Value Investing World

Friday, August 26, 2011

Brevan Howard capitalises on turmoil

Brevan Howard, the world’s largest macro hedge fund, has made close to $1.5bn over the past three weeks on the back of turmoil in the global markets.

In a month in which equity markets worldwide have seen declines of more than 10 per cent, the gain comes as a vindication for the $32bn London-based fund manager, which for more than a year – like many of its peers – has struggled to make headway in volatile conditions.

The fund has been “positioned for a global slowdown” since earlier this summer, said a senior employee of the firm – a strategy that has begun to reap serious rewards.

The recent gains mean Brevan’s flagship Master Fund, which for much of the year has been flat, is now up by just over 11 per cent, an investor told the Financial Times on condition of anonymity.

………………..

Related book: Expected Returns: An Investor's Guide to Harvesting Market Rewards

Related previous post: Introduction to "Expected Returns: An Investor's Guide to Harvesting Market Rewards" - By Antti Ilmanen

Posted by Joe at 8/26/2011
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Value Investing World is a blog dedicated to promoting the multidisciplinary approach to investing and development of – as Charlie Munger describes it – a latticework of mental models. Although largely focused on linking to investing and economic material it deems of interest, it will also post and link to material from other disciplines that it thinks worth reading or watching.

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  • Poor Charlie's Almanack
  • An Investing Principles Checklist from Poor Charlie's Almanack
  • Oaktree - Howard Marks Memos
  • EDGAR Company Filing Search
  • Nasdaq - Search Institutional and Manager Holdings
  • Stock Buyback Announcements
  • Insider Trading Activity
  • SEDI - Canada Insider Buying
  • Canada Insider Buying
  • Value Investors Club
  • 52 Week Low List
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  • Khan Academy
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  • OpenCourseWare
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My Favorite (and biased) Non-Investing Related Site

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  • Key Checklist Items
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  • Interview with Peter Bevelin, author of Seeking Wisdom - from Darwin to Munger
  • Second Interview with Peter Bevelin
  • Focusing on expected returns instead of intrinsic value…
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  • Dr. Peter Drucker: FEEDBACK: KEY TO CONTINUOUS LEARNING
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  • Bill Gates quote from Charlie Rose interview (or, how the world's best companies are built by fanatics)
  • Charlie Munger - USC Law School Commencement - May 13, 2007
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  • THE CHECKLIST - by Atul Gawande
  • Carl Sagan - Pale Blue Dot
  • The Most Astounding Fact About the Universe

Charlie Munger

  • Poor Charlie's Almanack
  • The Best of Charlie Munger: 1994-2011
  • VIDEO: Charlie Munger - USC Law School Commencement - May 13, 2007
  • NOTES: Charlie Munger - USC Law School Commencement - May 13, 2007
  • Charlie Munger's "The Psychology of Human Misjudgment"

Warren Buffett

  • Warren Buffett's Letters to Berkshire Shareholders
  • Buffett inflation file
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Ben Franklin

  • Ben Franklin's 13 Virtues
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Benjamin Graham

  • The Papers of Benjamin Graham (PDF)
  • The Rediscovered Benjamin Graham: Selected Writings of the Wall Street Legend (PDF)
  • Ben Graham interview (1955)
  • Securities in an Insecure World (1963 Speech)

Peter Bevelin

  • 2007 and 2009 interviews with Peter Bevelin
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  • PDF of Peter Bevelin interviews (2007 and 2009 with Value Investing World; 2016 with Farnam Street)

Howard Marks

  • Howard Marks memos
  • Compilation: Howard Marks Memos from 1990 - July 2011
  • Book: The Most Important Thing
  • Book: Mastering the Market Cycle

Seth Klarman

  • Seth Klarman Letters: 1995 - mid 2001
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Michael Mauboussin

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  • The Base Rate Book
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  • Who Is On the Other Side?
  • What Does a Price-Earnings Multiple Mean?
  • What Does an EV/EBITDA Multiple Mean?
  • Capital Allocation
  • Capital Allocation Outside the U.S.
  • Operating Leverage

Diversification

  • Warren Buffett on Diversification - 1966
  • Warren Buffett on Diversification (1998)
  • Phil Fisher on diversification
  • More from Phil Fisher on diversification
  • Warren Buffett and Charlie Munger on portfolio concentration, and having the right temperament for it
  • Seth Klarman on position sizing (bottom paragraph)
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  • Generalizing the Kelly Criterion
  • A quick diversification thought...
  • A few comments on the Berkshire Hathaway letter to shareholders

Checklists

  • Charlie and Checklists
  • An Investing Principles Checklist from Poor Charlie
  • Key Checklist Items

Expert Performance / Self-Improvement

  • Bill Gates quote from Charlie Rose interview (or, how the world's best companies are built by fanatics)
  • Dr. Peter Drucker: FEEDBACK: KEY TO CONTINUOUS LEARNING
  • What it takes to be great

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