Hedge Fund Activism: Staying Out of Activist Cross Hairs
Understanding the Big Picture: The Emergence of Activism Over the last decade, [...]
Investing
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At 10x revenues, to give you a 10-year payback, I have to pay you 100% of revenues for 10 straight years in dividends. That assumes I can get that by my shareholders. That [...] -
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, [...]
Smart Money
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JD.com is the third largest e-commerce website in China What makes JD.com unique is that they own their entire end-to-end logistics network. They buy products from [...] -
Facebook Shares lost a quarter of their value earlier this year, falling from $195 in February to $149 in March, when news broke that Cambridge Analytica had retained [...] -
Portfolio was up 5.7% compared to S&P 500 and MSCI World index of 3.4% and 0.3%, respectively, during 2Q18; annualized return since inception of 15.2% (net of fees) [...]
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Market Cheat Sheet
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“Combination of tax cuts and the recent budget deal could increase the deficit to 5.5% of GDP in [...] -
Lessons/Primers
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Understanding the Big Picture: The Emergence of Activism Over the last decade, activist hedge funds increasingly started to populate the US [...] -
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 [...]
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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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