Salient to Investors: Tony Hsu at the Dalton Greater China Fund focuses on entrepreneur-led companies and against state-controlled enterprises. Hsu likes Hong Kong-listed property developers with prime assets in the largest Chinese cities yet trading at large discounts to their NAV, because first-tier cities will be major beneficiaries of the
READ MORE... →Salient to Investors: Greg Jackson at Jackson Park Capital looks for any size stocks of companies with: A shareholder-oriented management team, with CEOs owning stock in their companies. Strong insider buying and buying in the open market with cash that’s at least six figures in value, not acquiring shares through
READ MORE... →Salient to Investors: The Weitz Value and Weitz Partners Value funds each have cash stakes close to 30 percent. The Yacktman Focused fund has 19 percent in cash. The Westwood Income Opportunity fund has 16 percent in cash, The IVA Worldwide Fund has 28 percent in cash, the GoodHaven fund has 33 percent in cash. Morninstar
READ MORE... →Salient to Investors: Bruce Zimmerman at Utimco said that in the 3 months ending February 28, his fund reduced bullion holdings of $1.4 billion by $375 million, and bought $75 million in gold futures, $225 million in developed-market equities and $75 million in emerging-market equity futures. Zimmerman said the fund’s total exposure to gold has not
READ MORE... →Salient to Investors: Calpers market value exceeds the high set before the global financial crisis wiped out more than a third of its wealth, but is is still short $87 billion, or 26 percent, of meeting its long-term commitments. Calpers has half of its money in equities, and returned 13 percent
READ MORE... →Salient to Investors: Bruce Berkowitz at Fairholme Capital Mgmt said mutual funds are great vehicles but have rules that allow mutual fund holders to cash out anytime and puts his long-term investing style at a disadvantage, and hurts managers who favor concentrated positions. Berkowitz said he is prone to investing
READ MORE... →Salient to Investors: Bruce Berkowitz at Fairholme Fund bets on the recovery of stocks that fall out of favor, especially recovering icons that trade at half of intrinsic value for reasons that have nothing to do with their prospects. Berkowitz prefers to focus on his best ideas rather than spread them out. Morningstar
READ MORE... →Salient to Investors: Stephen Dodson at the Bretton Fund said one of the best ways to make money is to be able to look past a bad headline -ask if there is something fundamental that permanently impairs the future earnings ability or is it just a short-term hit. More serous is accounting irregularities. James Potkul at the Bread
READ MORE... →Salient to Investors: Contrarian fund manager Bill Smead is: Bullish on the U.S. but bearish on companies exposed to China. Looks for strong balance sheets, industries with high barriers to entry, long histories of profits and dividends, p/e ratios below their 10-year average, strong insider ownership, and shareholder friendliness with regard to
READ MORE... →Salient to Investors: The cheap valuations of European banks, Japanese carmakers, Hong Kong developers and Russian oil producers are attracting investors, indicating that most investors are more concerned with preserving capital than earning higher returns. Shares with the lowest price-to-book ratios lost an average 10 percent since March 2012 and trailed the most expensive shares by
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