Spring 2015

Graham & Doddsville, issue 24 · 61 pages

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Interviews

p. 1 ↗ Matthew McLennan & Kimball Brooker First Eagle Investment Management Starts on the cover, continues on p. 5
First Eagle's value approach and the influence of Jean-Marie Eveillard. Holdings they discuss include National Oilwell Varco, Bank of New York, Groupe Bruxelles Lambert and Oracle.
Companies: National Oilwell Varco, Bank of New York Mellon, Groupe Bruxelles Lambert, Oracle International Deep value Quality compounders
p. 1 ↗ Josh Resnick Jericho Capital Starts on the cover, continues on p. 16
Josh on investing in technology, media and telecom, with Amazon, MercadoLibre and Telecom Italia as examples.
Companies: Amazon, MercadoLibre, Telecom Italia Technology Growth investing International
p. 1 ↗ Harvey Sawikin Firebird Management Starts on the cover, continues on p. 25
Harvey went from M&A lawyer to frontier-markets investor in Russia and Eastern Europe. Ideas include Gazprom Neft and Bank of Georgia.
Companies: Gazprom Neft, Bank of Georgia International Distressed
p. 1 ↗ Eric Yip & Mark Unferth Alder Hill Management Starts on the cover, continues on p. 33
Investing across the capital structure and bringing a credit view to equities. Eric shares what he learned working for Carl Icahn and David Tepper.
Credit Special situations
p. 1 ↗ Rolf Heitmeyer Breithorn Capital Management Starts on the cover, continues on p. 42
A CBS alumnus on deep value investing, with American Axle, Bed Bath & Beyond and Hermès as ideas.
Companies: American Axle, Bed Bath & Beyond, Hermès Deep value

Student pitches

p. 51 ↗ Long Altice By Brendan Dawson, Patrick McDonald and Moiz Valji 2015 Pershing Square Challenge, 1st place
A telecom holding company with nearly 80% upside in the base case, and more from consolidation, mobile repair and further deals.
p. 53 ↗ Long Fiat Chrysler By Brandon Cohen, Christopher Crawford and Tyler Boone 2015 Pershing Square Challenge, 2nd place
Fiat Chrysler earns nothing from Fiat or Chrysler. Ferrari, Jeep, Ram and Maserati alone are worth more than the market cap.
p. 55 ↗ Long HCA Holdings By Damian Creber and Michael Herman 2015 Pershing Square Challenge, 3rd place
Being first or second in each local market gives HCA bargaining power with insurers.
p. 57 ↗ Long Genuine Parts By Lauren Harmon, Derek Johnson and Adam Kommel 2015 Pershing Square Challenge, finalist
The team wanted the auto parts business to stand alone, through a Reverse Morris Trust deal for the office unit and a tax-free spin of industrials.
p. 59 ↗ Long Precision Castparts By Aaron Purcell, Ben Hansen and Yinan Zhao 2015 Pershing Square Challenge, finalist
The market leader in a business with real barriers to entry and a long record of strong free cash flow and capital allocation.

Also in this issue

p. 2 ↗Welcome letter
p. 3 ↗2015 CSIMA Conference
p. 4 ↗Amici Capital Prize