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peter1234

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Everything posted by peter1234

  1. Good question. One issue is the extreme leverage. If they leveraged 50x, losses can get big quickly.
  2. Thanks Parsad. Oh, and you forgot that he also has time for his daily naps. :)
  3. They were at least 3 analysts back then. Is there anyone else beside BB now?
  4. If you want to be able to think and invest long term, you want a 1 year or longer lockup. One of the main reasons Ackman listed his fund as a closed end fund was for permanent capital with lockup forever. These lockups apparently scare away many/most prospective investors as well as intermediaries helping you raise money. If you want to attract the most money quicky, have the shortest lockup with daily liquidity. After 1-3 years of good returns you will be flooded with money and after short term under-performance, it will all leave just as you scaled up your operations and got comfortable in your new penthouse. Intermediaries are very attracted to this setup and will find lots of clients and money. Reality is not as black and white as this, but I hope you get the gist. While promoting his book, Spier talks a fair bit about having to deal with fast (in and out) money in the past and now being much happier with more permanent money. ;)
  5. he actually did start a new fund http://blogs.wsj.com/moneybeat/2013/06/20/fund-star-from-crisis-looks-to-raise-money-again/ Looks like he is managing about $175M (2014). However, I could not find any 13Fs. ;) Peter, Where did you find that $175M number? Thanks, AtlCDore http://www.adviserinfo.sec.gov/IAPD/Content/Search/iapd_landing.aspx?SearchGroup=Firm&FirmKey=167772&BrokerKey=-1
  6. he actually did start a new fund http://blogs.wsj.com/moneybeat/2013/06/20/fund-star-from-crisis-looks-to-raise-money-again/ Looks like he is managing about $175M (2014). However, I could not find any 13Fs. ;)
  7. Top Spanish fund manager Francisco García Parames to go it alone Use Google (Financial Times) ;)
  8. I do not have any more info. They might have non competes as well. Maybe the 3 of them want to set up a new fund together? Just speculating. ;)
  9. Bestinver loses 30% of its assets after the departure of Francisco Garcia Paramés - elEconomista.es Looks like he has a 2 year non compete and tries to buy himself out for 30M. http://www.eleconomista.es/banca-finanzas/noticias/6377828/01/15/Bestinver-pierde-un-30-por-ciento-de-sus-activos-tras-la-marcha-de-Parames.html#Kku8ynqNHLCsTAJO Translated from Spanish: When a manager leaves the company reputable is leaking investors Bestinver, a leading investment managers in Spain, has seen a loss of around a third of its assets under management in 2014 after the departure of its prestigious CEO, Francisco García Paramés, the last company in the industry to be victim of the "key man risk". Paramés, who co-led most major funds of the firm, resigned in late September after 25 years with the company and 2 key managers, Álvaro Guzmán de Lázaro and Fernando Bernad, they followed suit on Monday. Paramés told Reuters through a spokesman that he had left the company due to disputes over the strategic direction of the manager, who wanted to expand its investor base while Paramés was in favor of focusing on a core of investors with high levels of liquidity. Bestinver also intended to start trading with bonds, as he showed a letter from its president Paramés, a move that this disapproved, the spokesman added. The firm did not comment on the departure of Paramés when Reuters asked. Victim of "key man risk" Bestinver, the Spanish group Acciona, saw its assets falling to 5,700 million at the end of December from 8.200 million a year earlier, according to Lipper data showed a decrease of 30%. Most of the losses of all funds managed by the company took place from September to late December, with the flagship Bestinfond FI losing more than $ 750 million in assets during September and October. The ability of a manager renowned leaving the company to cause leakage of investors has proven several times in recent months, especially in the case of walking Pimco founder Bill Gross, who was with him billions of dollars to his new company. Javier Sáenz de Cenzano, CEO of analysis in the Iberian Peninsula and Italy to Morningstar, noted that all products Bestinver low coverage had been degraded "gold" to "neutral" after the resignation of Paramés. "We think Paramés and 2 co-managers of portfolios have been critical in the success Bestinver funds have had for a long time," he said. "They were key managers in making decisions in a process where the fundamental analysis of equities from the bottom up was the main instrument to reap benefits," he added. An approach based on value Paramés adopted an approach based on the value for their investment, a term popularized by competitors like Warren Buffett style, trying to find undervalued equity products waiting for you to appreciate in the medium to long term. The fund Bestinfond FI won 65.4% in the 5 years before the end of 2014, according to data from Lipper, compared with an increase of 31.2% in the Euro Stoxx 50 index over the same period, with dividends reinvested . The estimate of the company itself on assets that have left their funds, reported in an internal presentation to which Reuters had access, the are around 2,800 million euros between September 23, the date of resignation Paramés, and November 30. Bestinver said, in any case, much of those assets owned by institutional investors who have a formal obligation to withdraw funds if the management changed. Norgues Bank Investment Management was one of those investors, de Cenzano. Capital flight has been standardized since early November, according Bestinver. Lipper estimates that the net outflow of all funds of the firm in December was $ 285 million. Bestinfond records, meanwhile, improved slightly after the departure of Paramés, showing an increase of 1.2% between late September and late December, from an increase of 0.7% per year, according to data revealed. Meanwhile, Bestinver has renewed its management positions, hiring Beltrán de la Lastra from JPMorgan Asset Management as chief investment officer, and Ricardo Cañete of Mutuactivos as head of equity in the Peninsula. Morningstar was cautious. "Our general view is that the company has gone through a period of great turmoil, with significant changes in their culture and investment team. We still have to see how far they can change the investment process," said de Cenzano. Paramés spokesman said his departure was linked to a non-competition clause 2 years he expected the company to revoke accept return of about 30 million euros to allow you to embark on a new project, probably in London. Bestinver, in any case, has yet to respond to the offer, the source added.
  10. Thanks. Here are the slides: https://www.scribd.com/doc/251590263/12-9-14-This-Time-JEG-Webcast-Slides-FINAL-for-Distribution
  11. I fully agree with Kraven. 20 emoticons per post must not be exceeded. ;D
  12. As far as I know, BB is a 1 person investment operation. So this might be a bit of a distraction. ;)
  13. Kraven's posts are very insightful. They demonstrate deep second level thinking. ;)
  14. Congratulations! Here are some free random thoughts: ;) Don't forget to think about if you have to relocate. Commuting Working hours? Where will you be after 2 years? Best/worst case scenario? Learning on the job? Could you do the big job and if you hate it after 2 years take a smaller company job? How about the other way around? Could your job/position change at either firm in the short term due to reorg, clients moving assets etc? Whichever job you decline, decline gracefully so you could go back/network later on
  15. Are you prepared to hold for 100 years? Certainly not for a 3% cagr ;D
  16. Good execution is usually more relevant than low trading commissions.
  17. Why are 100 baggers attractive? Isn't it all about cagr? So it depends on how long it takes. If it is about buy, hold and forget and 20 years later you have a 100 bagger. Then, yes this would be attractive as you would have a 26% cagr with 1 buy decision. If however, it took 100 years for a 20 bagger, you would only end up with a 3% cagr...
  18. Very interesting, thanks for the info. He was listed in the book: The World´s 99 Greatest Investors: The Secret of Success with good returns: 14.4% vs. 12.2% of the S&P 500 over 39 years. Do you think this long term record is right and the last 10 years were not good or the long term record does not sound right? ???
  19. How about a high yield account at a safe Cyprus bank? ;D ;D
  20. +1 Good point. See's CEO mentioned it at a Stanford talk. And this is from See's, one of the smaller businesses he controls. I have heard many of his CEOs say the same thing. The send him the monthly/quarterly numbers and he remembers them all. In the See's example, he asked about what happened to a specific store! ;)
  21. Isn't that a good thing for the refiners? Sorry I was not clear. Yes, this is a good thing. I wanted to list all the negatives but then thought it was much easier to list the one positive that came to mind. ;)
  22. +1 Agreed, it is probably easier to list the positives than all the negatives of the industry. One that comes to mind is limited capacity expansion.
  23. +1 I have not seen numbers, but the impact on both prime retail real estate (demand destruction) and commercial warehousing (demand creation) must be huge.
  24. Jawn, here is a riddle for you: IBM's mainframe business grew 72% YoY in Q4 2010. How did a nearly 50 year old technology grow 72% YoY? My guess: They introduced a new model (System z), so people stopped buying the old one and waited for the new one to come out. ;) Sales of System z mainframes were up nearly 70 percent in the quarter: http://www.eweek.com/c/a/Finance-IT/IBMs-Q4-2010-Profits-Driven-by-Hardware-Software-Growth-Markets-433045/
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