Portfoliomanagement

Gustavo Ballvé on June 27th, 2014

Morningstar has just held its huge 2014 Conference and it has tons of videos in its website. Chris Davis of Davis Selected Advisers reacts to ages-old questions (for instance, of separating “growth” and “value”) in elegant yet decisively “let’s cut through the common notion” way. Beware of “boxes”, “filters” in general, but especially of those that are too narrow or inadequate.

Read more about Quick notes on Chris Davis’ quick interview

Gustavo Ballvé on March 12th, 2012

Interviews with Ray Dalio of Bridgewater and Ken Griffin of Citadel show how different people apply different ideas, frameworks and principles to different situations – be it investing, management, politics and life in general. But much more important is the question of how we can learn from other people while not making their ideas our own?

Read more about Ray Dalio and Ken Griffin

Gustavo Ballvé on November 21st, 2011

Bill Miller himself once said: “This is a brutal business, success equals survival. If you have survived, you will have succeeded”. We have said it a little differently since 1988: to finish first, you must first finish. Mr. Miller, famous for his 15-year streak of beating the S&P 500, has announced that he will step down as co-manager of the Legg Mason Value Trust in April 2012. Is Mr. Miller’s rise and subsequent fall a matter of genius becoming overconfidence or simple probability theory playing out – as per Taleb? Not knowing the inside workings of Legg Mason, no one can really claim to know the answer. To help us think about it, we collect several links inside.

Read more about Bill Miller will resign from Value Trust

Gustavo Ballvé on October 5th, 2011

Farallon Capital’s Tom Steyer is so secretive that even a more “politically-minded” profile seems like a good excuse to collect links about him and Farallon. Mr. Steyer was one of Bob Rubin’s traders at Goldman Sachs in his famed risk-arbitrage desk from the mid-1970’s to the late-1980’s (along with other famed managers such as Eddie Lampert, Daniel Och and Richard Perry). We have a few links and videos about Mr. Steyer inside.

Read more about Farallon Capital’s Tom Steyer

Gustavo Ballvé on October 3rd, 2011

A New Yorker article called “The Mark of a Masterpiece” is quite an enjoyable reading, particularly after watching “Who the #$&% Is Jackson Pollock?”. While 99.9% of the articles written on this subject will basically repeat the same story, the author goes a few steps beyond and provides a great example of what investigative work is. The similarities between the job description of an analyst and that of an investigative reporter have always caught our attention. Quotes, comments and links inside.

Read more about Invaluable art and analysis

Gustavo Ballvé on September 26th, 2011

While researching for a future post about one of his Goldman Sachs’ “alumni”, we’ve had the pleasure to re-read Bob Rubin’s excellent commencement speech at Harvard in 2001. We’ve alluded to it in a previous Buysiders post: “No one would listen”, in March 2010. A bit over ten years have passed since his speech, but these are timeless concepts.

Read more about Bob Rubin’s speech at Harvard, 2001

Gustavo Ballvé on May 25th, 2011

Very good event as usual. Jim Chanos was a blast with a presentation on Solar and Wind power, but the highlight so far was the presentation by a student who won the first Ira Sohn Investment Case Contest. The winner presented his long case on Bridgepoint Education, already up 12% on the news. Sure, the […]

Read more about Live at Ira Sohn 2011

Gustavo Ballvé on May 12th, 2011

“The Most Important Thing”, a book by Oaktree’s Howard Marks, was published last week in print (it has been out on Kindle for a while) and we’d like to tackle it soon. The Dealbook article has a quick Q&A with Mr. Marks, but much more useful is the link they’ve provided to all the memos Mr. Marks has written.

Read more about Reading list: Howard Marks

Gustavo Ballvé on March 18th, 2011

We don’t have Baupost Capital’s full 2010 letter, but these excerpts are still very interesting. Seth Klarman’s straight talk is always refreshing. Bits on Cash as strategic asset (being able to pull triggers in the midst of panic), “Short-termism” and how that affects everything, and Edge are particularly interesting.

Read more about Seth Klarman 2010 letter

Gustavo Ballvé on February 15th, 2011

NYT’s Dealbook linked yesterday to a CNBC interview with Bill Ackman of Pershing Square. A little more digging revealed other sections with him – it was a “Harvard Business School special” of sorts, and as such featured other high-profile alumni and professors such as Michael Porter. While each video has back-and-forth interaction with all participants, we highlight a few of Mr. Ackman’s “moments” inside.

Read more about BIll Ackman on CNBC

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