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Profiting from Hedge Funds Winning Strategies for the
Little Guy 1st Edition John Konnayil Vincent Digital
Instant Download
Author(s): John Konnayil Vincent
ISBN(s): 9781118465202, 1118465202
Edition: 1
File Details: PDF, 1.76 MB
Year: 2013
Language: english
c07.indd 62 27-05-2013 08:17:40
 Profiting from
Hedge Funds

ffirs.indd i 29-05-2013 08:16:30

ffirs.indd ii 29-05-2013 08:16:30
 Profiting from
Hedge Funds
Winning Strategies
for the Little Guy

John Konnayil Vincent

ffirs.indd iii 29-05-2013 08:16:30

 Cover Design: Michael Rutkowski
Cover Photography: ©iStockphoto.com/urbancow

Copyright © 2013 by John Wiley & Sons Singapore Pte. Ltd.

Published by John Wiley & Sons Singapore Pte. Ltd.

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All rights reserved.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted

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e-mail: [email protected].

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their
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to the accuracy or completeness of the contents of this book and specifically disclaim any
implied warranties of merchantability or fitness for a particular purpose. No warranty may
be created or extended by sales representatives or written sales materials. The advice and
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Typeset in 11.5/14 pt. Bembo Std by MPS Limited, Chennai, India.

Printed in Singapore by Ho Printing Pte. Ltd.
10 9 8 7 6 5 4 3 2 1

ffirs.indd iv 29-05-2013 08:16:30

 To my loving parents,
K. J.Vincent and Annies Vincent,
for their inspiration and guidance

ffirs.indd v 29-05-2013 08:16:30

ffirs.indd vi 29-05-2013 08:16:30
 Contents

Acknowledgments xiii
Preface xv

Part One: Tracking 12

of the Greatest Money Managers 1
Chapter 1 Introduction 3
13Fs: A Window into Hedge Fund Activity 6
Filtering 13Fs for Relevant Activity 8
Raw 13F Filings from EDGAR 11
Notes 15
Chapter 2 Bill Ackman 17
Philosophy and Style 18
Marquee Trades 19
Portfolio Analysis 20
Notes 23
Chapter 3 Bruce Berkowitz 25
Philosophy and Style 26
Marquee Trades 27

vii

ftoc.indd vii 27-05-2013 12:04:36

 viii contents

Portfolio Analysis 28
Notes 31
Chapter 4 Warren Buffett 33
Philosophy and Style 34
Marquee Trades 35
Portfolio Analysis 37
Notes 39
Chapter 5 Ian Cumming and Joseph S. Steinberg 41
Philosophy and Style 42
Marquee Trades 43
Portfolio Analysis 44
Notes 46
Chapter 6 David Einhorn 47
Philosophy and Style 48
Marquee Trades 49
Portfolio Analysis 50
Notes 53
Chapter 7 Carl Icahn 55
Philosophy and Style 56
Marquee Trades 57
Portfolio Analysis 58
Notes 60
Chapter 8 Seth Klarman 63
Philosophy and Style 64
Marquee Trades 65
Portfolio Analysis 66
Notes 68
Chapter 9 John Paulson 69
Philosophy and Style 70
Marquee Trades 71
Portfolio Analysis 72
Notes 74

ftoc.indd viii 27-05-2013 12:04:37

 Contents ix

Chapter 10 Wilbur Ross 77

Philosophy and Style 78
Marquee Trades 78
Portfolio Analysis 79
Notes 82
Chapter 11 George Soros 85
Philosophy and Style 86
Marquee Trades 87
Portfolio Analysis 88
Notes 91
Chapter 12 David Swensen 93
Philosophy and Style 94
Marquee Trades 95
Portfolio Analysis 96
Notes 98
Chapter 13 Prem Watsa 101
Philosophy and Style 102
Marquee Trades 103
Portfolio Analysis 105
Notes 107

Part Two: Mechanical Approaches

to Following the Masters 109
Chapter 14 Introduction 111
Manager Selection 113
Asset Allocation and Sentiment Capture 119
Risk Avoidance 121
Constructing Model Portfolios Mechanically:
A Primer 122
Equal Allocation Largest Positions 123
Equal Allocation Largest New Positions 124
Weighted Allocation Largest Positions 124
Weighted Allocation Largest New Positions 126

ftoc.indd ix 27-05-2013 12:04:37

 x contents

10-5-2 Allocation Largest Positions 128

10-5-2 Allocation Largest New Positions 131
Notes 133
Chapter 15 Equal Allocation Models 135
Portfolio Management and Performance Analysis 136
Bill Ackman: Largest Three 136
Warren Buffett: Largest Three 138
David Einhorn: Largest Three 141
Combined Portfolio: Largest Positions 143
Combined Portfolio: Largest New Positions 145
Summary 146
Chapter 16 Weighted Allocation Models 149
Portfolio Management and Performance
Analysis 150
Bill Ackman: Largest Three 151
Warren Buffett: Largest Three 153
David Einhorn: Largest Three 155
Combined Portfolio: Largest Positions 157
Combined Portfolio: Largest New Positions 159
Summary 161
Chapter 17 Ten-Five-Two (10–5–2) Allocation Models 163
Portfolio Management and Performance
Analysis 164
Bill Ackman 165
Warren Buffett 168
David Einhorn 172
Summary 174
Chapter 18 Alternate Models 177
Portfolio Management and Performance Analysis 178
Bill Ackman: Exact Match Approximation Model 179
David Swensen: Asset Allocation Model 183
Sector Rotation Model 185
Simple Moving Average (SMA) Based Model 188
Summary 191
Note 192

ftoc.indd x 27-05-2013 12:04:37

 Contents xi

Part Three: Learning from the Masters 193

Chapter 19 Introduction 195
Beating the Managers at Their Own Game 198
Trading Alongside the Managers 203
Summary 206
Notes 207
Chapter 20 Fundamental Analysis 209
Margin of Safety 212
Basic Checklist 215
Business Understanding 216
Business Sector and the Company’s Standing 216
Management Integrity and Competency 217
Valuation 217
Emotional Stance 218
Quantitative Measures 219
Profitability Indicators 219
Management Effectiveness 220
Liquidity Indicators 222
Valuation Indicators 224
Fair Value Estimates 227
Risk-Free Equivalent Fair Value 227
Fair Values Based on Earnings Growth 228
Fair Values Based on Benjamin Graham’s
Teachings 230
Fair Values Using Present Discounted Value 234
Summary 240
Notes 241
Chapter 21 Types of Positions and Sizing 243
Diversification and Hedging 244
Keeping Your Powder Dry 251
Building and Sizing Positions 253
Low Probability Positions 261
Summary 262
Notes 263

ftoc.indd xi 27-05-2013 12:04:37

 xii contents

Chapter 22 Conclusion 265

Ad Hoc Cloning Strategies 268
Mechanical Cloning Strategies 269
Implementing Manager Strategies 272

About the Author 273

Index 275

ftoc.indd xii 27-05-2013 12:04:37

 Acknowledgments

L et me begin by acknowledging the Almighty for the blessings

and wonderful provisions showered upon me throughout my
life. My career progression to wealth management has been no
exception, for it has been a wonderful ride.
Words fail to express the tremendous gratitude I owe Nick Wallwork
at John Wiley, one of the most experienced English language finance/
business publishers in the world. My articles at Seeking Alpha, a premier
website for actionable stock market opinion, analysis, and discus-
sion caught Nick’s attention and he sowed the seeds for this book of
strategies individual investors can implement to create alpha on their
own. His insight and vision deserves credit for this maiden effort. On
a related note, I salute Seeking Alpha for developing an ecosystem for
investment researchers to network and develop ideas.
I have also drawn inspiration from several individuals who success-
fully migrated from other fields into investment management. Among
them are Dr. Michael Burry, founder of Scion Capital, LLC hedge fund;
Asif Suria, founder of Insider Trade Reports; Mazin Jadallah, founder
of AlphaClone LLC; James Altucher, managing director of Formula
Capital Hedge Fund; Mohnish Pabrai, founder of Pabrai Investment

xiii

fbetw.indd xiii 27-05-2013 10:33:19

 xiv ac k nowle dg m e nt s

Fund; Francis Chou, president of Chou Associates Management,

Inc.; and several contributors at Seeking Alpha. Their intrepid sense
of going all out in fulfilling their passion immensely helped my own
transformation.
I extend my sincere thanks to the hedge fund managers profiled
herein for explaining their operating styles through the media over the
years. That was my primary source of information for the profiles in
this book.
I recognize fully the efforts of Gemma Rosey, development editor; Jules
Yap, editorial executive; Stefan Skeen, senior production editor; Barbara
Hanson, copy editor; and the entire Wiley team for their unwavering
support throughout the development of this book.
My partner in crime and beloved wife, Shara, has been the guiding
and motivating force behind me, giving encouragement at times of dif-
ficulty and setbacks. Her critical suggestions, patient understanding, and
realistic expectations helped me to comprehend the bigger picture. Her
passion and enthusiasm to follow a new path, along with her pleasant
disposition, fascinates me. She put in a tremendous effort to edit the
initial drafts of the manuscript.
While we were writing this book, our two wonderful daughters
Ann Gina Konnayil and Becka Jill Konnayil held up really well in a
brand new environment, despite the fact that their parents were working
with a very tight schedule. For that, they deserve our special mention
and admiration.
I am blessed with a lot of well-wishers, friends, and family mem-
bers. I thank all of them for being there.

fbetw.indd xiv 27-05-2013 10:33:19

Other documents randomly have
different content
 Astronomy - Workbook
First 2023 - Institute

Prepared by: Lecturer Smith

Date: August 12, 2025

Unit 1: Study tips and learning strategies

Learning Objective 1: Interdisciplinary approaches
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Learning Objective 2: Problem-solving strategies and techniques
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Learning Objective 3: Problem-solving strategies and techniques
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Learning Objective 4: Study tips and learning strategies
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Learning Objective 5: Literature review and discussion
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Practice Problem 5: Literature review and discussion
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Example 6: Case studies and real-world applications
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Theoretical framework and methodology
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 8: Diagram/Chart/Graph]
Note: Comparative analysis and synthesis
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 9: Current trends and future directions
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Results 2: Ethical considerations and implications
Example 10: Best practices and recommendations
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 11: Study tips and learning strategies
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Key Concept: Learning outcomes and objectives
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 13: Diagram/Chart/Graph]
Definition: Problem-solving strategies and techniques
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 14: Problem-solving strategies and techniques
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Example 15: Key terms and definitions
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Literature review and discussion
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Study tips and learning strategies
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 18: Diagram/Chart/Graph]
Important: Research findings and conclusions
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Note: Research findings and conclusions
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Introduction 3: Statistical analysis and interpretation
Example 20: Experimental procedures and results
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Historical development and evolution
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Remember: Practical applications and examples
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 23: Diagram/Chart/Graph]
Definition: Problem-solving strategies and techniques
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 24: Diagram/Chart/Graph]
Note: Literature review and discussion
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Research findings and conclusions
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Remember: Interdisciplinary approaches
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Remember: Key terms and definitions
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Note: Case studies and real-world applications
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 29: Diagram/Chart/Graph]
Definition: Study tips and learning strategies
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Discussion 4: Learning outcomes and objectives
Definition: Ethical considerations and implications
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 31: Literature review and discussion
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 32: Diagram/Chart/Graph]
Note: Comparative analysis and synthesis
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Critical analysis and evaluation
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Example 34: Fundamental concepts and principles
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Statistical analysis and interpretation
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Important: Critical analysis and evaluation
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 37: Diagram/Chart/Graph]
Remember: Learning outcomes and objectives
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 38: Assessment criteria and rubrics
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 39: Research findings and conclusions
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Unit 5: Fundamental concepts and principles
Remember: Experimental procedures and results
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Key Concept: Historical development and evolution
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Study tips and learning strategies
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Assessment criteria and rubrics
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Remember: Interdisciplinary approaches
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Definition: Ethical considerations and implications
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 46: Diagram/Chart/Graph]
Key Concept: Ethical considerations and implications
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Example 47: Theoretical framework and methodology
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Current trends and future directions
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Key Concept: Current trends and future directions
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Part 6: Assessment criteria and rubrics
Definition: Case studies and real-world applications
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 51: Diagram/Chart/Graph]
Practice Problem 51: Critical analysis and evaluation
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Practice Problem 52: Current trends and future directions
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
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