Soros buys lots of SPX puts
http://blogs.marketwatch.com/thetell/2014/02/17/soros-doubles-a-bearish-bet-on-the-sp-500-to-the-tune-of-1-3-billion/
Felix Zulauf is bearish
http://felixzulaufblog.blogspot.com/2014/02/felix-zulauf-warns-of-another.html
Lee Ainslie interview:
On portfolio positioning: "In terms of sizing, our average long is roughly twice the size of an average short at Maverick and our long portfolio is more concentrated than our short portfolio. This construction allows us to maintain net long exposure typically between 30% and 60%. The greater diversification of our short portfolio reflects the riskier nature of these investments and that these positions turn over more frequently, so having a deeper bench of such investments is helpful."
On valuation: "So while we place great emphasis on valuation in our investment decisions, valuation alone should never be the driver of either a long or a short investment ... I believe it is important to identify a catalyst that should benefit the valuation ... The most commonly used valuation metric at Maverick is sustainable free cash flow in comparison to enterprise value." Read more: http://www.marketfolly.com/2014/02/lee-ainslie-interview-columbia-business.html#ixzz2tbnBoDHb
On what he looks for in deep dives: "The most critical factor that we're trying to evaluate is the quality of management - their intelligence, competitiveness and, most importantly, their desire to create shareholder value."
Vitaliy on not buying struggling retailers
http://www.institutionalinvestor.com/blogarticle/3306063/What-I-Learned-at-the-Mall-about-Investing.html
"These retailers were on the wrong side of fashion trends, the businesses were not fundamentally broken. yet they all had cash heavy balance sheets and no debt, which bought them time to turn around the business. and the turnaround is always ugly."
http://www.crossingwallstreet.com/archives/2014/02/the-single-best-metric-evebitda.html
https://beta.tradingfloor.com/posts/volatility-changes-affect-your-position-sizes-45834
https://www.fidelity.com/viewpoints/market-and-economic-insights/why-earnings-growth-could-continue
http://blogs.marketwatch.com/thetell/2014/02/17/soros-doubles-a-bearish-bet-on-the-sp-500-to-the-tune-of-1-3-billion/
Felix Zulauf is bearish
http://felixzulaufblog.blogspot.com/2014/02/felix-zulauf-warns-of-another.html
Lee Ainslie interview:
On portfolio positioning: "In terms of sizing, our average long is roughly twice the size of an average short at Maverick and our long portfolio is more concentrated than our short portfolio. This construction allows us to maintain net long exposure typically between 30% and 60%. The greater diversification of our short portfolio reflects the riskier nature of these investments and that these positions turn over more frequently, so having a deeper bench of such investments is helpful."
On valuation: "So while we place great emphasis on valuation in our investment decisions, valuation alone should never be the driver of either a long or a short investment ... I believe it is important to identify a catalyst that should benefit the valuation ... The most commonly used valuation metric at Maverick is sustainable free cash flow in comparison to enterprise value." Read more: http://www.marketfolly.com/2014/02/lee-ainslie-interview-columbia-business.html#ixzz2tbnBoDHb
On what he looks for in deep dives: "The most critical factor that we're trying to evaluate is the quality of management - their intelligence, competitiveness and, most importantly, their desire to create shareholder value."
Vitaliy on not buying struggling retailers
http://www.institutionalinvestor.com/blogarticle/3306063/What-I-Learned-at-the-Mall-about-Investing.html
"These retailers were on the wrong side of fashion trends, the businesses were not fundamentally broken. yet they all had cash heavy balance sheets and no debt, which bought them time to turn around the business. and the turnaround is always ugly."
http://www.crossingwallstreet.com/archives/2014/02/the-single-best-metric-evebitda.html
https://beta.tradingfloor.com/posts/volatility-changes-affect-your-position-sizes-45834
https://www.fidelity.com/viewpoints/market-and-economic-insights/why-earnings-growth-could-continue
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