Bill Ackman’s 2Q18 Letter: ADP, CMG, LOW, UTX, MDLZ, FNMA/FMCC
YTD performance, through August 7th, has increased to 12.7% compared with 8.1% [...]
Investing
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In our 2018 Outlook, we discussed six steady factors supporting the outlook: 1) economic growth; 2) equity markets; 3) strong, relatively steady and broad-based earnings [...] -
One must now invest through the lens of fiscal policy accommodation, not monetary policy accommodation At the moment, the US is clearly leading the pack, but many countries, [...] -
Why rates are likely to keep rising When combined with healthy growth and ballooning government deficits, it suggests that interest rates will likely continue to rise Economy [...]
Smart Money
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YTD performance, through August 7th, has increased to 12.7% compared with 8.1% for the S&P 500 and 1.3% for the FTSE 250 over the same period Automatic Data Processing [...] -
Another difficult quarter and lost an additional 5.4%, bringing year-to-date loss to 18.3% Environment for value investing has been tough. AllianceBernstein recently reported [...] -
Fiat Chrysler Fiat’s long-time CEO passed away after becoming gravely ill due to complications from a shoulder surgery There is no other way to say it: he was the best. He [...]
Lessons/Primers
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The focus on disruption has led to rising valuations for technology companies and depressed multiples for traditional sectors including [...] -
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 [...]
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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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Jeffrey Ubben is the co-founder and CEO of ValueAct Capital, an activist hedge fund based in San Francisco, California. He is [...] -
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 [...]
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