David Stemerman at Ira Sohn: coverage brought to you by ValueWalk.
David Stemerman is Founder and Portfolio Manager of Conatus Capital Management, a global long-short equity manager. Conatus Capital seeks to generate out performance from both long and short investments through individual stock selection based on in-depth, fundamental research into U.S. and global equities. Prior to launching Conatus Capital in 2008, David Stemerman was a partner and portfolio manager at Lone Pine Capital. Previously, David Stemerman was an analyst at equity long-short hedge funds Ulysses Management, the successor firm to Odyssey Capital, and HPB Associates and was an associate at McKinsey & Company.
The Odey Special Situations Fund declined - 0.3% in November, according to a copy of its monthly investor update, which ValueWalk has been able to review. Following this performance, the $94 million fund has returned - 12.4% year-to-date. It remains 2.16% ahead of its benchmark, the MSCI World Index, for the year. In the November Read More
David Stemerman at Ira Sohn Conference Live
3:39 PM EST: Stemerman, Tiger cub 2.0 is now presenting. Stemmerman bearish on South Africa (second one today, Druckenmiller recommended short too). Unsustainable income, unsound lending, cycle turn from boom to bust, the SA Banks are vulnerable.
3:41: South Africa banking is heading towards bust, says SA today similar to practices in subprime crisis in US.
3:46: Stemerman’s visits to SA revealed that half of loan officials had less than a year of experience. Says mainstream lenders have already begun to pull back, start of a meltdown.
3:48: African Bank is offering as much as $20,000 without collateral, says Stemerman.The bank gives out loans for no collateral, has grown 30 percent a year and taken 27 percent market share. Stemerman recommends short African Bank.
3:52 Presentation wraps up.