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Posts Tagged ‘Value Investing Congress’

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For the next 24 hours the Value Investors Congress is offering an early bird special of $1,400 off the regular price. For full details, see www.ValueInvestingCongress.com/24HourSpecialOffer.

Join us at the 8th Annual Spring Value Investing Congress, where you’ll hear directly from some of the world’s most successful value investors — and learn how to profit from their investing wisdom.

The Las Vegas Value Investing Congress will have more speakers than ever before, in an improved format to optimize your profits. You’ll gain a huge amount of practical investing wisdom and leave with many actionable investment ideas.

Use discount code S13GB9 at www.ValueInvestingCongress.com/24HourSpecialOffer until midnight Thursday, March 28th.

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Briefing.com has provided a fantastic spreadsheet showing a few of the changes in the portfolios of several notable presenters at this spring’s Value Investing Congress. (Click to enlarge.)

Briefing.com VIC Portfolios

The organizers expect the Congress to sell out, so intending participants are encouraged to register early. Those who sign up by Monday, March 18th will save $1,400. Go to www.ValueInvestingCongress.com/Greenbackd and use discount code is S13GB7.

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When it comes to Canadian small caps, a lot of gems are outside the mines.

Acclaimed stock picker Guy Gottfried made that point in October 2011 at the New York Value Investing Congress. In his presentation, Gottfried asserted that investors in the Canadian market are “obsessed with resource stocks.” That means attractive equities outside the resource realm are often ignored.

Gottfried has followed his own advice – with exceptional results.

In 2011, Guy Gottfried threw The Brick at investors, and they thanked him when the retailer’s shares climbed 118% over the next year.

The Brick illustrates how Gottfried examines stocks. The furniture and appliance chain is a Canadian institution. However, it nearly went bankrupt before being recapitalized in 2009 by outside investors.

Yet even as its turnaround was clearly succeeding, Gottfried felt The Brick was “stigmatized by investors.” Gottfried was impressed by the company’s new management, capital allocation and balance sheet, not to mention its bargain valuation. From those criteria and more, Gottfried concluded The Brick was a “high-quality and extremely well-run business that trades at an undeservedly cheap price.”

He was right about that – and many other small cap stocks. The six stocks that Gottfried has recommended at his various VIC appearances have gained an average of 63%.

Guy Gottfried is the founder and head of the Toronto-based Rational Investment Group. He’ll share his latest high-conviction ideas at the 8th Annual Spring Value Investing Congress in Las Vegas, on May 6th and 7th.

The Congress is expected to sell out, and people are encouraged to register early. Those who sign up by Monday, February 18th will save $1,700. Go to www.ValueInvestingCongress.com/GuyGottfried. The discount code is S13GB5.

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Click link for video: http://video.cnbc.com/gallery/?video=3000138778&play=1

The financial innovator said so on CNBC as he discussed his 2013 Forgotten Forty value shares.   Bank of America stock is on the widely-followed list and doubled in the past year.  Boyar was explaining why he’s not cashing out.

The annual list causes a stir because of its formidable record.  In 2012, for instance, the Forgotten Forty rose 28.87%, nearly twice the S&P 500 gain of 15.31%.  CNBC’s Gary Kaminsky declared that the Forgotten Forty has outperformed the S&P for “many, many years.”

Every December Boyar publishes The Forgotten Forty, which provides an updated investment thesis on 40 companies that he’s extensively researched over the past year, and are most likely to outperform the leading indices in the year ahead.

Bank of America stock climbed from $5.23 to $11.00 from December 2011 to December 2012, and Mark Boyar thinks it will keep rising.  Still, Boyar feels Bank of America shares sell at a significant discount to book value.   He says the financial giant is “probably” his favorite large-cap financial stock.

Want to know more?  Come hear Mark Boyar at this May’s Value Investing Congress.  Mark Boyar is founder and head of Boyar Research, Boyar Asset Management and Boyar Value Fund.   He’ll discuss the Forgotten Forty and other topics at the 8th Annual Spring Value Investing Congress in Las Vegas, on May 6th and 7th.

The Congress is expected to sell out, and people are encouraged to register early.  Those who sign up by February 18th, will save $1,700.  Go to www.ValueInvestingCongress.com.  The discount code is S13GB4.

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Guy Gottfried of Rational Investment Group recommended The Brick Ltd (TSE:BRK) at last year’s New York Value Investing Congress and the stock is up 118 percent since after catching a bid from Canada’s Leon’s Furniture.

Gottfried’s presentation focused on The Brick’s high-quality business, strong balance sheet, and intelligent management, demonstrated through insider buying, and excellent capital allocation.

Gottfried followed Prem Watsa’s Fairfax Financial into The Brick (Fairfax owned 33 percent after leading The Brick’s recapitalization). Watsa is a renowned value investor, often referred to as “Canada’s Warren Buffett.”

Gottfried’s presentation is outstanding, and should be required reading.

Gottfried will be joining the Value Investing Congress speaker roster for Las Vegas on May 6 and 7, 2013. Greenbackd is able to offer an early bird deal that saves $550 off the regular ticket price. Just follow this link and enter discount code S13GB2 before Tuesday, December 11, 2012.

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Barron’s has a great 2010 article, Backstage Power, on activist Alexander Roepers’s investment approach:

By the time he was 25, the Dutch polyglot—French and German in addition to English and his native language—was already elbow deep in such deals as the head of corporate development in the U.S. for another company. In four years, “I did an incredible number of deals,” including the due diligence and valuation, as well as the structuring or restructuring of companies. That process led to his investment style at Atlantic, which considers industries “that you and I can understand and we can explain to our moms and dads.”

That typically means packaging, aerospace, pumps and valves, industrial materials, specialty chemicals, information-technology services and food companies.

Roepers looks for stocks between $1 billion and $20 billion in market cap, with investment-grade balance sheets and low interest expense. He also seeks profitable companies with 10%-plus free-cash-flow yields, high barriers to entry and low insider ownership. His purchases sport enterprise value (market cap plus net debt) multiples of roughly five to six times future earnings before interest, taxes, depreciation and amortization, or Ebitda. The firm is especially interested in stocks where there’s potential for an earnings turnaround or corporate restructuring.

Roeper_Profile

And his returns?

His flagship hedge vehicles, AJR fund and Cambrian U.S. fund, both still open to new investment and unleveraged, have easily beaten the Standard and Poor’s 500 index since inception. AJR has posted a 14% annualized total return from its start in 1993, compared with about 8% for the S&P 500. Long-only Cambrian U.S. has returned 21% a year since its 1992 beginning, versus the S&P 500’s 8.4% annualized gain in that time.

Reopers is speaking at this year’s New York Value Investing Congress on October 1st and 2nd, along with Bill Ackman, David Einhorn or Jeffrey W. Ubben of ValueAct (each of whom alone are worth the price of admission).

Discount: Register by September 7, 2012 and you’ll pay $3,295.That’s a total savings $1,400 from the $4,695 others will pay later to attend!  Click here to save $1,400 off the usual price of admission by clicking here and using discount code: N11GB2.

Here’s the list of managers presenting:

  • Bill AckmanPershing Square
  • David Einhorn, Greenlight Capital
  • Jeffrey W. Ubben, ValueAct Capital
  • Alexander Roepers, Atlantic Investment Management
  • Guy GottfriedRational Investment Group
  • Bob Robotti, Robotti & Company Advisors
  • Lloyd Khaner, Khaner Capital
  • Mick McGuire, Marcato Capital Management
  • John Mauldin, Millennium Wave Advisors
  • Barry Rosenstein, JANA Partners
  • Kian Ghazi, Hawkshaw Capital Management
  • Glenn TongueT2 Partners
  • Whitney TilsonT2 Partners

The discount for Greenbackd readers expires in seven days, so take advantage now. Click here to receive the discount.

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The Value Investing Congress has announced the launch of a top idea contest called the Value Investing Challenge. The idea is to give “lesser-known (but equally-brilliant) investors” the opportunity to present at the next Value Investing Congress  taking place October 1 & 2, 2012 in NYC alongside world-renowned investors including David Einhorn, and Bill Ackman.

“The goal of the Value Investing Congress has always been to bring the best and brightest on stage in an environment where differentiated thinking can thrive,” said Whitney Tilson, Co-Founder and Chairman of the Value Investing Congress. “This new contest will help ensure that Congress attendees are getting the chance to capitalize on a truly unique perspective and hear from one investor whose idea rose to the top.”

To be eligible, contest participants must be current members of the SumZero community and employed at a hedge fund, mutual fund or private equity fund.

Here’s the press release:

July 11, 2012 12:30 ET

Value Investing Congress and SumZero Announce Partnership for the 1st Value Investing Challenge

Challenge Winner Will Have the Opportunity to Present His/Her Best Idea at the 8th Annual New York Value Investing Congress

NEW YORK, NY–(Marketwire – Jul 11, 2012) – The Value Investing Congress and SumZero, Inc. yesterday announced the launch of a top idea contest, the Value Investing Challenge. The ultimate Challenge goal is to encourage high-quality investment research, unearth top investing talent, and level the playing field so that lesser-known (but equally-brilliant) investors have the opportunity to present in front of the same high-profile Value Investing Congress audience as legendary investors such as David Einhorn and Bill Ackman.

Contestants are asked to contribute one investment write-up covering a company of at least $300 million in market capitalization. Submissions will be evaluated by a team of well-known value investors with several decades of professional experience between them.

The winner of the Value Investing Challenge will get the opportunity to present his/her idea at the next Value Investing Congress taking place October 1 & 2, 2012 in NYC alongside world-renowned investors including David Einhorn, Barry Rosenstein, and Alex Roepers, to name a few.

“The goal of the Value Investing Congress has always been to bring the best and brightest on stage in an environment where differentiated thinking can thrive,” said Whitney Tilson, Co-Founder and Chairman of the Value Investing Congress. “This new contest will help ensure that Congress attendees are getting the chance to capitalize on a truly unique perspective and hear from one investor whose idea rose to the top.”

“One of the reasons we created this contest is to identify a new breed of great investors who otherwise might never get the chance to present their thinking on such a grand platform,” said Divya Narendra, CEO/Co-Founder of SumZero, Inc. “There are a huge number of incredibly-talented investors who do not get heard on a large scale because they don’t manage a lot of assets or because they haven’t made a blockbuster trade. This contest is designed to rectify that. It’s about creating opportunities, identifying talent, and adding to the conversation.”

Eligible contest participants must be current members of the SumZero community and must be currently employed at a hedge fund, mutual fund or private equity fund with limited exception. More information on eligibility and how to enter the contest is available at the official site of the contest: www.valueinvestingchallenge.com.

The contest officially kicks off on July 10, 2012 and will conclude on August 17, 2012. The winner will be announced on Tuesday, September 18, 2012.

More information on eligibility and how to enter the contest is available at valueinvestingchallenge.com.

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J. Carlo Cannell runs Cannell Capital, the long/short activist investment firm he founded in 1992 with just $600,000 under management. Cannell’s ideas are as unconventional as the man himself – he’s a Princeton liberal arts major, then freelance journalist in Fiji – and he describes himself as a “fox, not a hedge hog” (referring, I guess, to either the Isaiah Berlin essay or the Philip Tetlock book). Cannell has also taken the unconventional step of returning money to investors. In 2004, when funds under management had grown to $765 million, Cannell started returning funds to investors and stepped down to spend more time with family, saying:

The mortality rate of hedge funds with more than a billion dollars of assets under management is very high. I think about that every time we rise to that level through retained earnings. I would like to think that we practice prudence over greed.

He left only briefly, returning just six months later to manage the three Cannell Capital funds, the Cuttyhunk Fund, the Tonga Fund and the Anegada Fund, but funds under management were considerably reduced: By September 30, 2009, Cannell had trimmed his holding to approximately $168 million, investing in 85 companies. (See here for more on Cannell’s background, and investment approach)

Given his unconventionality, the awesome oddness of Cannell’s presentations at the Value Investors Congress should come as no surprise. For example, Cannell’s 2009 presentation was called Hydrodamalis Gigas, the Steller’s Sea Cow, which we hunted to extinction just 27 years after discovering it:

Steller’s Sea Cow: Delicious, and easy to catch.

How does the Sea Cow relate to investing? Cannell looks for companies that, like the Steller’s Sea Cow, have a difficult time adapting to a changing environment. He gave as an example a restaurant stock, which would have a more difficult time adapting to a slowdown in the economy than an oil and gas company. In the 2010 New York Value Investing Congress, Cannell expanded on his restaurant theme. He compared his search for short candidates in the restaurant industry to picking up roadkill on the side of the freeway, saying that he avoids them if they still have any life left, but if they’re dead, he grabs his shovel and sticks them in his portfolio. Another short anecdote: I was hanging out in the audience at the Pasadena Value Investing Congress in 2010 when Carlo sat down beside me. We had quick chat and he was lovely guy. Another hedge fund manager lamented to Cannell about the high cost of activist campaigns. Cannell’s response was words to the effect, “My activist campaigns are cheap. All I spend is the cost of the stamp to send a letter.” That’s really deep value investing.

Cannell is speaking again at this year’s Spring Value Investing Congress in Omaha, NE on May 6 and 7. (The Spring event was previously held in Pasadena, CA, but was moved because Charlie Munger no longer holds the Westco meeting in Pasadena). This year’s event is conveniently scheduled immediately after the Berkshire Hathaway Annual meeting at the CenturyLink Center (formerly the Qwest Center). Register here by December 19th and you’ll save $1,800 from the $4,595 others will pay later to attend. Remember to use Discount Code O12GB1.

I’ve attend the last four Value Investing Congresses, and can highly recommend them. There’s nothing better than seeing an investor you admire explaining live his or her process for finding stocks. There’s also a chance they’ll sit down beside you in the audience. For more information on Cannell or the other speakers, click here.

Disclosure: I get a commission if you buy through this link. You should know that every little bit helps keep me in the style to which I’ve become accustomed, by which I mean I buy the third cheapest bottle of vintage Champagne on the wine list, and all of my caviar is Sterlet. Above all, I am a deep value guy. Know that the commission is well spent.

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Greenbackd readers, get your exclusive $1,800 discount for the 6th Annual Value Investing Congress on October 12 & 13, 2010 in New York City. This offer expires in 8 days, so get your ticket now using dicount code: N10GB4.

The Value Investing Congress is the place for value investors from around the world to network with other value investors. I went to the May event earlier this year in Pasadena, and it was well worth it. The speakers seem to mingle freely and are generally available for a chat. Weather permitting, I’ll be in New York for this event.

Speakers include:

  • David Einhorn, Greenlight Capital Management
  • Lee Ainslie, Maverick Capital
  • John Burbank, Passport Capital
  • J Kyle Bass, Hayman Capital
  • Mohnish Pabrai, Pabrai Investment Funds
  • Amitabh Singhi, Surefin Investments
  • J. Carlo Cannell, Cannell Capital
  • Zeke Ashton, Centaur Capital Partners
  • Whitney Tilson & Glenn Tongue, T2 Partners

This offer expires midnight on July 30. Use using dicount code: N10GB4 and get your ticket now .

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This is a reminder that our exclusive 30% discount for the Value Investing Congress expires at midnight (PST) on March 16, 2010. On March 17, 2010 the price will go up by $1,300. Join us at the 5th Annual Value Investing Congress West, May 4 & 5, 2010, to learn from some of the world’s most successful money managers. The all-star speakers will share invaluable insights on how to navigate today’s uncertain markets ….and present their best stock picks. The wisdom you’ll gain will enhance your investing results in 2010 and beyond.

If you’re unfamiliar with the Value Investing Congress, then here’s what you need to know: One good investment idea could more than pay your cost of admission to this event and net you some great returns. The wisdom gained listening to these great investors is difficult to overstate. For a slide show of last year’s event see HERE.

Confirmed speakers include:

  • Bruce Berkowitz, Fairholme Capital Management
  • Eric Sprott, Sprott Asset Management
  • Mohnish Pabrai, Pabrai Investment Funds
  • Paul Sonkin, The Hummingbird Value Funds
  • Thomas Russo, Gardner, Russo & Gardner
  • David Nierenberg, The D3 Family Funds
  • Lloyd Khaner, Khaner Capital
  • J. Carlo Cannell, Cannell Capital
  • Patrick Degorce, Thélème Partners
  • Whitney Tilson & Glenn Tongue, T2 Partners
  • Guy Spier, Aquamarine Fund
  • Amitabh Singhi, Surefin Investments
  • Richard Vogel, Alatus SA
  • Lei Zhang, Hillhouse Gaoling Capital Management

    Click here to receive the 30% discount to VIC

    You must use discount code: P10GB8 to receive the full discount. Hurry and register!

    You’ve got exactly one week to get signed up with these savings. The regular price of the two day event is $4,295. However, Greenbackd readers pay only $2,995. That’s a 30% discount and savings of $1,300!  If you’re from out of town, the Congress has also negotiated lower room rates at the Langham Huntington for attendees.

    It’s going to be an awesome and insightful event, to say the least. Make sure you get our exclusive discount for the Value Investing Congress hereRemember that you MUST use the discount code P10GB8 to receive the full discount!

    Please let me know if you have any questions or problems when trying to register with the discount code.

    Again, the early bird rate is expiring at midnight (PST) on March 16, 2010. On March 17, 2010 the price will go up by $1,300.

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