hedge funds (4)

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As Bloomberg warned in early December as BlueCrest Capital Management stated it would no longer oversee money for outsiders, one thing founder Michael Platt didn’t mention was that clients had already pulled billions of dollars this year............and now Jim Cramer has joined the club.  It's been a rough environment for hedge funds and end of year is do or die.  Winners few and far between it seems and they want their money now.

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50 Stocks Most Loved By Hedge Funds


Google Inc.
$178
58
6%
-6%
Apple Inc.
$533
51
8%
8%
General Motors
$54
45
6%
-16%
American Intl Group
$77
43
7%
3%
Time Warner Cable
$38
42
8%
1%
American Airlines Group
$25
40
7%
53%
Citigroup Inc.
$141
37
6%
-11%
Microsoft Corp.
$331
37
6%
8%
Hertz Global Holdings
$13
33
6%
-1%
Micron Technology
$28
32
6%
20%
Facebook Inc.
$148
30
6%
6%
Cheniere Energy
$14
28
8%
34%
Actavis
$36
27
5%
24%
Forest Laboratories
$25
26
7%
55%
Delta Air Lines
$32
25
7%
38%
NorthStar Realty Finance
$5
25
7%
21%
Bank of America
$153
24
7%
-7%
Charter Communications
$15
24
6%
1%
Liberty Global Class C

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Notes from Ira Sohn Conference

These the notes from the "Next Wave" Sohn mini-conference. Stay tuned as we'll be posting notes from the main Sohn Investment Conference later on.

John Khoury. Long Pond Capital

Idea: American Homes for Rent (AMH). REIT, buys houses, fixes them up and rents them out. Debate is whether it is a good business or not. Bears say it is impossible to manage thousands of homes efficiently. Bull case: 95% occupancy, length of stay 2x that of apartments NOI margins at or higher than apartments. Doing securitization now at L+1.66 Levered up- "you want to own an asset when it begins to be securitized."

Currently 2.7% FCF yield, but with 45% net leverage get 7.0% FCF yield. "REITs do not trade at 7% FCF yields." Apartment REITS trade at 5%, if this gets there, stock has $23 PT, 40% upside. "Free call option" is consolidation, they could roll up other businesses. Still only 20% of 1% of the total market. $3T market opportunity. Founder and management own $1B of the stock. Unlevered now, so limited d

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Hedge Funds Storm Into Venture Capital

For those concerned about a bubble in startup land, the number of VC-backed companies attracting valuations north of $1 billion increased sharply this year.  “This clearly is shaping up to be the best year for IPOs in a decade,” said Steve Case, the former head of AOL and now head of his own private investment firm, Revolution.  IPOs are at the core of U.S. and global economic growth and job creation.  A sustainable IPO market requires valuations based on fundamental performance over the long-term. Today’s markets are focused instead on short-screen-shot-2013-12-13-at-10-08-08-am.png?w=640&h=374&width=320term trading profit extraction.  A bubble or the beginning of a new, higher trend?  You be the judge.

You may disagree on whether Dropbox is worth an estimated $9.6 billion, Pinterest, $3.8 billion, or Uber, $3.5 billion.  But you will agree on this: All are rich valuations and a surge of pre-IPO money is fueling them to extraordinary heights.

“This is momentum investing,” said Tim Guleri, managing director at Sierra Ventures. “Overall, too much o

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