Legends are legends -- When they speak, we listen. That is why I feel justified to do two posts on Julian Robertson in one day. This one is on some totally different issues.
In the following clip, hedge fund legend Julian Robertson tells CNBC's Erin Burnett why he thinks quantitative easing is a bad idea and how fighting obesity could improve GDP by $1 trillion:
Besides the obesity tax, Robertson will support only one other tax, the estate tax that President George W. Bush got rid of for a time.
I usually will not invoke Jim Cramer on this site as Mr. Cramer represents something other than orthodox value investing, but at the beginning of this clip, there is a little footage with Julian Robertson discussing how to invest in gold:
Robertson’s advice: buy gold miners, not the commodity itself.
By the way, Jim Cramer said some sensible things here.
Coming back to investing, Robertson stated that currencies will weaken considerably at some time. He does not forecast when the inflation will come, but it will. Given that everyone is trying to debase his currency to get one’s economy booming again, Robertson sees people would be willing to own things and commodities, instead of fixed income and currency.
I assume by “things”, Robertson also includes stocks. GuruFocus data shows Robertson owns some $450 million in 33 stocks or calls. That is only the long side of his portfolio. We do not have information on where else Robertson allocates his assets.
Julian will disclose what he bought and sold during the third quarter of 2010. For now, we have to settle with something a bit outdated. These are the top purchases for the second quarter:
No. 1: Google Inc. (GOOG, Financial), Buy: 6.96% of the portfolio - Total: 71,505 Shares
Google is a public and profitable company focused on search services. Google Inc. has a market cap of $196.38 billion; its shares were traded at around $620.18 with a P/E ratio of 25.1 and P/S ratio of 8.3. Google Inc. had an annual average earning growth of 65.7% over the past 10 years.
No. 2: eBay Inc. (EBAY, Financial), Buy: 4.01% of the portfolio - Total: 935,000 Shares
eBay is one of the world's largest online trading communities. Ebay Inc. has a market cap of $39.71 billion; its shares were traded at around $30.11 with a P/E ratio of 21.3 and P/S ratio of 4.5. Ebay Inc. had an annual average earning growth of 43.4% over the past 10 years.
No. 3: Apple Inc. (AAPL, Financial), Add: 3.71% of the portfolio - Total: 152,580 Shares
Apple Computer, Inc. designs, manufactures and markets personal computers and related personal computing and communicating solutions for sale primarily to education, creative, consumer, and business customers. Apple Inc. has a market cap of $284.49 billion; its shares were traded at around $312.8 with a P/E ratio of 20.4 and P/S ratio of 4.3. Apple Inc. had an annual average earning growth of 83.1% over the past 5 years.
No. 4: Cardiome Pharma Corp. (CRME, Financial), Buy: 3.53% of the portfolio - Total: 1,979,405 Shares
Cardiome Pharma Corp. is a product-focused cardiovascular drug development company with two clinical drug programs focused on atrial arrhythmia (intravenous and oral dosing), and a pre-clinical program directed at improving cardiovascular function. Cardiome Pharma Corp. has a market cap of $297.5 million; its shares were traded at around $4.8 with a P/E ratio of 9.4 and P/S ratio of 5.4.
No. 5: Goldman Sachs Group Inc. The (GS, Financial), Add: 3.15% of the portfolio - Total: 126,700 Shares
Goldman Sachs is a global investment banking and securities firm, providing a full range of investing, advisory and financing services worldwide to a substantial and diversified client base, which includes corporations, financial institutions, governments, and high net worth individuals. Goldman Sachs Group Inc. The has a market cap of $84.05 billion; its shares were traded at around $162.63 with a P/E ratio of 8.4 and P/S ratio of 1.6. The dividend yield of Goldman Sachs Group Inc. The stocks is 0.9%. Goldman Sachs Group Inc. The had an annual average earning growth of 12.7% over the past 10 years.
Check back in about 10 days if you want to know Robertson’s buys and sells in 3Q10.
Check out his stock holdings by clicking on Julian Robertson.
In the following clip, hedge fund legend Julian Robertson tells CNBC's Erin Burnett why he thinks quantitative easing is a bad idea and how fighting obesity could improve GDP by $1 trillion:
Besides the obesity tax, Robertson will support only one other tax, the estate tax that President George W. Bush got rid of for a time.
I usually will not invoke Jim Cramer on this site as Mr. Cramer represents something other than orthodox value investing, but at the beginning of this clip, there is a little footage with Julian Robertson discussing how to invest in gold:
Robertson’s advice: buy gold miners, not the commodity itself.
By the way, Jim Cramer said some sensible things here.
Coming back to investing, Robertson stated that currencies will weaken considerably at some time. He does not forecast when the inflation will come, but it will. Given that everyone is trying to debase his currency to get one’s economy booming again, Robertson sees people would be willing to own things and commodities, instead of fixed income and currency.
I assume by “things”, Robertson also includes stocks. GuruFocus data shows Robertson owns some $450 million in 33 stocks or calls. That is only the long side of his portfolio. We do not have information on where else Robertson allocates his assets.
Julian will disclose what he bought and sold during the third quarter of 2010. For now, we have to settle with something a bit outdated. These are the top purchases for the second quarter:
No. 1: Google Inc. (GOOG, Financial), Buy: 6.96% of the portfolio - Total: 71,505 Shares
Google is a public and profitable company focused on search services. Google Inc. has a market cap of $196.38 billion; its shares were traded at around $620.18 with a P/E ratio of 25.1 and P/S ratio of 8.3. Google Inc. had an annual average earning growth of 65.7% over the past 10 years.
No. 2: eBay Inc. (EBAY, Financial), Buy: 4.01% of the portfolio - Total: 935,000 Shares
eBay is one of the world's largest online trading communities. Ebay Inc. has a market cap of $39.71 billion; its shares were traded at around $30.11 with a P/E ratio of 21.3 and P/S ratio of 4.5. Ebay Inc. had an annual average earning growth of 43.4% over the past 10 years.
No. 3: Apple Inc. (AAPL, Financial), Add: 3.71% of the portfolio - Total: 152,580 Shares
Apple Computer, Inc. designs, manufactures and markets personal computers and related personal computing and communicating solutions for sale primarily to education, creative, consumer, and business customers. Apple Inc. has a market cap of $284.49 billion; its shares were traded at around $312.8 with a P/E ratio of 20.4 and P/S ratio of 4.3. Apple Inc. had an annual average earning growth of 83.1% over the past 5 years.
No. 4: Cardiome Pharma Corp. (CRME, Financial), Buy: 3.53% of the portfolio - Total: 1,979,405 Shares
Cardiome Pharma Corp. is a product-focused cardiovascular drug development company with two clinical drug programs focused on atrial arrhythmia (intravenous and oral dosing), and a pre-clinical program directed at improving cardiovascular function. Cardiome Pharma Corp. has a market cap of $297.5 million; its shares were traded at around $4.8 with a P/E ratio of 9.4 and P/S ratio of 5.4.
No. 5: Goldman Sachs Group Inc. The (GS, Financial), Add: 3.15% of the portfolio - Total: 126,700 Shares
Goldman Sachs is a global investment banking and securities firm, providing a full range of investing, advisory and financing services worldwide to a substantial and diversified client base, which includes corporations, financial institutions, governments, and high net worth individuals. Goldman Sachs Group Inc. The has a market cap of $84.05 billion; its shares were traded at around $162.63 with a P/E ratio of 8.4 and P/S ratio of 1.6. The dividend yield of Goldman Sachs Group Inc. The stocks is 0.9%. Goldman Sachs Group Inc. The had an annual average earning growth of 12.7% over the past 10 years.
Check back in about 10 days if you want to know Robertson’s buys and sells in 3Q10.
Check out his stock holdings by clicking on Julian Robertson.
