Below is full coverage from the Value Investing Congress 2011. I will be posting the presentation of Bill Ackman when/if they become available. I also hope to shortly post the audio from the presentations by Jim Chanos, Bill Ackman and David Einhorn.
I hope the readers have enjoyed my coverage, if you have not read any of it yet, everything is in this post.
David Einhorn, CEO of Greenlight Capital, laid out his short thesis for GreenMountain, the stock fell ~10% due to his remarks. Link here-GreenMountain short thesis, full presentation here.
Bill Ackman, Portfolio Manager of Pershing Square Capital Management, L.P., laid out the bullish case for Fortune Brands, a recent spin-off stock which sells household supplies. Ackman also fielded a lot of questions from the audience on the company, JCPenny, and Howard Hughes Corporation. Full notes here-Bill Ackman on Fortune Brands and Q&A.
Jim Chanos, the famous short-seller and founder of Kynikos Associates, talked about value traps, and how to avoid them. He is bearish on China, GameStop, green energy, ITT/For profit education, and Exxon-Mobil/oil companies. Notes here-Value Traps, presentation here-full presentation here.
Joel Greenblatt, CEO of Gotham Capital, spoke about value based indexing and the magic formula. Greenblatt mentioned some companies that showed up on the screener, such as Merck (MRK), GameStop (GME), Best Buy (BBY), Aeropostale (ARO), Wells Fargo (WFC), Hewlett Packard (HPQ), Microsoft (MSFT), Dell (DELL), and General Dynamics (GD). He discussed reversion to the mean, and other topics. Link here-The Big Secret.
Leon Cooperman, CEO of Omega Advisors, spoke about the macro picture, politics (including his 10 proposals if he was president), and the reasons why he is bullish on US equities. Notes here-Politics, Macro, and his favorite stocks, full presentation here.
Whitney Tilson and Glenn Tongue, the Managing Partners of T2 Partners LLC, which manages three hedge funds and the Tilson Mutual Funds, laid out the bullish case for JC Penny and Berkshire Hathaway. They were short GMCR before David Einhorn publicly disclosed his short. Notes here-JCP and Berkshire, full presentation here.
Bernard R. Horn Jr. is president and founder of Polaris Capital Management, LLC, he spoke about his investment process, the three traits he looks for in stocks, and specific global equities, which he likes. Notes here-Global Value Investing,full presentations here.
Timothy E. Hartch, manager of Brown Brothers Harriman’s public equity group, spoke about two of his favorite stocks; DENTSPLY (XRAY), and EnergySolution (ES). Notes here- XRAY and ES, full presentation here.
Boykin Curry the Managing Director of Eagle Capital, talked about the importance of very long term investing, and did a sum of parts analysis on Goldman Sachs, and laid out the bullish case for Aon. Notes here-GS and AON.
Adam Weiss and James Crichton are a Co-Founders and Co-Portfolio Managers of Scout Capital Management, L.L.C. They laid out the bullish case for Williams Companies (WMB) based on sum of parts analysis, and James Sensata Technologies. Notes here-WMB and Sensata.
Guy Gottfried, founder of Rational Investment Group, spoke about The Brick Ltd., a Canadian based home furnishing company. Notes here-The Brick Ltd., full presentation here.
Ricky Sandler, managing member of Eminence Capital, LLC, spoke about investing in high quality large cap value stocks. Sandler laid out the bullish case for CME group. Notes here-CME group, full presentation here.
Alexander Roepers, President of Atlantic Investment Management, Inc., spoke about M&A activity. He briefly discussed some stocks which he likes, including; Energizer (ENR), Ashland (ASH), Flowserve Corporation (FLS), ITT, and MTU Aero Engines. Link here-positive environment for M&A, full presentation here.
Vladimir Jelisavcic, co-founder of Longacre Fund Management, LLC, spoke about his bull case for DryShips convertible debt and equity. Link here-DryShips converts, full presentation here.
