Aquamarine Capital: Guy Spier Q1 2016

Aquamarine Capital, Guy Spier, logo

Guy seems to have put on the spending trousers and ran out buying everything he could find after the disaster with Horsehead. I hope that he has corrected his checklist so that these kind of things will not happen with the new investments.

New holdings were:

Enlink - An American natural gas company

Ferrari - An Italian origin car producer that were spun-off from Fiat Chrysler not that long ago.

Moodys - An American crook company that provides credit "ratings" based on the highest bidder/payer. They have still to be punished for their part in the last financial crisis.

Seritage - An American REIT.

For the previous report please click on Aquamarine Capital: Guy Spier Q4 2015.

Aquamarine Capital, Guy Spier, holding, Q1, 2016

Conclusion: Extreme activity! Extreme! Four new investments and one kicked out which comes form that they went bust... but still. I cannot tell if this activity comes from a desperate attempt to cover the losses quickly or if it simply comes from that the share prices dropped down very nicely in February which every value investor could and should have profited from.

Source: SEC

Pershing Square: William Ackman Q1 2016

Pershing Square, William Ackman, logo

Enhanced activity by William during this last quarter! One of his investments, Valeant, have received a lot of bad publicity as well as being trashed by the Berkshire boys for conducting and using a business plan without any sense of moral. Are the old boys correct? I tend to think so.

One new holding arrived this time:

Nomad - a frozen food company that are currently head quartered on the British Virgin Islands and we all know why a company is sitting there...

For the previous report please visit Pershing Square: William Ackman Q4 2015.

Pershing Square, William Ackman, Q1, 2016

Conclusion: William kept adding into Valeant with their highly questionable business model as well as did he enter into a new holding, Nomad, sitting on the British Virgin Islands... I would not follow in his footsteps.

Source: SEC

K+S report Q1 2016

K+S, Q1, 2016, front page

This report from K+S was a bomb drop that I did not expect at all. The response from the market has been more or less nothing which should mean that they anticipated it while I did not. This is not something that change my opinion about the company it is only interesting to observe how things are playing out.

Adidas report Q1 2016

Adidas, Q1, 2016, front page

The report was fairly well accepted if I remember correctly but even the days before it arrived they went out with new guidance for the year with increased revenue and earnings. The share price have moved from around 100 € to around 110 € due to these latest news.

Coba report Q1 2016

Coba, Q1, 2016, front page

The share price of Commerzbank have been drifting downwards for the last couple of weeks so I therefore assume that the expectations on Coba were higher than what they managed to deliver. What was then in the report?

Greenlight Capital: David Einhorn Q1 2016

Greenlight Capital, David Einhorn

David seems to have relaxed a little again and he did not jump into as many companies as he did the quarter before. With his five new additions (which actually only means that he holds these companies over the quarter change and he might have traded and held many more companies during the course of the the quarter) he is back to his "normal".

For the previous report please visit Greenlight Capital: David Einhorn Q4 2015.

The new additions were:

Community Health Systems Inc - An American healthcare company that owns leases and operates hospitals.

Globalstar - An American company that are producing satellite phones and providing the satellite net to run it.

Hatteras Financial Corp - An American REIT.

Lamar Advertising - An American advertising company.

PVH Corp - An American apparel company. They own the brands Calvin Klein, Tommy Hilfiger, SPEEDO etc.

BASF report Q1 2016

BASF, Q1, 2016, front page

The first quarter has passed also for BASF and their report is out. I no longer remember the response from the market but generally the share price for BASF has been kept at a low level which is favourable for those interested in an excellent investment in the years to come.

Dalal Street: Mohnish Pabrai Q1 2016

Dalal Street, Mohnish Pabrai, imaginary

Extreme activity from Mr. Pabrai even though he was forced to some of it which I am sure that he is not happy about.

For the previous summary please visit Dalal Street: Mohnish Pabrai Q4 2015.

The new holdings were:

Ferrari - An Italian origin car producer that were spun-off from Fiat Chrysler not that long ago.

Seritage - An American REIT.

Dalal Street, Mohnish Pabrai, holdings, Q1 2016

Conclusion: Horsehead is "out" because they went bust or as close as one can get... I am still amazed that this happened and I would love to find out more how this could happen. Due to an interview that I saw with Mr. Spiers he claimed it come from him NOT evaluating the investments as time was passing and that he has now implemented this procedure... the question is if it was the same reason for Mr. Pabrai... 

Source: SEC