Hedge Fund Analysis

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10 Mar: Short Thesis – the strange tale of WINS Finance Holdings

Wins’ stock valuation is a puzzle. Investor Jacob Ma-Weaver, at Cable Car Capital, notes that most of the stock’s gains occurred on tiny volumes of odd-lot trades and end-of-the-day transactions. Some 40% of Wins’ trades on a recent day were for one share apiece. On March 09th 2017, the obscure Chinese financial company, headquartered in New York, trades at $315. Yes $315. That is not a typo. Up +1200%.

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09 Mar: The Voting Machine and a Different Kind of Bubble

Ben Graham, the father of value investing, once said of the stock market, “In the short run, the market is a voting machine but in the long run it is a weighing machine.” To Graham the market was like a popularity contest. Investors “vote” for a stock out of considered enthusiasm for its prospects. Results however are determined in the long run as profits are “weighed” year after year and intrinsic value is revealed.

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14 Feb: Third Avenue Funds – Thoughts on the Market and New Positions

Portfolio Manager commentary as of December 31, 2016 regarding small cap investments. Third Avenue is a private investment firm rooted in their collective value-driven investment philosophy. Since their founding in 1986, they have consistently pursued a fundamental, bottom-up approach to deep value and distressed investing–the fund has it’s focus on the company’s balance sheet, the value of its underlying assets, and the discounted price of its securities.

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17 Aug: 10 Key Points in a Companies 10Q Report

A company’s 10 Q report is one of the most important tools an investor has when he tries to decide if and when a particular stock is a buy or a sell. The majority of investors is reading these reports yet most of them fail to properly understand the lingo used in these reports. What most investors miss or are not capable of doing is reading between the lines and interpreting the data correctly. To kick us off, we will examine key-phrases used in the 10 Q reports that can help us gauge the direction of the stock price.