Here is the spreadsheet I used to create all the posts on the changes in the portfolios of certain funds such as Pershing Square, Pabrai Funds, Lone Pine, Third Point and Paulson & Co to name a few. I am still digesting the data and I will provide comments soon. What I will say is that I think this may be one of the most interesting times I have in my career to examine what smart managers are doing. While the recent run up in the market since 3-31-2009 may have caused these portfolios to be very dynamic, I think it is beneficial to see how the investors I admire positioned themselves during a very difficult quarter.
Q1 2009 Hedge Fund Positions
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“Warren Buffett once wrote that value investing is like an inoculation--it either takes or it doesn’t--and when you explain to somebody what it is and how it works and why it works and show them the returns, either they get it or they don’t.” -Seth Klarman of the Baupost Group
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- The Absolute Worst Way to Solve the Economic Crisis
- Krugman versus Johnson: The Inflation-Deflation De...
- The Banks Just Don't Get It
- What we can learn from the failure of BKUNA
- Notes from Markel Small Group Meeting 5-19-2009
- Equity Research on Hurco Companies (HURC)
- How did the investment gurus position themselves d...
- Spreadheet of Fund Positions
- Change in Holdings of BP Capital- T Boone Pickens
- Change in Holdings of Cascade Investments- Bill Gates
- Change in Holdings of Wintergreen- David Winters
- Change in Holdings of Lone Pine- Steve Mandel
- Change in Holdings of Icahn LP
- Change in Holdings of Glenview Capital
- Change in Holdings of Third Point
- Change in Holdings of Paulson and Co.
- Change in Holdings of Pabrai Funds
- Change in Holdings of Pershing Square
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- Seeking Alpha
- Must Read Links 5-7-09
- How will we know when things have really turned?
- The market that defies gravity
- 2009 Berkshire Hathaway Annual Meeting Notes
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5 Best Value Investing Quotes
- Seth Klarman: “It turns out that value investing is something that is in your blood. There are people who just don’t have the patience and discipline to do it, and there are people who do. So it leads me to think it’s genetic.”
- Seth Klarman: “It sounds kind of crazy, but in times of turmoil in the market, I’ve felt a sort of serenity in knowing that I’ve checked and re-checked my work, one plus one still equals two regardless of where a stock trades right after I buy it.”
- Howard Marks (Oaktree Capital): “For forty years I’ve seen the manic-depressive cycle of investor psychology swing crazily: between fear and greed – we all know the refrain – but also between optimism and pessimism, and between credulity and skepticism. In general, following the beliefs of the herd – and swinging with the pendulum – will give you average performance in the long run and can get you killed at the extremes.”
- Bruce Greenwald (First Eagle Funds): "There are no bad days in the market. When the market is down, you’ve got bargains, and it’s lovely to think of what you are buying at low prices. When the market is up, the bargains have gone, but you’re rich.”
- Mohnish Pabrai (Pabrai Funds): “Warren Buffett has said many times that people either get value investing in five minutes or they won’t get it in five years. So, there is something in the human brain, that for some of us, makes all the difference in the world right away and the patience it requires is part of the wiring process.”