&qid=1401389638&sr=1-3

Here is one: From Opalesque TV http://www.questthai.com/main.html

Does anyone have an idea of what kind of holding period Tepper has? He strikes me as a person like Soros that turns on a dime and the 13Fs are just like random snapshots in time. Am I totally off here? :)

Thank you. First time I watched him on Chinese TV... :) :) :)

Fascinating. Thanks :) :) :)

They also talked about building out further power infrastructure together. This would be important to SNC as it provides them with more business in the future from a very dependable and forward thinking partner (MidAMerican). :)

Alexander Ineichen has a nice concept: Wisdom Understanding Knowledge Information Data I think we are discussing the bottom of the pyramid here (Data input 500 pages per unit of time). How much Understanding and Wisdom comes out on top might matter as well. :) :) :)

Packer, I believe it was from an OID Interview in 1989. He is talking about the 1987 crash. :) ... Walter Schloss: The 1987 break was much more like 1962 than it was like 1929. The market was far too high. And it revalued itself - much of it in one day. But we never know where the market is going. In October of 1987 before the market broke, we were both saying that the market was too high.

I get about 3.3%: 7.4 E12/ 48 E6 = 154,166 154,166^(1/364) = 1.0334 or about 3.3% Does this look right? :)

Interesting that Howard Buffett is on the board and voted in favor.

Thank you for posting the transcript! Much easier to read than listening to the snippets. :)

Looks like Alpha Bank became a major new long position. from http://www.cnbc.com/id/101469983 ... Greenlight took the initial position sometime during the second quarter of 2013 when the stock was near its lows. At the time, Greenlight participated in recapitalization of Alpha Bank and Piraeus Bank, according to an investor letter. The hedge fund didn't specify how large the initial investment was, but said it included warrants that would allow it to buy more shares over a period of 4½ years. In the letter last year, Greenlight said the bank should be able to cut costs over time as employment laws are revised and that business confidence was on the rise. It also said that Alpha was valued between 0.5 and 0.6 times tangible book value. Alpha Bank's shares have fallen by about 95 percent since their peak in 2007.

Here is an interesting (and funny) perspective :) http://www.valuewalk.com/2014/04/womack-investing-like-pig-farmer/ .... Now during the 30 year period had he started with $25,000 his stock portfolio, assuming no additions and the dividends being spent shamelessly, he would be worth roughly $640,000 now. The historical record shows us that if he had focused on dividend paying stocks that traded at a discount book value he would have likely done much better but we will assume the base case for our purposes. That’s a 30 year compound return of about 11.5% compared to the stock market compound return of 8.50% over the same 30 years. He was only invested about half the time so we can add a few percentage points for interest earned during the off years and of course we still have not accounted for dividends. When you add those factors in you are knocking on the door of twice the rate of return of buy and hold investing in the stock market.

Have you tried this already? http://www.givernycapital.com/en/medias

As far as I know, he does not manage money directly. He is based in London and advises Boston based GMO on their (global) asset allocation. GMO manages a lot of money (like 100 billion or so). He writes insightful letters (also a few good books), always with a bearish touch. GMO has been right at the major turning points, oftentimes early. Their 7-10 year forecasted stock returns are probably as accurate as anyone's. Just my 2 cents.