I keep a stock watch list filled with hundreds of names which are evaluated in a broad fashion, with a strong bias toward free cash flow generation. Each stock is assessed a rough intrinsic value estimate and monitored weekly. If a stock’s price falls near my estimated intrinsic value, it shows up on my radar [...]
A reader asks if there is a way to monitor non-equity positions for Seth Klarman’s Baupost Group. The short answer is no, I know of no way to track non-equity holdings for any money manager unless they disclose that information voluntarily via a report or letter. As mentioned on this blog last week, Klarman doesn’t [...]
With the recent market rally, 2009 Q2 13F filings hold the allure of possibly yielding some indication as to what these respected managers may think of the rally. You can view Seth Klarman and Baupost’s hedge fund portfolio changes in spreadsheet form:. As always, the caveat with Klarman’s 13F filings is that Baupost plays in [...]
Painful as it was, 2008 was an invaluable learning experience. That may be a gross understatement. The investment turbulence of 2008 may have been a formative experience — one of those events that truly molds people and perspectives for a lifetime. That I managed to only lose -15% vs. a 39% drop in the S&P [...]
As of his last filing, Klarman’s Baupost Group owned 3.8M shares. Today’s filing raises his stake to 7.1M shares or 23.74% of the company. I posted my more timid assessment of the company a few weeks ago. Perhaps I need a little more courage in my convictions. Maybe I’ll have to mull over HRZ some [...]
In the span of a month, Horizon Lines (HRZ) has been marked down from $17-18 down to $10. First came news of a federal subpoena relating to pricing practices in the Puerto Rico trade. And then followed an ugly earnings report, or more accurately, the nasty guidance revision. After raising diluted EPS guidance in February, [...]
