Jonathon Jacobson Ira Sohn coverage brought to you by ValueWalk.
Jonathon Jacobson is the Founder, Chief Investment Officer and Chief Executive Officer of Highfields Capital Management LP, an $11 billion Boston-based investment management firm established in July 1998. Prior to founding Highfields, Jonathon Jacobson spent eight years as a senior equity portfolio manager at Harvard Management Company, Inc., which is responsible for investing Harvard University’s endowment.
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Jonathon Jacobson currently serves as a Director of Clear Channel Media Holdings, Inc. He is also a past member of the Asset Managers’ Committee of the President’s Working Group on Financial Markets, formed in 2007 to foster a dialogue with Federal Reserve Board and Department of the Treasury on issues of significance to the investment history.
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Jonathon Jacobson Ira Sohn Conference Live
5:10 PM EST: Jacobson is up next. He used to manage Harvard’s investments, and now he’s in charge of Highfields Capital Management LP.
5:15 PM EST: Jacobson is about to outline a short. It’s going to be difficult to follow Chanos.
5:15 PM EST: The last time Jacobson talked about a short it was Enron, this could be good.
5:17 PM EST: Jacobson is telling the Ira Sohn to beware AT&T Inc. (NYSE:T). All dividends are not created equal.
5:18 PM EST: Beware AT&T Inc. (NYSE:T). A big T flashes behind Jacobson.
5:19 PM EST: Jacobson also tells everyone to beware Linn Energy LLC (NYSE:LNN).
5:20 PM EST: Digital Realty Trust Inc. (NYSE:DLR) is a melting ice cube says Jacobson.
5:20 PM EST: Digital Realty Trust Inc. (NYSE:DLR) is a REIT with a market cap of over $10 billion. Shares have dropped almost 5% after market.
5:22 PM EST: Price Target $20 on Digital Realty Trust Inc. (NYSE:DLR). Stock closed at $69 today. Short interest on float is around 13%.
5:23 PM EST: Digital Realty Trust Inc. (NYSE:DLR) dividend not sustainable, no moat, capex keeps going higher. Stock down 7% now.
5:24 PM EST: Competition coming in from Google Inc (NASDAQ:GOOG), Microsoft Corporation (NASDAQ:MSFT).
5:27 PM EST: Recurring capex looks like $413 million to Jacobson. Digital Realty Trust Inc. (NYSE:DLR) share recovered slightly, down 5.8% now.
5:29 PM EST: Bottom line from Jacobson Digital Realty Trust Inc. (NYSE:DLR) can’t pay dividends.