Review of Shareholder Activism 1Q18
Key Observations on the Activist Environment in 1Q 2018 Activist activity [...]
Investing
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Key Observations on the Activist Environment in 1Q 2018 Activist activity reached new heights in 1Q18 both in terms of capital deployed and campaigns initiated $25Bn of [...] -
The economic expansion is continuing at a slow but steady pace As of December, the expansion is in its ninth year, making it the third longest expansion since 1900 Growth [...] -
The US has resumed cyclical leadership of global growth and is likely to pull ahead of other major economies for the next few quarters. Europe and Japan have not broken out [...]
Smart Money
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Two of our previous holdings, Elbit Vision Systems and Fogo de Chao, were acquired in February Elbit Vision Systems and Fogo de Chao acquisitions added 1.8% to our returns [...] -
D.E. Shaw owns an approximate 4% interest in the common stock and equivalents of EQT Believe that EQT is substantially undervalued and EQT’s board can remedy this [...] -
It’s only now, when a confluence of factors have driven us to a supply shortage is the world beginning to stir, slowly walking to the realization that this is a shortage [...]
Lessons/Primers
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Historical Perspectives Municipal bond market is the primary credit market for state and local governments in the US. While many investors [...] -
Value Screening One-, Three-, and Five-year Total Shareholder Return (TSR): activist investors and proxy vote advisory firms such as ISS [...] -
Blockchains are like dominoes Two variations of tiles are popular. In variant 1, the tiles are positioned in long narrow lines. Once a tile [...]
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Job Interview
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Examples of ways companies can manipulate earnings: Answer: Switching from LIFO to FIFO or vice versa – in a rising cost environment, [...] -
Issuance of a mezzanine bond of $100 million with a 10% PIK interest Answer: When the bond is issued, $100 million of debt will be added to [...]
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Question: You’ve got a 10 x 10 x 10 cube made up of 1 x 1 x 1 smaller cubes. The outside of the larger cube is completely painted. On how [...]
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People
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Charles Payson “Chase” Coleman III is the founder and managing director of Tiger Global Management, a global long/short [...] -
Israel Englander is the founder of Millennium Management, a global hedge fund founded in 1989. Israel Englander started his [...] -
Barry Rosenstein is the founder of JANA Partners, a New York-based hedge fund specializing in event-driven and activist investing [...]
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