Hayden Capital 3Q18 Letter: Update and Thesis for JD.com

Volatility is back. The Shanghai Composite is down -30% from its January high, and the broader MSCI Emerging Markets Index is also down -25% JD.com (JD) In early September, news came out that Richard Liu (Founder & CEO) was accused of sexual assault while completing a course at the University of Minnesota. Since initial reports, […]

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Hayden Capital 2Q17 Letter – Earnings Growth, Analytical Edge, Amazon, JD.com

Hayden Capital 2Q17 Letter, July 31, 2017 Gains 12.6% during Q2 2017, bringing YTD returns to 13.7% Earnings Growth = ROIC x Reinvestment Rate Stock Return = [Dividend / Stock Buyback] + [Earnings Growth] + [Multiple Expansion / Contraction] Long-term value creating projects are not created overnight – there’s often years of R&D, investment, implementation, […]

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