Kyle Bass

Kyle Bass

Last Update: 02-02-2017

Number of Stocks: 3
Number of New Stocks: 0

Total Value: $63 Mil
Q/Q Turnover: 0%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Kyle Bass Watch

  • China’s Mundell-Fleming Trilemma

    (The following is an excerpt from our weekly Market Brief. If you’re interested in learning more about Market Briefs and the Macro Ops Hub, click here.)

    You’re probably familiar with the story of how George Soros and Stanley Druckenmiller “broke the Bank of England” in '92.


  • Troubled Kyle Bass Reduces Stake in NMI Holdings

    Hayman Capital Management’s Kyle Bass (Trades, Portfolio) reduced his stake in NMI Holdings Inc. (NASDAQ:NMIH) by 27.24% on Oct. 11.

    Bass founded Hayman Capital in 2005. The Dallas-based hedge fund has been struggling recently due mostly to the state of oil prices. While the firm prospered with Bass’ shorting of the subprime mortgage crisis leading up to the Great Recession, he was not so fortuitous in regard to predicting oil prices.


  • Kyle Bass Purchases Stake in Clovis Oncology

    During the first quarter guru Kyle Bass (Trades, Portfolio) purchased 100,000 shares of Clovis Oncology Inc. (NASDAQ:CLVS).

    Clovis Oncology is a biopharmaceutical company that is headquartered in Boulder, Colorado. The company focuses on acquiring, developing and commercializing cancer treatments in the U.S., Europe and other international markets. The company's development programs are targeted at specific subsets of cancer, combining personalized medicine with companion diagnostics to direct therapeutics to those patients who are the most likely to benefit from them.


  • Viacom, AutoNation Among Undervalued Guru Stocks

    According to GuruFocus' All-in-One Screener, several gurus are focusing on stocks whose Peter Lynch fair value is far above the current price. The following stocks are trading with a wide margin of safety and at least five gurus are shareholders.

    Viacom Inc. (VIAB) is trading at the price of $38, but the Peter Lynch earnings line gives the company a fair price of $69.91, giving the stock a margin of safety of 45%. It is trading with a PE ratio of 9.29 that is ranked lower than 85% of its competitors in the Global Media – Diversified industry. It is currently 47.20% below its 52-week high and 28.93% above its 52-week low.


  • Kyle Bass Sells Stakes in 11 Health Care Companies

    Kyle Bass (Trades, Portfolio) of Hayman Capital Management sold 11 health care-oriented stakes in the fourth quarter, the most noteworthy being the divestiture of his 606,618-share stake in Impax Laboratories Inc. (NASDAQ:IPXL), a Hayward, California-based pharmaceutical company.

    Bass sold the stake for an average price of $40.13 per share. The transaction had a -9.86% impact on Bass’ portfolio.


  • Lessons Learned From Kyle Bass Shorting United Development Funding

    Kyle Bass (Trades, Portfolio) is the founder and principal of Hayman Capital Management. He became well known after predicting the credit crisis of 2008 and profiting from credit default swaps and subprime mortgages.

    Bass has recently been shorting a company called United Development Funding IV (UDF) because he believes it to be a Ponzi scheme. Thursday, the FBI raided the offices of United Development Funding indicating that the company has been under investigation for fraudulent activities. Shares of the company tumbled 54% as a result.


  • CF Industries Among Stocks Trading Below Peter Lynch Value

    According to GuruFocus' All-in-One Screener, several gurus are focusing on stocks whose Peter Lynch fair value is far above the current price. The following stocks are trading with a wide margin of safety, and at least five gurus are shareholders.

    CF Industries Holdings Inc. (CF) is trading at about $27 per share, and the Peter Lynch value gives the stock a fair price of $57.49, giving the current price a margin of safety of 53%. It is now trading with a PE ratio of 7.17, higher than 86% of companies in the Global Agricultural Inputs industry and is currently 60.97% below its 52-week high and 2.45% above its 52-week low.


  • Kyle Bass: China Is Running Out of Money

    Dear Investors,

    Over the past decade, we have worked diligently to identify anomalies in financial systems, governments, and companies around the world. We have been vigorously studying China over the last year, with the view that the rapid credit expansion in the Chinese banking system will result in significant credit losses that will require the recapitalization of Chinese banks and materially pressure the Chinese currency. This outcome will have many near-term and long-term effects on countries and markets around the world. In other words, what happens in China will not stay in China.


  • Kyle Bass on UDF: A Billion Dollar House of Cards

  • Why Kyle Bass Believes Market Will Be Down by Year-End

    Kyle Bass, founder of Hayman Capital, did an interview on Friday with CNBC where he discussed energy stocks, and why he would rather own commodities than equity. Bass also shared why he believes the U.S. market will be down between 10% to 20% by year-end.


  • Kyle Bass – Pessimistic On Global Economy, Bullish On Oil

    He called and profited from the subprime mortgage crisis. He nailed the European debt problems.

    Where does Kyle Bass (Trades, Portfolio) see the best opportunity in the market today?


  • Scott Black's 4 Stock Picks for 2016

    Guru Scott Black (Trades, Portfolio) of Delphi Management, Inc. just appeared on CNBC and talked about four of the fund's holdings. One: Apple (NASDAQ:AAPL) being a recent pick. Delphi Management pursues a proven, conservative investment strategy with a focus on fundamentals. It is rigorous with its quantitative analysis but also tries to buy into companies that are well managed. It considers itself a classic value investor of the Graham-Dodd ilk.


  • Pharmaceutical Stocks Hold Prominent Positions in Kyle Bass' 3rd-Quarter Activity

    Health care stocks are the most heavily weighted stocks in Kyle Bass (Trades, Portfolio)’ portfolio so it is no surprise that health care-related stocks would hold prominent positions in his third-quarter transactions.

    Bass’ most significant third-quarter transaction was the sale of his 836,593-share stake in Perrigo Co. PLC (NYSE:PRGO), a pharmaceutical company with offices in Dublin and Allegan, Mich., for an average price of $183.44 per share. The deal had a -18.25% impact on Bass’ portfolio.  

  • Kyle Bass Builds Bull Case for Clovis Oncology

  • Kyle Bass Goes Fishing for These 3 New Holdings

    Guru Kyle Bass (Trades, Portfolio) is a great investor, and I really like his investment philosophies. Most recently I read the book "Money" by Anthony Robbins, in which he interviewed Bass. He asked him, "What’s most important to winning?" and Bass replied, “Hunger and pain. Hunger comes from pain; you don’t get really hungry when it’s been easy." He then went on to say, “Luck is where preparation meets opportunity.”

    Recently Bass bought 1,281,434 shares in CF Industries Holdings Inc. (NYSE:CF), Impax Laboratories Inc. (NASDAQ:IPXL) and GW Pharmaceuticals (NASDAQ:GWPH).


  • Chinese Banks Will Lose All Of Their Equities - Kyle Bass

    Kyle Bass (Trades, Portfolio) believes the Chinese banking system is "too big for its britches."

    The Chinese banking system is three times the size of China's GDP. The banking system has grown four times in the past decade, and it is time for it to experience a loan loss cycle.


  • Kyle Bass Sees a Hard Landing for China

    Kyle Bass (Trades, Portfolio), head of Dallas-based hedge-fund Hayman Capital Management, rose to prominence in 2007 for being one of the few investors to spot the U.S. financial crisis early, and to profit from it by betting against subprime mortgages. He successfully called Japan’s banking problems (and bold monetary stimulus) a few years later, and now he’s saying China will be next.

    In an interview with Fortune prior to his appearance at this week’s Ira Sohn investing conference in San Francisco, Bass offered reasons why China’s impending banking crisis, though far bigger than the U.S. crisis in terms of the assets at risk, will have a smaller impact on the global economy. He also explained why the hedge fund business is less forgiving than it has ever been. Edited excerpts of the conversation follow.


  • Kyle Bass Reveals the Real Scary Problem Confronting Asia

    Kyle Bass (Trades, Portfolio) is well known for his significant macro calls on the housing bubble, European debt and Japan.

    Today he is seeing just the very start of a big cycle of nonperforming loans in Asia, especially China. There will be huge writeoffs which require massive capital injections to offset.


  • Broadview Advisors' Largest Buys in Q2 2015

    Broadview Advisors is a hedge fund based in Wisconsin that, on its last quarterly 13F, reported a total value of its portfolio of $948 million, with a decrease of 5.97% since the previous quarter. During Q2 2015, the firm bought 12 new stocks and increased 33 of its existing stakes. The following are the most heavily weighted buys during the quarter.

    It bought shares of Towers Watson & Co (TW) with an impact of 1.18% on its portfolio. The company is a professional services company that helps organizations improve performance through effective people, risk and financial management. It offers solutions in the areas of employee benefits, talent management, rewards, risk and capital management and healthcare exchanges for both retirees and active employees.


  • Kyle Bass Focuses on Fuel, Pharmaceutical Stocks in Second Quarter

    If there was a theme to Kyle Bass (Trades, Portfolio)’ investment activity in the second quarter, the founder of Dallas-based Hayman Capital Management L.P., displayed an interest in fuel and pharmaceutical stocks. Not all of Bass’ transactions fit neatly into that category, of course, but many did, including most of the largest ones.

    Bass bought 11 new stakes in the second quarter. He bought 836,593 shares of Perrigo Co. PLC (NYSE:PRGO), an Irish manufacturer of over-the-counter drugs and the most valuable stake in Bass’ portfolio, for an average price of $190.23 per share. The acquisition had an 18.25% impact on his portfolio.


  • Valeant Pharmaceuticals' New Female Drug

    Valeant Pharmaceuticals (NYSE:VRX) has confirmed that it will pay $1.0 billion to buy Sprout Pharmaceuticals, the closely held company that has just won U.S. approval to sell the first drug that aims to increase women 's libido. Under the terms of the agreement, which echoes The Wall Street Journal, Valeant will pay $ 500 million in cash upfront and pay the other party early next year, whose pink pills, known as “female Viagra,” will be sold under the name Addyi. The deal is scheduled to close in the third quarter.

    Other acquisitions


  • Kyle Bass – Stung By Losses, Hoping for a Comeback

    Not very long ago, J. Kyle Bass (Trades, Portfolio) was one of the hottest brands in the $2.5 trillion global hedge fund industry. Bass anticipated the disintegration of the nation’s mortgage market in 2008, Greece’s economic demise in 2012 and the massive bond-buying program by the Bank of Japan that began in 2013. Investments based on these insights made a mint for both himself and for clients of his $2-billion-asset Hayman Capital, which has its headquarters in Dallas. His track record of identifying global imbalances and profiting from them catapulted the unflappably confident former bond salesman into stardom.

    The investment world viewed him as a visionary who had a clear-headed plan for investing in a world where economies have been wildly distorted by artificially low interest rates. Bass’ spot-on insights also turned him into one of the investment conference circuit’s most powerful draws; and his guest appearances were coveted by business network show hosts because their audience hung on every word uttered by the brashly confident asset manager. Best-selling author Michael Lewis even profiled Bass in the opening pages of his 2011 book, “Boomerang: The Meltdown Tour.”


  • Kyle Bass Adds to His Stake in NMI Holdings Inc.

    Kyle Bass (Trades, Portfolio) of Hayman Capital Management has reported an increase in his stake in NMI Holdings Inc. (NASDAQ:NMIH). Bass is the founder and lead portfolio manager of Hayman Capital Management, which he founded in 2006. Bass’ portfolio is primarily focused in the real estate market, and he is well known for his ability to identify real estate market mispricings. Most notably, Bass is known for his substantial investment gains obtained from the use of synthetic credit securities utilized during the subprime mortgage crisis.

    As an investor in the real estate equity market Bass’ portfolio is heavily skewed towards equity real estate investments. His most recent purchase of NMI Holdings is on point with his overall portfolio focus of investing in real estate. Bass first added NMI Holdings to his portfolio in the fourth quarter of 2013 when the company first became publicly traded.


  • Kyle Bass Interview With The Real Vision TV

    Kyle Bass (Trades, Portfolio) of Hayman Capital did a interview with The Real Vision TV back in Januray at the Barefoot Economic Summit. 

    Interview With The Real Vision TV:


  • Kyle Bass Takes Stake in Argentina-Focused Shale Company

    Investor Kyle Bass (Trades, Portfolio) has procured a 17.1% stake in environmentally conscious unconventional shale oil company Eco-Stim Energy Solutions (NASDAQ:ESES) on July 10, he disclosed Monday.

    Bass’ stake consisted of 2,105,263 shares and joined 23 other positions he added from the oil and gas sector in the first quarter, out of a total of 26 listed positions. Energy stocks consumed 23.6% of his stock portfolio because sizable positions from other sectors dominated his top holdings.


  • Why GM Is A Buy

    It has been a few years since General Motors Company (NYSE:GM) resurected from the ashes of its former incarnations bankruptcy. It is still the leading automaker in the States and slowly U.S. taxpayers are forgiving the company its previous mistakes. In October 2010 the automaker integrated AmeriCredit to continue to offer credit to customers. Currently, Fiat Chrysler Automobiles CEO Sergio Marchionne is pursuing GM to merge with the Italian automaker. Sergio Marchionne has a reputation as a briliant manager who is highly skilled at creating shareholder value. His arguments are laid out in a presentation called Confessions of a Capital Junkie. His main point is that automakers are achieving RoIC below their average cost of capital. Long term that is a huge problem, and he thinks the solution lies in a few mega companies. By his estimates a combination of Fiat with another major automaker would result in between $2.8 billion to $5 billion in benefits per year. Fiat and GM’s combined Ebitda is around $19 billion, so that is signficant. GM CEO Mary Barra, meanwhile has indicated to be uninterested.


  • Energy Acquisitions Fill Kyle Bass' 10 Most Valuable Stakes List in First Quarter

    Kyle Bass (Trades, Portfolio), founder of Dallas, Texas-based hedge fund Hayman Capital Management, has built a reputation for predicting and benefiting from economic events, such as the subprime mortgage crisis and the European sovereign-debt crisis.

    In the first quarter of 2015, Bass made 24 new buys, most of them in the oil and gas industry at a time when gas prices were beginning to rebound. Bass didn’t touch the two most valuable stakes in his portfolio – NMI Holdings Inc (NASDAQ:NMIH) and General Motors Co (NYSE:GM) – in the first quarter, but new buys filled out the rest of his top 20 holdings, starting with Verso Corp (NYSE:VRS), a Memphis, Tennessee-based producer of coated papers that are used in commercial printing applications that became Bass’ third-most valuable stake. Bass bought 818,670 shares of Verso in the first quarter for an average price of $2.42 per share. The transaction had a 2.35% impact on Bass’ portfolio.


  • Kyle Bass Presentation: The Coming Crisis In Japan

    With the benefit of hindsight, huge financial events seem very obvious.

    The housing bubble is one example where trillions of dollars were lent without any regard to whether or not the borrower would repay them. Is it surprising that when a loan originator has no vested financial interest in the quality of the loan that they would care only for volume and not for quality?


  • Kyle Bass' New Buys

    Kyle Bass is the managing member and principal of Hayman Capital Management's general partner, formed in December 2005. Hayman Capital Management serves as the investment manager to the Hayman Capital Master Fund LP and Japan Macro Opportunities Master Fund LP.

    Kyle Bass (Trades, Portfolio) makes bold bets according to his view on macroeconomics. He made a fortune in 2007 by betting against sub-prime CDOs.


  • An Hour-Long Interview With Hedge Fund Star Kyle Bass

    The "Chain" is a series of interviews between investing peers.

    The first of the series is with Kyle Bass (Trades, Portfolio) who has soared to fame in recent years by getting out in front of the housing bubble, the European debt crisis and now possibly huge structural problems facing Japan.


  • George Soros and Dan Loeb Reduced Stake in YPF S.A.

    The Form 13-F is a quarterly report of equity holdings by filed institutional investment managers with at least $100 million in equity assets under management, as required by the United States Securities and Exchange Commission (SEC). Section 13(f) securities generally include equity securities that trade on an exchange (including the Nasdaq National Market System), certain equity options and warrants, shares of closed-end investment companies and certain convertible debt securities. The shares of open-end investment companies (i.e., mutual funds) are not Section 13(f) securities.

    The filing revealed that at the end of last year, Soros Fund Management reduced its stake in YPF S.A. (NYSE:YPF) by 12.57% (1,674,587 shares) and it now holds 11,650,176 ADRs; worth $301.7 million as of the end of the year.


  • George Soros and Dan Loeb Reduced Stake in YPF S.A.

    The Form 13-F is a quarterly report of equity holdings by filed institutional investment managers with at least $100 million in equity assets under management, as required by the United States Securities and Exchange Commission (SEC). Section 13(f) securities generally include equity securities that trade on an exchange (including the Nasdaq National Market System), certain equity options and warrants, shares of closed-end investment companies, and certain convertible debt securities. The shares of open-end investment companies (i.e., mutual funds) are not Section 13(f) securities.

    The filing revealed that at the end of last year, Soros Fund Management reduced its stake in YPF S.A. (NYSE:YPF) by 12.57% (1,674,587 shares) and it now holds 11,650,176 ADRs, worth $301.7 million as of the end of the year.


  • Hedge Fund Star Kyle Bass Discusses All Things Investing

    Few investors have more interesting opinions on the macro environment than Kyle Bass (Trades, Portfolio).

    Bass isn't just interesting though, he is successful scoring a home run profiting from the collapse of the housing bubble in 2008.


  • Kyle Bass adds OXY, OCN and KS to Portfolio

    Kyle Bass (Trades, Portfolio) grew up lower-middle class in Miami, FL. in which his parents lived from paycheck to paycheck, so he never learned firsthand what it meant to invest and save money. However, he took an interest in it when he was in college at Texas Christian University, where he took the class as an elective to his math and science courses. He originally wanted to get into medicine, but changed his major after the world of finance and investing began to intrigue him the more he learned.

    Bass is now the founder and principal of Hayman Capital Management, which has always been his ultimate goal.


  • How Good is Your Argument?

    “One of the best ways to get confidence in an idea is to find the best argument out there and see if there is a case that you haven’t considered or if there is something you don’t know. If what I’ve heard are the best arguments that can be made against being short Herbalife, then I want to be short more.”


  • Hedge Fund Manager Kyle Bass: GM Has Too Much Capital On Balance Sheet

    Kyle Bass (Trades, Portfolio) thinks if General Motors (NYSE:GM) chooses to be shareholder-focused, it could easily double its current dividend. Bass thinks GM has too much capital on its balance sheet.

    With $27 billion of cash on its balance sheet and $10 billion on their revolver, GM should be paying out more of its cash flow to shareholders.


  • Kyle Bass - Only Massive Debt Restructuring Can Save The EU

    He made a killing from the 2008 financial crisis by betting against the right financial instruments. He made a killing betting against Greece's bonds before the world knew that there was a European debt crisis.

    That European crisis is not over.


  • Interview With Hedge Fund Manager Kyle Bass – Still Likes GM, Sees More Macro Volatility

    Kyle Bass (Trades, Portfolio) is one of the most celebrated hedge fund managers of the past decade.

    In the interview below he indicates that his firm is still long General Motors (NYSE:GM) – it is his largest position, and he provides an update on his current macro view.


  • Kyle Bass Buys Herbalife, American Airlines, 5 Others in Q1

    Kyle Bass (Trades, Portfolio) is founder and managing member of Dallas-based Hayman Capital Management, where he bet correctly against the U.S. subprime crisis and invests primarily using his analysis of macro economics and companies in unusual situations. In the first quarter he turned over half of his portfolio, adding seven new holdings to list 26 stocks in total. At quarter end the top sectors represented in his portfolio were Consumer Cycalical at 26.8%, Communication Services at 18.6% and Energy at 15.2%.

    Kyle Bass (Trades, Portfolio) New Buys


  • Hayman Global (Kyle Bass) Presentation - Global Outlook Pitfalls and Opportunities for 2014

  • Hayman's Kyle Bass Discusses Japanese Sell-Off, GM

  • Kyle Bass Makes Contrarian Bet on Nationstar Mortgage

    Kyle Bass (Trades, Portfolio) of management firm Hayman Advisors often takes large positions in companies facing temporary setbacks or another unusual event but that have potential for future growth. His most recent play involves Nationstar Mortgage Holdings Inc. (NYSE:NSM), which he recently increased.

    Bass on March 13 grew his stake in Nationstar by 338.4%. This involved purchasing 3,673,972 shares which that day cost around $31.27 a share. Bass now controls 5.3% of the company.


  • Kyle Bass and Paul Singer Top Guru Buys of the Week

    The following information is a highlight of the real-time guru activity we saw this week. To view more information on these gurus, check out their guru portfolios. The “Real Time Picks” reports the stock purchases and sells that Gurus have made within the prior two weeks. If a Guru makes a purchase or sell of a company in which they own a greater-than 5% stake, SEC regulations require them to report their transaction within two days. This week we saw notable increases and buys in Real Time activity from Kyle Bass (Trades, Portfolio) and Paul Singer (Trades, Portfolio).

    Kyle Bass (Trades, Portfolio)   

  • Kyle Bass Thinks that a Nonbank Mortgage Servicer Is More Effective than Banks

    Kyle Bass (Trades, Portfolio) is the Managing Member and Principal of Hayman Advisors LP’s general partner and is well-known for his analysis of the subprime crisis. On Mar. 13, he added Nationstar Mortgage Holdings Inc. (NYSE:NSM) at an average price of $31.97 and currently holds 4,759,610 shares of the stock with a current value of $156 million in his portfolio.

    This guru made his fortune betting against the sub-prime CDOs, so let's take a look at this company and try to explain to investors the reasons why he is betting on it.


  • Kyle Bass Discusses GM and Political Machinations

  • Kyle Bass of Hayman Capital Talks About Merit of Nationstar Mortgage, Increased Stake

  • Larger-than-Life Kyle Bass - Top Yields

    Looking through a kaleidoscope of facts about J. Kyle Bass, this guru quickly takes on a colorful and larger-than-life mythos. Hailing from the big-thinking state of Texas, Bass is often described as a big dreamer with a studious and practical streak. His career blossomed almost overnight when he reportedly made around a half a billion dollars betting against subprime CDOs in 2007. Bass comes across as a visionary who asks why not instead of why. He told CNBC that he likes to reduce email time and cut out the noise by learning about world markets through symbiotic relationships with friends like Alan Fournier and other billionaires. Every year Bass invites his notable friends to his ranch in Larue, Texas, for a special event called The Barefoot Economic Summit, Texas (BEST). Bass said he learns more in two days of the summit than in two months of emails.

    Kyle Bass is the managing member and principal of Hayman Advisors LP’s general partner formed in December 2005, with $10 million of his own money. Based in Dallas, Hayman Advisors serves as the investment manager to the Hayman Capital Master Fund LP and Japan Macro Opportunities Master Fund LP. According to GuruFocus research, Guru Kyle Bass shows a pattern of making bold bets based on his view of macroeconomics. He returned 340% in his firm’s first four years, establishing a worldwide reputation for Bass.


  • Mauldin Economics Interviews Kyle Bass

  • Kyle Bass Discusses His New Investment in GM and the Outlook For Herbalife

    Kyle Bass has just unveiled a new position in GM (NYSE:GM). He believes that the stock could increase by 40% in fairly short order.  

  • Don't Mess with Texas - An Interview with Kyle Bass

    Kyle Bass lived in relative obscurity until 2007, when he burst on the global hedge fund scene with a huge bet on subprime mortgages. Some might argue that outsized bets befit his Texan origins. But everything Bass does seems larger than life and goes against the conventional tide.  

  • University of Virginia Energy Panel - Moderated by Hedge Fund Manager Kyle Bass

    Kyle Bass moderated a panel that consisted of three investors well versed in the energy sector.  

  • Kyle Bass' Last Bet

    Kyle Bass, the founder of Hayman Advisors, and one of the few managers who made a fortune betting against assets related to U.S. sub-prime mortgages, is now betting on Argentinean assets. According to his own words, “Argentina’s problems can be fixed in two years and now is the time to start investing.” Until now he has been right. Argentina's main stock index – the Merval – is up by 50% year to date.

    Bass' Thesis on Argentina  

  • Kyle Bass’ Top Five Third Quarter Stocks

    Kyle Bass is the founder as well as principal of Hayman Capital Management, a Dallas-based hedge fund. The guru is known for successfully predicting and benefiting from the subprime mortgage crisis as well as for his prediction of the European sovereign-debt crisis and his expectations for Japan’s economic future.

    Over the past quarter Kyle Bass had a busy quarter, selling out of one company and buying in to eight. As of the close of the third quarter, Bass holds on to 14 stocks valued at $408 million. The following five companies are Bass’ top five portfolio holdings. Of the Bass’s top five positions only one is not a new position for the guru.  

  • Third Quarter Action on S&P Gainers

    Year to date, Prudential Financial Inc. (NYSE:PRU) is up 55% and Transocean Ltd. (NYSE:RIG) is up 15%. J.C. Penney Co. Inc. (NYSE:JCP), while it is down 61%, just reported evidence of a long-awaited turnaround in sales, with the first positive spike since 2011.

    Here’s an update on third quarter action for the companies, the insiders and the guru stakeholders. [b]  

  • Hedge Fund Star Kyle Bass - Stocks Are the Only Game in Town

    Financial Sense conducted an interview with hedge fund star Kyle Bass:

    Jim: Do you feel the debt ceiling debate and the political theater in Washington are hurting U.S. credibility and our capital markets in the long-run?  

  • Kyle Bass on Hedging Against US Default, Puerto Rico's Debt and JCP

    Hayman Capital founder discusses the futility of attempting to hedge yourself in the event of a U.S. default, the massive debt of Puerto Rico and his investment in J.C. Penney (NYSE:JCP):


  • Kyle Bass Buys 5.2% of Distressed Mortgage Buyer PennyMac

    Kyle Bass, the founder of Hayman Advisors, purchased 3,570,000 shares of PennyMac Mortgage Investment Trust (NYSE:PMT) on Sept. 27, 2013, as reported by GuruFocus Real Time Picks. The transaction would be valued at around $80.8 million at a closing price of $22.64 the previous day, and give Hayman a 5.2% stake in the company.

    PennyMac is a mortgage investment trust structured as a real estate investment trust (REIT), with a $1.63 billion market capitalization. The company buys distressed mortgage loans and seeks to keep mortgage holders in their homes through value-adding loan modification programs, special servicing and other activities. In the lending aspect of its business, it purchases newly originated prime-quality mortgage loans, investing in and retaining the mortgage servicing rights.  

  • Kyle Bass Joins 6 Hedge Funds Amassing J.C. Penney

    Kyle Bass, founder of Hayman Advisors, purchased a 5.2% stake in retailer J.C. Penney, according to a filing with the SEC dated Sept. 3 reported by GuruFocus Real Time Picks. Bass bought 11,428,450 shares in total on Aug. 30. At a closing cost of $12.48 that day, the total transaction amount was almost $143 million.

    The buy came several days after Bill Ackman of hedge fund Pershing Square announced he would sell his entire 18% stake in the company, taking a 50% loss on his investment first disclosed in October 2010. Relations between Ackman and the company had soured in August, as the board resisted his demand for a new board chairman. The company also disapproved of his decision to release the lengthy letter calling for a board chairman replacement and accelerated CEO search to the press.  

  • Are These Retailers Good Long Equity Ideas?

    With an economy going through a mild recovery and consumers back into spending mode, retailers' figures should be ameliorating. That said, some retailers such as J.C. Penney (NYSE:JCP) or Sears (NASDAQ:SHLD) are still struggling. As a matter of fact, shrinking sales are putting into question their sustainability. That said, some hedge funds are betting either on the success of new strategies or on the value of the real estate these companies own.

    The Return of a Proven Strategy

  • Gurus’ Real Time Stock Picks of the Week

    The following information is a highlight of the real-time guru activity we saw this week. To view more information on these gurus, check out their guru portfolios. The “Real Time Picks” reports the stock purchases and sells that Gurus have made within the prior two weeks. If a Guru makes a purchase or sell of a company in which they owns a greater-than 5% stake, SEC regulations require them to report their transaction within two days. We saw notable Real Time activity from Mario Gabelli, Edward Lampert and Kyle Bass.

    Mario Gabelli

  • Hayman Capital (Kyle Bass) - Update on Japan (Abenomics Lost in Translation)

  • Kyle Bass Presentation at SIC

    Kyle Bass shares his view on Central bank intervention, Japan, and current market climate.


  • Bass’ New Buy – ZIOPHARM Oncology Inc.

    The founder of Hayman Advisors Kyle Bass made a fortune during the sub-prime crisis, and today he does not like Japan and likes structured mortgages, housing, gold and U.S. stocks. His U.S. portfolio contains eight stocks – one of them new. With seven stocks sold out, his portfolio had 47% quarter-over-quarter turnover and a value of $165 million.

    The new position is a company called ZIOPHARM Oncology Inc. (NASDAQ:ZIOP). Bass bought 316,987 shares at an average price of $4. He also bought and sold a smaller parcel of shares of the company in the first and second quarter of 2012.  

  • Kyle Bass on His Short Thesis on Japanese Government Bonds ('Widowmaker' Trade)

    Below is an excellent video on Kyle Bass' short thesis on Japanese government bonds (known as the "widowmaker" trade).


  • Detailed Recap of Kyle Bass on Bloomberg

    For those who are at work and would prefer to read rather than watch the lengthy appearance by Bass on Bloomberg today, here is a recap:

    - Bass made $500 million shorting the housing bubble and believes that his three-year bet against Japan's government bonds is going to be even better.  

  • Kyle Bass - Gold Better Than Paper, Exits Freddie and Fannie Mae

  • Kyle Bass - Japan's Retirees Could Lose Half of Their Life Savings

    With Japan's massive monetary program now in full swing this interview with Kyle Bass is a timely one.

    Bass thinks that Japan's retirees, which are one-third of the people in Japan, are going to be the biggest losers of this program.  

  • Warren Buffett, Donald Yacktman and Kyle Bass All Favoring Consumer Stocks

    Top-performing fund managers Kyle Bass, Warren Buffett and Donald Yacktman have all devised a personal approach to investing, but they each have one thing in common: They have moved significant portions of their assets under management into consumer stocks. Kyle Bass’ most-represented sector in his portfolio is consumer cyclical, Yacktman’s is consumer defensive and Warren Buffett’s second biggest is consumer defensive.

    Consumer Stocks  

  • Kyle Bass - Japan About to Implode under Debt

    Bass has been publicly predicting the collapse of Japan for quite some time.  

  • Kyle Bass (Hayman Capital) - The Central Bankers' Potemkin Village

  • Kyle Bass Predicts Another AIG

    Kyle Bass of Hayman Capital sees another AIG (NYSE:AIG) on the horizon according to his most recent 30-minute presentation in Chicago.

    "The AIG of the world is back - I have 27-year-old kids selling me one-year jump risk on Japan for less than 1bp - $5 billion at a time... and it is happening in size."  

  • Kyle Bass March 2013 Presentation - The Coming Crisis in Japan

    I'm not smart enough to come up with macro investing ideas on my own. But I am willing to be convinced by investors who are much smarter than me and have been proven correct in the past.

    Prem Watsa convinced me about a pending financial crisis through his Fairfax shareholder letters in the years leading up to the world falling apart in 2008. I'm certainly listening to Jeremy Grantham's warnings about natural resource shortages in the future.  

  • Kyle Bass Talks to CNBC About Stocks, Fed and Herbalife

  • Kyle Bass - Japan's Debt Time Bomb

    Interestingly, Bass thinks the collapse of Japan has been moved forward with the new government's plan to kick start inflation:

    - Japan's debt is 24 times its tax revenue; it doesn't matter what they do, their fate is sealed.  

  • Eric Sprott Talks About the Biggest Ponzi Scheme

    Eric Sprott of Sprott Resources was interviewed by Eric King where he talked about the current monetary debasement in the U.S:
    [quote]"The move up to $1,750 was accompanied by some rally in the gold stocks. The first move the stocks went up something like 35%. Then we get this pummeling going on that is totally orchestrated, and people lose their nerve on these things.  

  • Kyle Bass Buys Stakes in Merging Yellow Pages Companies

    Kyle Bass, founder of the Dallas-based hedge fund Hayman Advisors, has picked up two new stocks, GuruFocus Real Time Picks reports. They are: Dex One Corp. (DEXO) and SuperMedia Inc. (SPMD).

    Bass sold more than half of the positions in his portfolio in the third quarter, dropping the total number to five, with a total investment value of $70.32 million and a 78.6% weighting in the consumer cyclical sector. The two new buys bring the total to seven.  

  • Kyle Bass Presents at AmerCatalyst 2012

    Unfortunately, we can't embed this video so you will have to follow the link below.

    Topics covered by Bass:  

  • Kyle Bass and Jim Simons Bullish on EA Sports

    Kyle Bass of Hayman Capital revealed an 11.82% position in Electronic Arts (NASDAQ:EA). The video game publisher has struggled over the last two years and has drastically reduced its video game titles.

    Jim Simons upped his stake by 150% last quarter.  

  • Darden School of Business Interview with Kyle Bass

  • Kyle Bass - Letter to Investors (Nov. 15, 2012)

  • Bearish Kyle Bass Sells 6 Stocks, Buys Hyatt and Sealy

    Kyle Bass said on Bloomberg today that now is “the hardest time to invest” he has ever seen. He suspects that Nancy Pelosi and Harry Reid want the U.S. to go over the fiscal cliff for political reasons.

    Bass, founder of hedge fund Hayman Capital, has half of his fund in subprime bonds, which he sees as “bulletproof.”  

  • Hedge Fund Sensation Kyle Bass – Now Is the Hardest Time to Invest He Has Ever Seen

    Always thoughtful and interesting to listen to, Kyle Bass spoke to Bloomberg on a variety of issues. Given how he was out in front of both the sub-prime crisis and the European debt crisis, his opinion is worth listening to.

    Here he is on the fiscal cliff:  

  • Part of Kyle Bass' Doomsday in Japan Scenario Playing Out in Widening Trade Deficit: Bloomberg

    Japan’s worsening trade gap will make it harder to service the world’s largest debt, fulfilling part of the doomsday scenario that Hayman Capital Management LP is betting on.

    The nation’s 10-year note yield may rise toward 10 percent from the world’s third-lowest of 0.79 percent, while the yen weakens, said Richard Howard, who oversees Dallas, Texas-based Hayman’s Japan-focused fund with J. Kyle Bass. That would represent the developed world’s second-highest borrowing costs after Greece, and a surge to that level by the end of 2013 would cause losses of 42 percent for investors purchasing the securities now, data compiled by Bloomberg show.  

  • Kyle Bass on Debt, Asset Allocation and Gloomy Future

    Kyle Bass of Hayman Capital Management, expresses his views on debt, asset allocations, feasibility of debt reduction and the unprecedented nature of the current situation:  

  • Kyle Bass Buys 5.9 Pct of Sealy Corporation

    Kyle Bass purchased 5,644,245 shares of Sealy Corporation (ZZ), or 5.9% of the global bedding producer, at the average price of $2.04 on September 20, according to GuruFocus Real Time Picks. Bass is the managing member and principal of Hayman Advisors LP and primarily invests according to his views on the macroeconomic environment.

    Sealy’s stock has declined almost 88% in the last ten years, but gained almost 35% in the last month. The company’s revenue declined annually from 2007 to 2010, and increased to $1.2 billion in 2011. Earnings had been increasing each year since Sealy fell to a loss in 2008, but it fell to another loss, of $5.66 million, in 2011. Sealy’s balance sheet contains approximately $232.2 in cash and $810.1 million in long-term liabilities and debt.  

  • Kyle Bass of Hayman Advisors Slashes Holdings, Buys 4 New Stocks

    Kyle Bass, managing member and principle of Dallas-based Hayman Advisors LP, slashed his equity exposure in the second quarter, exiting eight positions and reducing three others. He bought four new stocks.

    Bass is a macro-focused investor who achieved a 340% return in his first four years with Hayman. In each of the last several quarters, he made concentrated bets on companies within the same sector. In the fourth quarter of 2011, it was oil and gas. In the first quarter of 2011, it was tech. In the second quarter of 2012, he is more varied, with almost equal weightings in consumer services and technology, and smaller apportioning in consumer goods, oil and gas, and industrials.  

  • Kyle Bass: Mystery of MTG and His "Long-Term Hold"

    I found this video of Kyle Bass talking about his 5% stake in MGIC Investment Corp. (NYSE:MTG). I believe the video is from December 2011. He goes on to describe it as a long-term hold with prospects of being a serious multi-bagger. However, it appears from GuruFocus and his form 13F that he sold 75% of his holdings in the first quarter of 2012. Assuming he did sell 75% shortly after recommending it as a buy in the video, does anyone know what might have transpired in the first quarter that changed his long-term outlook? Perhaps the python hasn't digested the pig (see video)?  

  • Kyle Bass More Than Triples Investment in Tech to 46 Percent of Portfolio

    Last quarter, Kyle Bass had 18 percent of his portfolio weighted in tech stocks. In the first quarter, that changed to 46 percent. The shift continues his trend of making large bets on a certain sector each quarter. In the third quarter of 2011 he was 46 percent in oil & gas, and in the fourth he was 55 percent in financials. An overview of Kyle Bass’ career and investment approach is here.

    His top three new tech buys in the first quarter were: Alcatel Ads (NYSE:ALU), MEMC Electronic Materials Inc. (WFR) and Tellabs Inc. (TLAB).  

  • Hedge Fund Gurus, Who Is Buying? Who Is Selling?

    We have updated the first quarter portfolios of all gurus. By looking at their trades we can get an idea of what they think about the market. The table below illustrates the summary of the trades of hedge fund gurus in the first quarter. “Buy Impact” is defined as the impact of the trades for the stocks they have either added or bought into. “Sell Impact” is the impact for the stocks that they have sold out or reduced. “New Buy” is the difference between “Buy Impact” and “Sell Impact.” Apparently those with higher “Net Buy” were more bullish. Those with higher negative “Net buy” were bearish.

    Guru Firm Portfolio Size ($M) Buy Impact (%) Sell Impact (%) Net Buy (%)
    David Tepper Appaloosa Management LP 4052 80.13 -16.89 63.24
    Kyle Bass Hayman Advisors 143 67.42 -5.18 62.24
    Daniel Loeb Third Point, LLC 4061 63.116 -39.432 23.684
    Joel Greenblatt Gotham Capital 1150 37.6149 -22.1567 15.4582
    Julian Robertson Tiger Management 353 32.9 -18.25 14.65
    T Boone Pickens BP Capital 174 31.08 -18.22 12.86
    Louis Moore Bacon Moore Capital Management, LP 6327 41.8679 -34.3813 7.4866
    Leon Cooperman Omega Advisors 5008 26.509 -19.1053 7.4037
    Zeke Ashton Centaur Capital Partners 78 25.25 -20.16 5.09
    Andreas Halvorsen Viking Global Investors LP 12250 45.4279 -41.21 4.2179
    David Nierenberg D3 Family of Funds 267 9.06 -6.26 2.8
    Tom Russo Gardner Russo & Gardner 6186 2.7341 -0.7639 1.9702
    Jim Simons Renaissance Technologies LLC 28474 30.6755 -29.5189 1.1566
    Mohnish Pabrai Pabrai Mohnish 325 41.6 -40.54 1.06
    Steven Cohen SAC Capital Advisors 22243 41.4252 -41.1278 0.2974
    Wilbur Ross Invesco Private Capital 1624 0.47 -0.71 -0.24
    Glenn Greenberg Brave Warrior Capital 1362 14.87 -16.39 -1.52
    Michael Price MFP Investors LLC 703 16.306 -18.007 -1.701
    Steve Mandel Lone Pine Capital 16447 21.91 -25.39 -3.48
    Whitney Tilson T2 Partners Management, LP 345 15.3302 -19.09 -3.7598
    Ray Dalio Bridgewater Associates 6429 11.0543 -14.969 -3.9147
    John Paulson Paulson & Co. 14961 9.78 -13.8296 -4.0496
    Irving Kahn Kahn Brothers 551 1.94 -7.178 -5.238
    Private Capital Private Capital Management 1428 4.948 -10.808 -5.86
    John Griffin Blue Ridge Capital 6043 15.9 -22.424 -6.524
    Manning & Napier Advisors, Inc Manning & Napier Advisors 19442 11.5987 -18.2406 -6.6419
    Richard Pzena Pzena Investment Management LLC 9681 5.3439 -12.24 -6.8961
    Larry Robbins Glenview Capital 5538 17.934 -24.84 -6.906
    Richard Perry Perry Capital 2079 32.968 -39.96 -6.992
    Paul Tudor Jones The Tudor Group 2943 31.9403 -39.2387 -7.2984
    Bill Ackman Pershing Square Capital Management, L.P. 8074 0.21 -8.66 -8.45
    Eric Mindich Eton Park Capital Management, L.P. 7964 10.941 -20.91 -9.969
    Richard Blum Blum Capital Partners 1388 0.91 -11.62 -10.71
    Robert Karr Joho Capital 472 11.39 -23.06 -11.67
    David Einhorn Greenlight Capital 5535 2.75 -14.876 -12.126
    George Soros Soros Fund Management LLC 6837 21.8072 -34.428 -12.6208
    Lee Ainslie Maverick Capital 6953 32.9 -45.6973 -12.7973
    Seth Klarman The Baupost Group 2957 1.68 -14.74 -13.06
    Chase Coleman Tiger Global Management LLC 5940 13.328 -27.699 -14.371
    Bruce Kovner Caxton Associates 1546 68.245 -88.4577 -20.2127
    Carl Icahn Icahn Capital Management LP 9775 8.42 -33.23 -24.81
    We can see David Tepper and Kyle Bass were the heaviest buyers in the first quarter. David Tepper has been very good at catching market bottoms. He has usually bought into the market when investors are scared. It is interesting to see him buying heavily as the market reached multi-year highs. David Tepper bought heavily into technology stocks including QQQ, Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG), etc. You can see his trades here.  

  • Kyle Bass Buys Alcatel, Monster, Yahoo, Tellabs, Sells MGIC

    Kyle Bass, the founder of hedge fund Hayman Advisors, has been very bearish and sold almost all of his long positions at the end of 2011. His views must have changed lately as he bought into many new positions. It is interesting that he bought a lot of technology stocks such as telecom equipment maker Alcatel and Tellabs, online job site Monster and the most storied Yahoo! Etc.

    As of 03/31/2012, Hayman Advisors owns 13 stocks with a total value of $143 million. These are the details of the buys and sells.  

  • Kyle Bass: Japan Will Follow Europe with a Debt Crisis

    Kyle Bass of Hayman Capital was on CNBC to discuss how Japan's debt compares to the U.S. market, and where value exists.

    He said, "Japan is about to join Europe in the debt crisis ranks, with the two regions offering the best opportunities for investors to bet against."  

  • CNBC Interview with Hedge Fund Star Kyle Bass

    He made a bundle from the housing bubble popping. He made a bundle from Greece’s problems. He has made a bundle on gold.

    His comments in this interview include:  

  • Bearish Kyle Bass Buys Index Put; Sells out Long Positions

    Hedge fund manage Kyle Bass just reported his fourth quarter portfolio. He sold out almost all of his long positions and bought large positions of index put to his portfolio. His portfolio move is very bearish. Is he seeing something that others cannot see as the market continues to make new highs?

    Kyle Bass did buy into one long position, which is the beaten down mortgage insurer MGIC Corp. (NYSE:MTG). He kept his small positions in Six Flags and APU technologies unchanged, and sold out all other long positions such as Golar LNG Partners Lp, McMoRan Exploration Co., Imation Corp., Earthlink Inc., Tessera Technologies Inc. As of 12/31/2011, Kayle Bass’s firm Hayman Advisors owns 6 positions with a total value of $68 million. These are the details of the buys and sells.  

  • Kyle Bass Advises Texas Fund Not to Sell Gold

    Kyle Bass worries that both inflation and deflation are increasing in different areas, along with the deficit risk in Europe and the U.S. He told a meeting of hedge fund managers in Austin that they should not sell the $1 billion worth of gold in the Texas state university endowment. From Bloomberg:

    Kyle Bass, the Dallas hedge-fund manager, urged overseers of Texas (STOTX1)’s state university endowment, the second-largest U.S. college fund, to stick with a $1 billion investment in gold bullion even as the fund’s assets decline.  

  • Kyle Bass Invests in Downgraded Mortgage Lender and Fleet Manager

    Kyle Bass is managing member and principal of Hayman Advisors LP, which he launched in 2005. In his first four years with Hayman, he returned 340%, including a 216% return in 2007 due to his prescient call on the implosion of the U.S. sub-prime mortgage market. He bases his investment decisions on in-depth analysis and judgment of the macroeconomic picture. According to GuruFocus Real Time Picks, his most recent purchase of over 5% was PHH Corp. (NYSE:PHH), which he bought on January 18.

    PHH Corp. is one of the top five retail originators of residential mortgages in the U.S., and its subsidiary, PHH Arval, is a leading fleet management services provider in the U.S. and Canada. Bass, a macro investor, is famous for saying “I think you can see that the pig has moved through the python in terms of U.S. housing losses,” which might have influenced his investment in a housing mortgage company.  

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