TeddyLampert Posted June 4, 2014 Author Posted June 4, 2014 http://www.rbcpa.com/The_Graham_+_Dodd_Luncheon_Symposium_Transcript_20081002.pdf Transcript of a lunch symposium hosted by Columbia in 2008. The panel includes Bruce Berkowitz, Seth Klarmann, Howard Marks and David Abrams. A BIG thank you for pulling this up. It answered one of my questions: does Abrams short? The answer is no, or rather, very selectively. "We're pretty much long only." "We'll buy debt, we'll buy equity, try to be open minded, try to steal good ideas from other people. A lot of my best ideas have been stolen from people in this room. And other than that just try to make it through the difficult times, and find something intelligent to do from time to time, and it's kind of amazing how it works out over time." That was a very insightful comment. I give Abrams a lot of credit for the courage to be intellectually honest and admit he's cloning other people's ideas. Reminds me a bit of the Pabrai Funds approach, except there's more going on (distressed debt, basically). Thanks, this board is an amazing resource!
Eye4Valu Posted June 4, 2014 Posted June 4, 2014 Interesting that he considered his investment in the Oakland Raiders as a distressed investment. Would love to hear his thoughts on this.
fareastwarriors Posted June 4, 2014 Posted June 4, 2014 Interesting that he considered his investment in the Oakland Raiders as a distressed investment. Would love to hear his thoughts on this. Perhaps one day, they will move the team back to LA and sign multi-billion tv deals or they finally gets a new stadium somewhere in Oakland and the team finally starts performing...
fareastwarriors Posted June 17, 2014 Posted June 17, 2014 Looks like Abrams' portfolio has been added to dataroma. Awesome! http://www.dataroma.com/m/holdings.php?m=abc
Liberty Posted June 17, 2014 Posted June 17, 2014 Looks like Abrams' portfolio has been added to dataroma. Awesome! http://www.dataroma.com/m/holdings.php?m=abc Thanks. Look at SLM's recent price action. Ouch.
Guest wellmont Posted June 17, 2014 Posted June 17, 2014 #protip I believe he is on the board of $ccmo
constructive Posted June 17, 2014 Posted June 17, 2014 #protip I believe he is on the board of $ccmo Huh, I'm surprised that Clear Channel hasn't gone bankrupt yet. Looks like it will happen soon enough.
Guest wellmont Posted June 17, 2014 Posted June 17, 2014 yeah they've done a good job of surviving. keep in mind abrams invested in this in 2007/08. so he obviously thought it had a good chance to work out. don't count out smart people.
constructive Posted June 17, 2014 Posted June 17, 2014 yeah they've done a good job of surviving. keep in mind abrams invested in this in 2007/08. so he obviously thought it had a good chance to work out. don't count out smart people. Right, he participated in the buyout led by Bain and Thomas H Lee, at $36 a share. I don't think it's too soon to say that was a bad decision.
constructive Posted June 17, 2014 Posted June 17, 2014 I guess the lesson is don't be too hard on yourself when you make a bad decision on an investment that amounts to only a tiny slice of your asset base. Cuz even the best in the business make em. That's my takeaway. But you might be trying to argue, like the other fellow, that he just isn't very smart. :) who would have thought that a guy like this who flies under the radar was such a polarizing figure among value oriented #instapundits. My argument is more like: he has great judgment in general, just not on Clear Channel in particular. Kind of like Ackman and Target. Other people's mistakes are extremely useful to learn from. I have made lots of investing mistakes, but none of them as big as Clear Channel. If you're a swing for the fences, venture capital type investor, the occassional massive loss is OK. If you're a vanilla value investor, it's really not.
TeddyLampert Posted June 18, 2014 Author Posted June 18, 2014 Looks like Abrams' portfolio has been added to dataroma. Awesome! http://www.dataroma.com/m/holdings.php?m=abc I had emailed the fine people at Dataroma to add Abrams, and it looks like there was enough interest in including him. I'm intrigued by the non-equity holdings in the portfolio of guys like Baupost and Abrams. Does anyone know if it is possible to look up their debt holdings? Could anyone also recommend a book (similar in genre to You Can Be A Stock Market Genius) that walks through the type of analysis you'd have to do and the investment process? Thanks
theasiareport Posted June 18, 2014 Posted June 18, 2014 I don't think this has popped up but David Abrams wrote one of the forewords in the 6th edition of Security Analysis which I thought was brilliant. Cheers,
siddharth18 Posted June 18, 2014 Posted June 18, 2014 http://paulasset.com/wp-content/uploads/2012/09/Benjamin-Graham_-David-Dodd-Security-Analysis-Sixth-Edition_-Foreword-by-Warren-Buffett.pdf Starting Page 617 of the book, and page 670 of the actual PDF file.
fareastwarriors Posted June 18, 2014 Posted June 18, 2014 http://paulasset.com/wp-content/uploads/2012/09/Benjamin-Graham_-David-Dodd-Security-Analysis-Sixth-Edition_-Foreword-by-Warren-Buffett.pdf Thanks.
CorpRaider Posted June 20, 2014 Posted June 20, 2014 Looks like Abrams' portfolio has been added to dataroma. Awesome! http://www.dataroma.com/m/holdings.php?m=abc I had emailed the fine people at Dataroma to add Abrams, and it looks like there was enough interest in including him. I'm intrigued by the non-equity holdings in the portfolio of guys like Baupost and Abrams. Does anyone know if it is possible to look up their debt holdings? Could anyone also recommend a book (similar in genre to You Can Be A Stock Market Genius) that walks through the type of analysis you'd have to do and the investment process? Thanks I got them to add Chuck Akre and a couple others. They turned me down on Eric Ende from FPA, but I'd rather know what's he's buying than Steve Rommick any day. I wish they would add uncle Carl, Keith Meister and the MHR guy; name escapes me, ex-icahn and he's a doctor...Lion's gate is one of his big deals.
Kraven Posted June 20, 2014 Posted June 20, 2014 Looks like Abrams' portfolio has been added to dataroma. Awesome! http://www.dataroma.com/m/holdings.php?m=abc I had emailed the fine people at Dataroma to add Abrams, and it looks like there was enough interest in including him. I'm intrigued by the non-equity holdings in the portfolio of guys like Baupost and Abrams. Does anyone know if it is possible to look up their debt holdings? Could anyone also recommend a book (similar in genre to You Can Be A Stock Market Genius) that walks through the type of analysis you'd have to do and the investment process? Thanks I got them to add Chuck Akre and a couple others. They turned me down on Eric Ende from FPA, but I'd rather know what's he's buying than Steve Rommick any day. I wish they would add uncle Carl, Keith Meister and the MHR guy; name escapes me, ex-icahn and he's a doctor...Lion's gate is one of his big deals. Mark Rachesky, I believe.
CorpRaider Posted June 20, 2014 Posted June 20, 2014 Yeah, that's him. Thanks! I got them to add Loeb (or at least they did it subsequent to my request), but Icahn and his progeny are probably all equally if not more interesting to follow.
Guest Posted June 20, 2014 Posted June 20, 2014 Pardon my ignorance but how could they add Ende? Wouldn't all the FPA guys be on the same 13f?
CorpRaider Posted June 20, 2014 Posted June 20, 2014 I'm pretty sure they make another filing for each fund; they break out rommick from bob rodriguez, for example. Its not a big deal that dataroma declined to add ende and his team though, as those guys/that strategy goes back to the buffett/source capital days and they stick with low turnover midcap "quality" so its pretty easy to keep up.
Guest Posted June 20, 2014 Posted June 20, 2014 I'm pretty sure they make another filing for each fund; they break out rommick from bob rodriguez, for example. Its not a big deal though as those guys go back to the buffett/source capital days and stick with low turnover midcap "quality". ahh, yeah. I know morningstar runs with that but it's not as quick and easy as dataroma. thanks!
kmukul Posted July 1, 2014 Posted July 1, 2014 it will be very helpful if we can see prasads holding on dataroma or some other site? I guess his track record will be much better.
Guest Posted July 1, 2014 Posted July 1, 2014 it will be very helpful if we can see prasads holding on dataroma or some other site? I guess his track record will be much better. If you're referring to Corner Market Capital, they're not large enough to be required to file the 13F...yet ;)
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