The 9th Annual New York Value Investing Congress took place on September 16-17 in Rose Hall Time Warner Center. Gone are the times when VICs featured Einhorn’s 140 slide presentations (although there are some 30 page slides below); the lineup for this conference was slightly different this year. I mean, Cameron and Tyler Winklevoss are speaking about bitcoins, so you can imagine…. but ValueAct, Starboard, Marcato and other great investors will be speaking. You can see the full coverage of May’s Value Investing Congress held in Las Vegas here. While the New York conference to be at par with last year’s ensemble, which featured David Einhorn, Bill Ackman and Barry Rosenstein, as expected no Herbalife drama.
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ValueWalk readers can get a 53 percent discount on the Value Investing Congress in Vegas (April 3rd and 4th), justuse this link to register. Use code ‘WALK’ to save an extra $100.
Below is the full line up schedule for VIC and below that is brief summary of some of the more ‘notable’ speakers this year.
Value Investing Congress: Monday September 16th 2013 (all times EST)
- Guy Gottfried, Rational Investment Group 8:30 – 9:10
- Michael Castor, Sio Capital 9:10 – 9:40
- John Mirshekari, Fidelity Investments 9:40 -10:10
- Alexander Roepers, Atlantic Investment Management 10:40 – 11:20
- Clifton Robbins, Blue Harbour Group 11:20 – 11:50
- Mark A. Boyar, Boyar Value Group 1:05 – 1:35
- Charles de Vaulx, International Value Advisers 1:35 – 2:05
- Christopher Mittleman, Mittleman Brothers 2:05 – 2:35
- Rahul Saraogi, Atyant Capital (India) 2:35 – 3:05
- Harvey Sawikin, Firebird Management 3:25 – 3:55
- Donald Yacktman, Yacktman Funds 3:55 – 4:35
- Joe Altman & Chris Kyriopoulos, COMPOUND Capital 4:35 – 5:15
Value Investing Congress: Tuesday September 17th 2013 (all times EST)
- Chris Mayer, Capital & Crisis 8:45 – 9:25
- David Shapiro, CFA & Evan Vanderveer, Vanshap Capital 9:25 – 9:55
- Cameron Winklevoss & Tyler Winklevoss, Winklevoss Capital 9:55 -10:35
- Daniel M. Miller, Gabelli Funds 10:55 – 11:35
- Carl Chen & Tom Lu, Temple Honor Asia (Taiwan) 11:35 AM – 12:05
- Jeffrey C. Smith, Starboard Value 12:05 – 12:35
- Jeffrey W. Ubben, ValueAct Capital 1:45 – 2:25
- Mick McGuire, Marcato Capital Management 2:25 – 3:05
- Whitney Tilson, Kase Capital, Chairman Emeritus, Value Investing Congress 3:40 – 4:10
- VIC Activists: Smith On Tissues, Ubben On GOOG, McGuire On URI
- Whitney Tilson Follows Up Says K12 ‘VERY High Conviction Short’
- Value Investing Congress 2013: Speaker Presentations
Dont leave after the conference ends! We will be posting speaker presentations also so stay tuned for that!
Troy Marchand and Colin King , equity analysts at Kirr Marbach are covering the conference live and thank you for the notes!!
Value Investing Congress speakers
Here is a quick roundup of the track record of some of the the notable speakers of this season:
–Jeff Ubben, from ValueAct Capital. Most recently Ubben has been involved in Microsoft Corporation and the changes in the top order of the company. ValueAct’s activism has won the announcement of a new CEO in the next 12 months from Microsoft Corporation (NASDAQ:MSFT). ValueAct holds 57.5 million shares of the tech giant. While some would consider Ubben’s hand in Microsoft as enough recommendation of his investment style, lets take a look at what he presented in in Oct 2012’s Value Investing Congress. He recommended going long Moody’s Corporation (NYSE:MCO), which is up 32% since end of October and his other pick CBRE Group Inc (NYSE:CBG) is up 20% since then.
– Alex Roepers, from Atlantic Investment will also be speaking. His hedge fund manages $1.7 billion. In last year’s Value Investing Congress, Roepers presented five long ideas, one of which was a Denmark-based company, FLSmidth & Co. A/S (CPH:FLS). Interestingly, David Einhorn, D.E. Shaw, Cliff Asness and Marshall Wace are betting against FLSmidth, who is a supplier for the mining industry. Shares of the company are down 10.6% since the end of Oct 2012. His recommendations in Joy Global Inc. (NYSE:JOY) was also sour, however, other picks like Energizer Holdings, Inc. (NYSE:ENR) is up 36.75%, Rockwood Holdings, Inc. (NYSE:ROC) is up 36%, and Clariant AG (VTX:CLN) is up 40% since Oct 31 2012 to date.
–Guy Gottfried, from Rational Investment Group. He is a regular at Value Investing Congress and will be speaking again. In May’s VIC that took place in Las Vegas, Gottfried gave his long views on WPX Energy Inc (NYSE:WPX), shares of WPX are up 28% YTD. Notably David Einhorn’s Greenlight Capital bought a new position in WPX Energy Inc (NYSE:WPX) in the last quarter.
–Mick McGuire, founder of Marcato Capital Management presented the bull case on three companies in last year’s October Value Investing Congress. He presented Alexander & Baldwin Inc (NYSE:ALEX), up 27% since end of October 2012, Gencorp Inc (NYSE:GY) up 72% since then, and Brookfield Residential Properties Inc (TSE:BRP), which has gained 24% in the same period. Out-performance of McGuire’s ideas is also evidenced by his hedge fund, Marcato International, where returns were up 19.3% through the end of July. The hedge fund founded by a former Pershing Square analyst, now manages $1.4 billion.
Other speakers include Jeffrey Smith, CEO of starboard Value ((the hedge fund is trying to stop a Chinese buyout of Smithfield Foods, Inc. (NYSE:SFD)), Charles de Vaulx from Value Advisers and Donald Yacktman of Yacktman Asset Management.
One of the highlights of the conference was that Whitney Tilson presented two of his favorite shorts. Last time he only discussed long ideas.