Value Investing World

Thursday, November 8, 2012

Invest for Kids Conference Notes: Kyle Bass, James Grant, Steve Romick, and others

Via ValueWalk:

Steve Mandel – Lone Pine Capital

Idea: Verisign, Inc. (NASDAQ:VRSN)

Lone Pine currently owns 9% of the company.  Verisign, Inc. (NASDAQ:VRSN) has no net debt and about a $6 billion market cap.  The company currently receives about $7.85 for each registered domain name annually.  Thesis: the combination of 7-8% domain name growth and 7% annual pricing growth combined with the firm’s operating leverage will lead to a 25% annual return over the next four years at current prices.  The pricing on many of the firm’s domain name fees are allowed to be raised up to four times over the next six years, each time by 7-8%, per the Department of Commerce.  Furthermore, the US Department of Defense has come to view Verisign, Inc. (NASDAQ:VRSN)’s internet infrastructure services as critical to national security, which will likely result in a favorable negotiation relationship with the Department of Commerce going forward.  The firm provides a service essential to the internet and charges a relatively low toll for this service. This is an attractive market position.  Operating margin should expand for years to come.
Posted by Joe at 11/08/2012
Labels: James Grant, Kyle Bass
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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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Useful Links and Other Recommended Reading

  • 2007 and 2009 Interviews with Peter Bevelin
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  • The Best of Charlie Munger: 1994-2011
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  • Charlie Munger - Academic Economics
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  • Charlie Munger - 2007 USC Law School Commencement Notes
  • Poor Charlie's Almanack
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  • Oaktree - Howard Marks Memos
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  • Interview with Peter Bevelin, author of Seeking Wisdom - from Darwin to Munger
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  • Dr. Peter Drucker: FEEDBACK: KEY TO CONTINUOUS LEARNING
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  • 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
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Ben Franklin

  • Ben Franklin's 13 Virtues
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Benjamin Graham

  • The Papers of Benjamin Graham (PDF)
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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
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  • 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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  • What Does a Price-Earnings Multiple Mean?
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  • Capital Allocation
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  • Operating Leverage

Diversification

  • Warren Buffett on Diversification - 1966
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Checklists

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  • 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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