buylowersellhigh Posted March 25, 2014 Posted March 25, 2014 Thought this was interesting considering the cash level they had in 2013 and the outperformance. Mentions Malone and company: http://www.valuewalk.com/2014/03/denali-investors-letters/
indythinker85 Posted May 6, 2014 Posted May 6, 2014 Great interview in new G&D with the founder of Denali, cheers! http://www8.gsb.columbia.edu/valueinvesting/sites/valueinvesting/files/Graham%20%26%20Doddsville%20-%20Issue%2021%20-%20Spring%202014.pdf
fwallstreet Posted May 6, 2014 Posted May 6, 2014 Great interview in new G&D with the founder of Denali, cheers! http://www8.gsb.columbia.edu/valueinvesting/sites/valueinvesting/files/Graham%20%26%20Doddsville%20-%20Issue%2021%20-%20Spring%202014.pdf +1, his thoughts on options are very interesting. Some good ideas to explore as well!
mhdousa Posted July 21, 2014 Posted July 21, 2014 Another impressive quarter for Denali: http://www.valuewalk.com/2014/07/denali-investors-performance/ Up 34% this year after a 66% gain last year.
BG2008 Posted July 22, 2014 Posted July 22, 2014 Does anyone know what happened to Denali Investors from Q4 2009 to Q4 2012? The fund since inception in late 2007 is up 187.9%. From inception to end of Q4 2009, the fund was up 59%. 2013 was 66% and 6 months ending Q2 2014, the fund was up 33.7%. If we take out 2010, 2011, and 2012, the gains from 2007 to 2009, and 2013-Q2 2014 should be 252%. So, from beginning of 2010 and end of 2012, Denali was down 26%. Down 26% in a three year time period is substantial. Short term volatility tends to work out in a 3 year period. Anyone know what happened during that time period? In the G&D interview, Kevin mentioned that he had a "Come to Jesus" moment in 2011 regarding his strategy. Can anyone shed any lights on this? http://manualofideas.com/files/content/kevin_byun_denali_investors_letter_2009-q4.pdf
TeddyLampert Posted July 29, 2014 Posted July 29, 2014 Help. Could some brilliant mind please explain the following example that was in this Denali presentation? It's the election merger between Precision Drill and Greywolf. In the presentation, it says to short the target (Grey wolf) and hedge Precision. I couldn't figure out why and now it's become a brain teaser that's bothering me! http://www.grahamanddoddsville.net/wordpress/Files/SecurityAnalysis/Special%20Situations/kevin_byun_denali_investors_columbia_business_school_2009.pdf Thanks
J.P.K.S. Posted November 20, 2014 Posted November 20, 2014 Bump, wondering the same thing as TeddyLampert. Thanks in advance to anyone that can help!
indythinker85 Posted November 20, 2014 Posted November 20, 2014 Does anyone know what happened to Denali Investors from Q4 2009 to Q4 2012? The fund since inception in late 2007 is up 187.9%. From inception to end of Q4 2009, the fund was up 59%. 2013 was 66% and 6 months ending Q2 2014, the fund was up 33.7%. If we take out 2010, 2011, and 2012, the gains from 2007 to 2009, and 2013-Q2 2014 should be 252%. So, from beginning of 2010 and end of 2012, Denali was down 26%. Down 26% in a three year time period is substantial. Short term volatility tends to work out in a 3 year period. Anyone know what happened during that time period? In the G&D interview, Kevin mentioned that he had a "Come to Jesus" moment in 2011 regarding his strategy. Can anyone shed any lights on this? http://manualofideas.com/files/content/kevin_byun_denali_investors_letter_2009-q4.pdf It was mostly 2011 H2 - Denali performance 2010 +10.3%, 2011 –34.4% , 2012 +15.4% - cant post the full letters but can help you if you contact me
Evolveus Posted November 21, 2014 Posted November 21, 2014 Link to recent presentation from Denali at Columbia Busniess School that was out on the web in public space / Scribd. Please take down, or let me know so I can edit out if not intended for public use. http://www.scribd.com/doc/246928271/Denali-Investors-Columbia-Business-School-Presentation-2014-11-11-Final-Public
CorpRaider Posted November 22, 2014 Posted November 22, 2014 I wonder what he said in connection with the bullet re: kmb management incentives and the earnings "surprise" just prior to the spin.
indythinker85 Posted February 27, 2015 Posted February 27, 2015 http://www.valuewalk.com/2015/02/denali-investors-returns-2014/
spartansaver Posted July 20, 2019 Posted July 20, 2019 Help. Could some brilliant mind please explain the following example that was in this Denali presentation? It's the election merger between Precision Drill and Greywolf. In the presentation, it says to short the target (Grey wolf) and hedge Precision. I couldn't figure out why and now it's become a brain teaser that's bothering me! http://www.grahamanddoddsville.net/wordpress/Files/SecurityAnalysis/Special%20Situations/kevin_byun_denali_investors_columbia_business_school_2009.pdf Thanks I know it's been 4 years since this was asked, but it was never answered. This is my best guess. Merger consideration for GW shareholder was 1) 9.02 in cash per share or 2) .4225 shares of PDS (cash and shares subject to proration ** this is key) after merger announcement, shares in GW fell from $9 to $6 and PDS shares fell even further from $20-25 to $6-7 When GW shares were at $6 Denali shorted GW and hedged PDS around $6ish If the offer went through, PDS was able to prorate the offer between PDS shares and $9 in cash. Well .4225 PDS shares at this time were only worth $2.5 (.4225 x $6). So the GW shareholder was actually getting less if the shares converted to PDS. I believe the opportunity was in how likely it was that GW shares would get the $9 cash payment vs. the PDS shares. PDS financial position was not great at the time, so it seemed more likely the offer would have a greater tilt towards PDS shares. So you could short something that had a decent likelihood of being converted into something that was trading for much less.
mattone Posted July 22, 2019 Posted July 22, 2019 FYI: https://www.sec.gov/litigation/admin/2019/ia-5301.pdf long story short: fund is shut, Byun took ~$70K out of the fund he wasnt supposed to (eventually paid it back with interest)
Parsad Posted July 22, 2019 Posted July 22, 2019 FYI: https://www.sec.gov/litigation/admin/2019/ia-5301.pdf long story short: fund is shut, Byun took ~$70K out of the fund he wasnt supposed to (eventually paid it back with interest) Should not have taken the money out in the first place...for personal use! That's one of the biggest no-no's. Mistakes are one thing...this was a calculated decision to use partner capital to cover personal expenses. Cheers!
Foreign Tuffett Posted July 22, 2019 Posted July 22, 2019 FYI: https://www.sec.gov/litigation/admin/2019/ia-5301.pdf long story short: fund is shut, Byun took ~$70K out of the fund he wasnt supposed to (eventually paid it back with interest) WOW. I remember this guy being huge into spin offs and other special situations. His letters would show up on the internet every now and again in
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