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Few hedge fund managers have set up mutual funds, in part because of the regulatory burdens of being a registered investment adviser, but now that most hedge funds have to register anyway, I expect that more of them will choose to open mutual funds. We decided to launch mutual funds after years of frustration from turning away hundreds of people who wanted to invest with us. Your funds have a heavy exposure to large-cap stocks.
Does it make sense for you, considering that you've made money on relatively obscure names? Such a heavy exposure to large-cap stocks is indeed an unusual situation for us, but we are flexible and opportunistic investors. Our job is to scour the entire investment universe and find a handful of cheap stocks to buy, and the occasional overvalued stock to short, regardless of the size of the company, how many analysts follow it, or what industry it's in as long as we can understand it well.
While it is certainly true that bargains are more likely to be found in the obscure corners of the market, on rare occasions, such as right now, we believe, many of the best bargains are lying in plain sight. We much prefer to own great businesses at good prices rather than the reverse, and are delighted that our portfolio has many such positions today. In fact, our seven largest holdings are.
The investment thesis is similar for all of them: With the exception of Wendy's, which is a good, but not great, business, we think these are among the world's greatest companies and that they will continue to dominate their industries for the foreseeable future.
That's crazy! Given how skeptical we are about the tech sector, owning Microsoft is a real leap for us, but this is a fantastic businesses and the stock is attractively priced. Microsoft has a dominant franchise; some of the most jaw-dropping economic characteristics ever achieved; capable, honest, shareholder-friendly management; and, unlike most technology companies, reasonably predictable future prospects.
We're optimistic about Microsoft's future prospects for a number of reasons. Most importantly, the company will be releasing in the next year major new upgrades of its two cash cows, Windows and Office. Historically, these events have been big and highly profitable events for Microsoft, and there's no reason to believe otherwise this time. Describe it. Lear is one of the largest manufacturers of automotive seats and interior components in the U. The stock was the worst performer on the.
Lear's entire sector is highly distressed and many fear. So why do we own Lear's stock? Very simply, we think Lear is a good company -- in a terrible industry, to be sure -- and the stock's selloff is way overdone. The stock is trading at three times that level of earnings today. Of course, earnings have been dismal over the past year and many question whether the company will revert to anything close to the prior mean.
But even if earnings only rebound to half their historical levels, the stock is likely to double from here. We believe that most, if not all, of the factors that have caused Lear's profits to tumble will go away over time and that our patience will be rewarded. It may not be a smooth ride but no one said uncovering hidden value was easy.
After 18 years in the hedge fund business, his firm — Kase Capital Management — was losing money, and Tilson found himself dipping into hissavings to keep it afloat. What distinguishes Tilson from many of his peers is his willingness to talk about the long, excruciating road down.
So, I found myself getting distracted. I was going and climbing mountains. This one part of my life, I was miserable at; I was having no success. As Tilson readily admits, managers cannot afford to be frank while they are going through turmoil, lest they further hurt their business — and their investors. That will further shake the confidence of your investors.
There is not one business school on the planet that teaches anything really usable to starting up your own hedge fund. Posted in Free Courses. A reader sent the above link. Why has the fund generated this performance? What would you advise a client who is in this fund? Do you understand the results achieved and why? Can you describe what principles are used to construct such a portfolio. Note the portfolio! Anything hit you in the face? Prior to becoming a general partner and comanager of the Advisor on April 1, , Mr.
Before joining UBS, Mr. Prior to DLJdirect, Mr. Before working on Wall Street, Mr. Tongue managed sales, marketing and certain operations at Blonder-Tongue, Inc. Posted in Investing Gurus. Tagged Tilson. Accrual measures relative to universe of stocks. I repeat this case since the concept of true MCX is so important. Look at the lost opportunity cost for this hedge fund.
Posted in Uncategorized. For those who look at F filings, here is advice from a money manager Tilson Funds www. The answer is that when call option positions are reported on a 13F, the dollar amount listed is NOT the market value of the option but rather the full value of the underlying stock.
For example, a manager could appear to be very heavily exposed on the long side to the market, a particular sector, or a specific stock, but in fact have the exact opposite exposure in reality. In fact, it was and still is one of our largest shorts, so why did we have a small long position? The reason is that it can sometimes be hard to get the borrow on the stock, so when we do get the borrow, we sometimes borrow and short more shares than we want, offset by a small long position that allows us to easily trade around a core position.
So, for example, if we wanted a 80, share short position of a stock, we might borrow and short , shares and then buy 20, shares. Only the 20, shares, however, appear in the 13F. Posted in Search Strategies , Uncategorized. Tagged F , Tilson. Once the Value Vault has been reorganized, I will send an email with a key to all who have received a key before. Meanwhile, I will send out keys to the people who have requested entry into the video vault for Greenwald Lectures.
Thanks for your patience. Also, I will fix the comment section per a reader request so it is easier to follow a discussion. The blog will become better organized as we move forward. Hopefully, will bring sunshine. Greenwich-based hedge fund seeks an analyst who is smart, hard-working, honest and eager to learn and contribute.
The candidate should be able to efficiently analyze businesses across multiple industries and have done so professionally for three or more years. The candidate should also have a personal or professional track record that demonstrates strong analytical and stock-picking ability. Our firm employs value-based, event-driven strategies with a macro overlay. Our company is seeded by a well-known and highly-respected hedge fund icon.
Please direct inquiries to analystposition99 gmail.