Value Investing

Harbor Conference (Very) Brief Notes


HARBOR CONFERENCE– A recap of some long, short views at Harbor Investment from Bloomberg (via Jones Trading)

 

·         Fairholme’s Bruce Berkowitz: Preferred shrs of Fannie Mae, Freddie Mac are worth liquidation value; sees significant margin of safety in assets of Sears

 

·         Pershing Square’s Bill Ackman: Cautiously optimistic on Platform Specialty; says new documentary on Herbalife is being released in April, may be catalyst for shrs downward; says HLF short bet is best risk/reward it’s been; says lot of VRX uncertainties will lift in weeks ahead

Editor’s note – VRX just announced three new board members see that info here.

Published on Mar 9, 2016

Whitney Tilson of Kase Capital presents 48 slides in which he explains why he has again shorted Lumber Liquidators, Boys & Girls Harbor Investment Conference, 3/8/16


·         Spruce Point’s Ben Axler: Recommends shorting Planet Fitness; sees 50% downside; has tax liability that can “explode” up to $700m; no barriers to entry in industry

 

Spurce just put out their full deck of slides which can be found here

·         Kase’s Whitney Tilson: Short Lumber Liquidators again, his largest short position; sees 50/50 chance of bankruptcy;; LL likely to lose Prop 65 lawsuit in Calif.

Editor’s note – see more on the Whitney Tilson LL short here

 

·         Clearfield’s Phil Hilal: Likes ServiceMaster, specifically for American Home Shield unit; sees 60% upside to ~$60/shr

 

·         Sanoor Capitals’ Jasjit Rekhi: Likes Western Union as short; competitive issues; sees 40% downside next 12-18 mos.

 

·         Oribel Capital’s Adam Brenner: Likes Fidelity Information Services; sees upside to $90 by end of next yr

 

·         Dhalion Advisors’s Thomas Einhorn Arbitraging Venezuelan bonds

 

·         BlackRock’s Rick Rieder: Sees U.S. economy slowing; expects Fed will raise rates in June; expects money will go into gold; doesn’t expect to see $65 oil again or at least for several years; expects front of yield curve to move up

 

·         Bessemer’s David Cowan: Entire industry of publicly traded cyber security cos. have totally obsolete products today; generally invests in private cos., though he does like Amazon, specifically because of Amazon Web Services, says furthest along in cloud

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