It has been a very busy 10 days and I am not even done editing all of my notes yet. However, after 24 pages of Berkshire Hathaway (BRK.A)(BRK.B) annual meeting notes, I am now posting over 70 pages of notes from this past week's Value Investing Congress in Pasadena. Unlike the Berkshire meeting notes, these are in bullet point form because there are far too many data points, and the speakers often move too fast for me to type the notes in paragraph form. These were taken in real time, and I apologize for any errors or omissions. In any case, I think they provide a very comprehensive summary of what was discussed at the event.
For those of you who do not have the time to go through all of the notes, I have highlighted the companies that were pitched and discussed. I also included tickers and stock charts for most of the companies that were extensively analyzed. I think there were a number of compelling ideas pitched and I will briefly highlight a few that stood out in my mind as deserving some more research:
- Guy Gottfried of Rational Investment Group pitched Morguard Corp (TSE: MRC), a Toronto-listed real estate company that is run by a great investor and whose stock looks to be trading a fraction of the value of its real estate properties. Not to take anything away from the other great speakers, but I think Guy made the best presentation.
- Ori Eyal of Emerging Value Capital Management discussed a share arbitrage opportunity with PRISA (PRIS) A and B shares. His compelling analysis made it seem unlikely that an investor could lose money and very likely that there would be significant upside in the next 6 months.
Aside from those two, there were also a number of interesting international and domestic stocks and other securities discussed. Some of you may notice that a few of the speakers have started their funds very recently and do not have long track records. As such, some people I spoke to voiced their concerns that it is hard to know if these guys are truly great investors. However, I have noticed that the young guys who run their own funds perform some of the most comprehensive and thoughtful research of any investors I know. As such, I highly recommend reading through the notes to see if anything piques your interest.
I hope you enjoy the notes. I appreciate all of the emails and offers to help me in my job search that I have received. I am looking forward to hearing more from all of you in the future.
UCLA Anderson 2011
The Inoculated Investor
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