The latest issue of Graham & Doddsville is out. This new edition of the student investment newsletter of Columbia Business School features interviews with Pershing Square's Bill Ackman, Corsair Capital's Jay Petschek and Steve Major, as well as Lyrical Asset Management's Andrew Wellington.
Additionally, the publication showcases student stock pitches on the likes of CDK Global (CDK), Schibsted Media (SCH:NO), JetBlue (JBLU), and First Solar (FSLR).
Highlights From Bill Ackman's Interview
On running a concentrated portfolio: "I'm a big believer in concentration. But it's not just analysis that protects you, it's the nature of the things you invest in. If you invest in super high quality, durable, simple, predictable, free cash flow generating businesses, that should protect you as well. If you pay a fair to cheap price for businesses of that quality, I think it's hard to lose a lot of money. The key is you have to be a good analyst in order to determine whether it truly is a great business. You have to really understand what the moats are. You have to understand the risk of technological entrants."
On position sizing: "We size things based on how much we think we can make versus how much we think we can lose. We'll probably be willing to lose 5-6% of our capital in any one investment."...
Wednesday, February 4, 2015
The latest issue of Graham & Doddsville is out: "Interview With Bill Ackman & More"
From Market Folly:
