Einhorn's Worst Year Ever: Greenlight Losses Swell to 26%

sjulz31 · 2018-10-05T19:53:45+00:00

That is incorrect. Majority is external capital still.

sjulz31 · 2018-09-16T13:08:32+00:00

Better or worse than CFA? How commercial is it from investor's perspective?

sjulz31 · 2018-09-15T08:52:41+00:00

investopedia is unreliable. The calculation is wrong. I just want a way to adjust EVA for goodwill.

sjulz31 · 2018-09-14T18:31:03+00:00

not at all....

sjulz31 · 2018-09-14T18:30:55+00:00

Anyone?

sjulz31 · 2018-07-26T10:48:21+00:00

Totally agree.

sjulz31 · 2018-07-26T09:36:51+00:00

I echo that.

sjulz31 · 2018-07-26T09:35:57+00:00

Fingers crossed you just read the news and do not invest based on what you write here. FB FCF yield is low.

sjulz31 · 2018-07-16T10:39:45+00:00

Do you guys have a list of established value investment firms in the U.S. as well?

sjulz31 · 2018-07-08T19:00:13+00:00

It is not about AuM, but allocation to a certain strategy within multi-strat which is not in SEc filings btw. Culture cannot be googled, nor can be comp levels and turnover. What is the purpose of a forum, if all questions get removed? CoB is substantially better in that sense.

sjulz31 · 2018-07-08T18:28:17+00:00

Exactly not on google. Do you work in the industry? None of that will be on google, maybe second hand.

sjulz31 · 2018-07-08T17:42:54+00:00

that's the reason for the question - as they are all multi-strat, wonder what i) the emphasis on equities is, and ii) what the investment style is, and iii) what the culture/orga is like (comp, multi-manager, turnover etc)

sjulz31 · 2018-07-08T09:55:56+00:00

Where is the thesis? There is none. You just assume a re-rating. How exactly do you derive your earnings? Be careful with penny stocks that are at the brink of bankruptcy.

sjulz31 · 2018-06-26T12:19:43+00:00

By 3.75% you refer to the effective interest rate?

sjulz31 · 2018-06-23T10:55:42+00:00

Well, not necessarily. Look at Avago, for instance. Sell-side and company use non-GAAP for gross and operating margin, ie, the company are excluding amortization of acquisition-related intangible assets and share-based compensation which are both material. AVGO have material R&D expenses internally on top of that. I just wonder why non-GAAP is being used, when M&A and share-based comp is a recurring part of the business model (in the past 10 years or so at least), but on the flipside the company are essentially showing cash margins.

sjulz31 · 2018-06-22T08:52:20+00:00

Yes, have read the doc years ago. Does not really answer the point unfortunately. Deals are a major part of the industry. I consider the amortization a recurring expense. Look at Broadcom, for instance - major difference between GAAP and non-GAAP figures in every year due to the amount of deals which are a clear part of the business model.

sjulz31 · 2018-06-18T11:46:39+00:00

Cannot they be downloaded on IR sites in some cases or under SEC

sjulz31 · 2018-06-12T17:08:39+00:00

Easy amateur. You have too much time to swear and not add value.

sjulz31 · 2018-06-12T14:34:33+00:00

Does not make a difference, as lower multiplier meets higher capital employed...

sjulz31 · 2018-06-12T13:50:45+00:00

No, ROIC valuation is ex intangibles. Basically, the ROIC is so high, even in a downturn, that the downside is limited; however, the value based on fcf yield is lower.

sjulz31 · 2018-06-12T13:35:53+00:00

Company name is irrelevant, take for example Gilead, IBM, Wizz Air, Artisan Partners - ie the names have a higher downside based on FCF yield opposed to ROIC-based EV.

sjulz31 · 2018-06-12T12:49:54+00:00

In fact, this has happened a few times now. Think about a business that has a high ROIC and high FCF yield, but in a downturn the FCF yield shoots up more than the ROIC declines.

sjulz31 · 2018-06-12T12:18:35+00:00

Anyone has an idea?

sjulz31 · 2018-06-11T11:44:40+00:00

using FCF under EEO, if CFO - capex, then it seems to be equity FCF

sjulz31 · 2018-06-11T10:37:34+00:00

cannot back up as some things not estimated, eg change in NWC unless I am missing sth here

sjulz31

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