Spring 2014
Graham & Doddsville, issue 21 · 46 pages
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Interviews
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p. 1 ↗
Philippe Jabre
Jabre Capital Partners
Philippe started in convertible arbitrage in the 1980s. He explains how convertibles have changed, the move into equities, and what it takes to start a fund today.
InternationalBuilding a firm -
p. 1 ↗
Arnold Van Den Berg & Jim Brilliant
Century Management
On discipline in money management and building a framework and a mental database from experience to make better decisions.
Portfolio constructionCareer advice -
p. 1 ↗
Eric Rosenfeld
Crescendo Partners
Eric on becoming an activist, how Crescendo finds targets, and why so much of its activism happens in Canada.
ActivismInternational -
p. 1 ↗
H. Kevin Byun
Kevin on special situations: spin-offs, liquidations and deals that reshape a company, with examples including Knowles, the Liberty spin-offs and Rayonier.
Special situationsSpin-offs
Student pitches
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p. 22 ↗
Long Allegion
By Brian Waterhouse, Matt Ford and Øystein Kværner
Growth should pick up as nonresidential construction recovers, and the European business can close its gap with peers. About 50% upside to the end of 2016.
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p. 24 ↗
Short Cablevision
By Joe Goldschmid, Allen Keel and Mahmud Riffat
Verizon FiOS was a real and growing threat, and the team saw about 52% return on the short.
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p. 26 ↗
Long Carnival
By Juliana Bogoricin, Charles Buaron and Ben Isaac
One-time setbacks hid the earnings power, with a two-year target about 53% above the price.
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p. 28 ↗
Long Clean Harbors
By Matt Bracewell, Patrick Enriquez-Fischer and Pavel Kaganas
A 12 to 18 month target 50% to 70% above the price, built on five points.
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p. 30 ↗
Long Naspers
By Carter Roehl, George Taras and Luke Tashie
The market valued Naspers' stakes in Tencent and Mail.ru at more than the whole company, so the rest came free.