Icahn Calls JANA Partners A Pansy

JANA Partners dumped nearly half its Hertz (HTZ) stake this week, ending its activist campaign and now owning just 4.9% of the company. During its activist holding period, the stock posted a -28% CAGR. Meanwhile, Carl Icahn stood by his car rental play, upping his Hertz stake by ~20% this week to 14.3%.

The biggest issue for HTZ going forward is the worry that Uber and the likes will cut into its business. Granted, HTZ still has a stronghold in the airport rental business, the big answer for preventing a distribution of its business from this new tech is to spend more on technology.

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Notes From Schwarzman, Sternlicht, Robert Smith, Mary Callahan Erdoes, Joseph Tsai And Much More From The 2020 Delivering Alpha Conference

Stephen SchwarzmanThe following are rough notes of Stephen Schwarzman, Steve Mnuchin, and Barry Sternlicht's interview from our coverage of the 2020 CNBC Institutional Investor Delivering Alpha Conference. We are posting much more over the next few hours stay tuned. Q2 2020 hedge fund letters, conferences and more One of the most influential investor conferences every year, Read More

HTZ is already focusing on making technology a competitive differentiator. This includes moving to a cloud-based platform, designing customer-centric systems, and developing a mobile-focused product offering. The development of such infrastructure and platform is expected to take a year and a half but ultimately offer $150mm a year in cost savings.

This is either one of the most misunderstood companies around or one of the best shorts. Understanding the accounting for depreciation and capital intensive / resell potential is often overlooked. However, who really rents a car these days?

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