Clarium’s Peter Thiel Is Bearish On Innovation

October 19, 2009

Peter ThielAt Thurday’s 2009 Investor Leadership Forum hosted by the Argyle Executive Forum and Capital IQ Peter a speech by Thiel of Paypal and Clarium fame linked future economic growth to innovation and technology rather than government stimulus.

Peter started by noting the difference in the type of question asked today of emerging markets and the developed world. Read the rest of this entry »

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Pershing Square Misleads About General Growth’s Equity Value

June 8, 2009

Pershing Square LogoPershing Square Bill Ackman’s presentation about General Growth Properties (GGWPQ) at the Ira Sohn Investment Research conference has us wondering what he is up to. The tone of the presentation clearly targets an audience that is not familiar with bankruptcy investing. At the same time, his financial projections for GGP are overly optimistic and do not square (no pun intended) with current results. We believe that some of his analysis is very misleading. Read the rest of this entry »


Avenue Capital’s Marc Lasry Is In Therapy Over Depressed Asset Prices

February 23, 2009
Marc Lasry, Avenue Capital

Marc Lasry, Avenue Capital

At the first Wharton Hedge Fund Conference keynote speaker Marc Lasry of Avenue Capital declared that he was still in shock over how his firm got to $22 bn in size. Lasry started his firm in 1995 after breaking off from an entity that is affiliated with the Bass family with $7 million, expecting to run a few hundred million dollars if things were to go well. At its peak in 2007, the firm exceeded all targets with $22 billion in assets under management. The wonders done by a decade of liquidity and leverage helped him grow beyond his wildest dreams. Read the rest of this entry »


The State Of The Hedge Fund World

February 22, 2009

Rosy forecasts were in short supply at the first annual Wharton Hedge Fund Conference. The shock of last year’s worst-ever performance still reverberates through the industry. Career plans of students at Wharton are the best indication we have seen to date of how bad things have become for hedgies: one Wharton professor reports that last year, two thirds of his students wanted to get a job in a hedge fund. This year, only one student admitted to hoping for a hedge fund career. Read the rest of this entry »


Mark Fisher: Keep It Simple, Stupid

February 21, 2009

Mark Fisher, inventor of the technical trading method ACD, sees this market as a pure trading market in which analysis does not matter. This was probably not what some of Wharton’s students attending its first annual Wharton Hedge Fund Conference wanted to hear. After all, they have committed to spending a six figure amount on learning how to perform just that analysis. Fisher probably depressed also Wharton’s faculty whose livelihood depends on a steady supply of students willing to pay ever increasing tuition rates. Not to mention that Fisher himself holds a Wharton MBA. Read the rest of this entry »