As promised recently we are updating/cleaning the investor resource pages on a regular basis. Last week we updated the pages of:
Canyon Distressed Opportunity Fund likes the backdrop for credit
The Canyon Distressed Opportunity Fund III held its final closing on Jan. 1 with total commitments of $1.46 billion, calling half of its capital commitments so far. Canyon has about $26 billion in assets under management now. Q4 2020 hedge fund letters, conferences and more Positive backdrop for credit funds In their fourth-quarter letter to Read More
Below is a partial excerpt from both pages followed by link to each full page, which can also be found under Value Investors tab on the top of the page.
Greenblatt has one of the most impressive records of any fund manager in history. His firm Gotham Capital, returned 40% annualized returns over the twenty years of 1985 to 2005. He achieved these phenomenal results by using many of the methods practised in his book “You Can Be a Stock Market Genius”. The book is probably the best book ever written on special situation investing with a value approach. Despite the cheesy title, the book has a plethora of philosophy, statistics, and real cases of investing in situations which the crowd is avoiding.
See full page here.
Much of Price’s investment philosophy is based on the teaching of Max Heine. Price started working for Heine at his Mutual Series mutual fund right after graduation and attributes his outlook to that of his mentor. The common investment philosophy could be the reason why Price was so successful at taking over Mutual Series fund after Heine’s death in 1988.
Heine was an opportunistic investor with a value-based approach towards investing. He realized the prospect for profits in firms which are in special situations like bankruptcy or restructuring. One-third of his stocks were made up of stocks of companies with special situations while the remaining two-thirds were value stocks. As Price worked for and later managed Heine’s fund, it can be irrefutably said that his expertise is in the field of value investment and opportunistic investment and that is his area of competence.
See full page here.