Graham & Doddsville
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
AUTOMOTIVE AFTERMARKET OUTLOOK and REFLECTIONS from OUR Nd 42 ANNUAL SYMPOSIUM October 29 – October 30, 2018
GAMCO Investors, Inc. November 21, 2018 One Corporate Center Rye, NY 10580-1435 Tel (914) 921-5150 www.gabelli.com AUTOMOTIVE AFTERMARKET OUTLOOK AND REFLECTIONS FROM OUR nd 42 ANNUAL SYMPOSIUM October 29 – October 30, 2018 PRESENTING COMPANIES 10/31/2018 10/31/2017 11/1/2016 Company Exchange Ticker Price (a) Price (a) Price (a) AutoZone, Inc NYSE AZO $ 733.47 $ 589.50 $ 734.45 Boyd Group Income Fund (b) TSX BYD.UN 120.31 96.10 81.17 BYD Company Ltd (c) SHE 002594 46.79 62.79 55.57 Cooper Tire & Rubber Co. NYSE CTB 30.89 32.80 35.10 Dana, Inc. " DAN 15.47 30.49 15.00 Donaldson Company, Inc " DCI 51.28 47.21 35.46 Gentex Corporation NASDAQ GNTX 21.05 19.04 15.96 Genuine Parts Co. NYSE GPC 97.92 88.23 86.43 Lear Corporation " LEA 132.90 175.59 121.30 Monro, Inc. NASDAQ MNRO 74.40 49.35 53.32 Motorcar Parts of America, Inc " MPAA 21.18 28.91 26.19 Navistar International Corp NYSE NAV 33.49 42.31 23.01 O'Reilly Automotive, Inc NASDAQ ORLY 320.75 210.95 264.24 Penske Automotive Group NYSE PAG 44.02 46.62 42.83 Rush Enterprises, Inc. NASDAQ RUSHB 35.95 47.59 24.77 Standard Motor Products, Inc NYSE SMP 53.90 43.67 46.88 Superior Industries International, Inc. " SUP 9.83 15.55 22.95 Tenneco, Inc. " TEN 34.43 58.11 56.06 US Auto Parts Network, Inc. NASDAQ PRTS 1.19 2.56 2.27 Veoneer, Inc. -
Software Sector Summary Report
SOFTWARE SECTOR REPORT Q1 2019 GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank providing strategic M&A and capital markets advisory services to growth companies and market leaders LEEDS PARIS FRANKFURT MANCHESTER MUNICH ZURICH NAGOYA TOKYO LONDON SHANGHAI NEW YORK MILAN NEW DELHI OSAKA TEL AVIV FUKUOKA SAN FRANCISCO TAIPEI MUMBAI SINGAPORE HO CHI MINH CITY Global platform: Sector expertise: Exceptional cross- 21 offices in key Experienced team: Expansive coverage border capabilities: markets across Over 400 employees and deep Over a third of all America, Asia and across the globe specialization transactions Europe Broad spectrum Diversified Strong reputation of clients: business model: and track record: Leading Geographically High number of conglomerates, top balanced, synergistic repeat clients and private equity firms and complementary referrals and emerging high- focus areas growth companies 2 GCA operates as GCA in America and Asia, and GCA Altium in Europe GCA OVERVIEW The GCA Software Team US Team Paul DiNardo Daniel Avrutsky Rupert Sadler Josh Wepman Managing Director Managing Director Managing Director Managing Director Software HCM Software Software, Travel & Telematics Software & Digital Media [email protected] [email protected] [email protected] [email protected] James Orozco Clark Callander Chris Gough Kevin Walsh Managing Director Managing Director Managing Director Managing Director Financial Sponsors Technology Real Estate Tech Software & Digital Media [email protected] [email protected] -
Annual Report November 30, 2019 Ticker Symbol: YCGEX
YCG ENHANCED FUND a series of the YCG Funds Annual Report November 30, 2019 Ticker Symbol: YCGEX Beginning on January 1, 2021, as permitted by regulations adopted by the SEC, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (defined herein) or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website ( www.ycgfunds.com ), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 855-444-YCGF (855-444-9243) or by sending an e-mail request to [email protected] . You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 855-444-YCGF (855-444-9243) or send an e-mail request to [email protected] to let the Fund know you wish to continue receiving paper copies of your shareholder reports. -
Preqin Industry News: 2012 Round-Up
View the full edition of Spotlight at: https://www.preqin.com/docs/newsletters/PE/Preqin_Private_Equity_Spotlight_January_2013.pdf News Preqin Industry News Download Data Preqin Industry News: 2012 Round-Up Olivia Harmsworth looks at the notable private equity fund closures, investor commitments, deals and exits in 2012. 2012 remained challenging for fund managers attempting to raise Chart of the Month: Breakdown of Private Equity Funds Closed in 2012 capital for their funds. However, as the chart of the month shows, by Proportion of Target Size Achieved a signifi cant proportion of fund managers met or exceeded their 30% target size for their funds in 2012. Sixty percent of all private equity 26% funds to close in 2012 met or exceeded their target, a marginal 25% increase from the 58% of funds closed in 2011 which had a 20% successful fundraising period. Funds which achieved between 20% 101% and 124% of their target were most common, accounting for 16% 26% of the funds closed. The number of funds which closed exactly 15% 14% on target has decreased slightly from 2011 by two percentage 10% points to 20% in 2012. 10% Proportion of Funds Closed 6% The diffi cult fundraising conditions in Europe were highlighted at 5% 4% the start of 2012, when the experienced mid-market European 3% fund manager, Duke Street, abandoned its latest fundraising 0% 0-24% 25-49% 50-74% 75-99% 100% 101-124% 125-149% 150% or more efforts for the buyout vehicle Duke Street Capital VII, which was Proportion of Target Size Achieved targeting €850mn. However, despite the continuing prevalence Source: Preqin Funds in Market of a challenging fundraising climate, 2012 witnessed a number of high-value fund closures and deals. -
Getting Lucky (Pdf)
Memo to: Oaktree Clients From: Howard Marks Re: Getting Lucky Sometimes these memos are inspired by a single event or just one thing I read. This one – like my first memo 24 years ago – grew out of the juxtaposition of two observations. I’ll introduce one here and the other on page seven. Contrary to my wife Nancy’s observation that my memos are “all the same,” the subject here is one I’ve rarely touched on. L.P. The Role of Luck The first inspiration for this memo came in early November, when I picked up a copy of the Four Seasons Magazine in my hotel room in Riyadh, Saudi Arabia. I happened to turn to an article entitled “In Defence of Luck” by Ed Smith. It’s been in my Oaktree bag ever since. In his two opening paragraphs, Smith presents a thesis for dismantling: “Success is never accidental,” Twitter founder Jack Dorsey recently tweeted. No accidents, just planning; no luck, only strategy; no randomness, just perfect logic. It is a tempting executive summary for a seductiveMANAGEMENT, speech or article. If there are no accidents, then winners are seen in an even better light. Denying the existence of luck appeals to a fundamental human urge: to understand,RESERVED. and ultimately control, everything in our path. Hence the popularity of the statement “You make your own luck.” That’s all it took to get my juices flowing. I – along with Smith – believe a great many things contribute to success. Some are ourCAPITAL own doing, while many others are beyond our control. -
ASIA PACIFIC M&A ATLAS AWARDS, Winners Circle
WINNERS CIRCLE 2010 September 24, Mumbai, India: A record thirty-seven awards were presented by Ms. Abha Bakaya, primetime anchor on Bloomberg UTV, The Final Word, at the annual ASIA M&A ATLAS AWARDS GALA and CEREMONY honoring top deals, dealmakers and firms from the greater Asia Pacific including India, China, South East Asia, Far East mergers, acquisitions, private equity and venture capital communities. The awards gala opening remarks were delivered by Mr. Pranjal Sharma, the highly acclaimed executive editor from Bloomberg UTV; followed by the honorary guest speaker Mr. Paul A. Folmsbee, U.S. Consul General, United States of America. CONGRATULATING the WINNERS CIRCLE: M&A EXECUTIVE AWARD RECIPIENTS: Asia Pacific Corporate Dealmaker: Akhil Gupta, Deputy CEO and Managing Director, Bharti Enterprises Asia Pacific Private Equity Dealmaker: Edward Sippel, Managing Principal, Quadrangle Group Asia Pacific Venture Capital Dealmaker: Sudheer Kuppam, Managing Director, Intel Capital Asia Pacific Boutique M&A Investment Banker: Dr. Hong Chen, Chairman and CEO, The Hina Group India M&A Corporate Dealmaker: Gautam Watve, Head of Planning and Strategy, Shree Renuka Sugars Ltd India Private Equity Dealmaker: Sanjay Nayar, Member and CEO India, KKR India India M&A Investment Banker: Ashutosh Maheshvari, CEO, Motilal Oswal Investment Advisors Private Limited India M&A Lawyer of the Year: Ajay Bahl, Senior Partner, AZB & Partners ASIA PACIFIC M&A DEAL of the YEAR, WINNERS CIRCLE: ASIA PACIFIC M&A DEAL of the YEAR │ above 500 million USD AsiaInfo Holdings, Inc. merger with Linkage Technologies International Holdings Limited. Nominee Winner: The Hina Group ASIA PACIFIC M&A DEAL of the YEAR │ above 200 million USD Taisho Pharmaceutical acquisition of Bristol-Myers Squibb Indonesia. -
Howard Marks: 'Time to Take Some Risk Off the Table'
By Jane Wollman Rusoff October 05, 2018 Howard Marks: 'Time to Take Some Risk Off the Table' "The odds have shifted against you," the investing legend says in an interview with ThinkAdvisor. Howard Marks. (Photo: Peter Murphy) Investing legend Howard Marks, co-chair and co-founder of Oaktree Capital Management, with more than $120 billion in assets under management, argues: “It’s time to take some risk off the table. The odds have shifted against you,” he tells ThinkAdvisor in an interview. In the depth of the financial crisis, Oaktree, a leading institutional alternative investment management firm, invested more than half a billion dollars a week during the final 15 weeks of 2008 — and reaped a high rate of return. Today, Marks’ cautious stance is based largely on this: Asset prices are elevated versus intrinsic values, institutional investors have let go of their risk aversion, and the recovering economy and soaring stock market have lasted for 10 years now. Marks, 72, is famed for sending clients insightful memos about the markets and economy. Warren Buffett has commented: “When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something.” The expert in credit strategies made gutsy, correct market calls in 1999, 2001-2002, 2005- 2006 and 2008, all of which he discussed in the interview. Marks ascribes much of his investing success to paying close attention to and assessing a number of different cycles, which, he says, can show when to cut risk and when to turn more aggressive. -
Private Equity in the 2000S 1 Private Equity in the 2000S
Private equity in the 2000s 1 Private equity in the 2000s Private equity in the 2000s relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel although interrelated tracks. The development of the private equity and venture capital asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. As the 20th century ended, so, too, did the dot-com bubble and the tremendous growth in venture capital that had marked the previous five years. In the wake of the collapse of the dot-com bubble, a new "Golden Age" of private equity ensued, as leveraged buyouts reach unparalleled size and the private equity firms achieved new levels of scale and institutionalization, exemplified by the initial public offering of the Blackstone Group in 2007. Bursting the Internet Bubble and the private equity crash (2000–2003) The Nasdaq crash and technology slump that started in March 2000 shook virtually the entire venture capital industry as valuations for startup technology companies collapsed. Over the next two years, many venture firms had been forced to write-off large proportions of their investments and many funds were significantly "under water" (the values of the fund's investments were below the amount of capital invested). Venture capital investors sought to reduce size of commitments they had made to venture capital funds and in numerous instances, investors sought to unload existing commitments for cents on the dollar in the secondary market. -
Memo To: Oaktree Clients From: Howard Marks Re: Getting Lucky
Memo to: Oaktree Clients From: Howard Marks Re: Getting Lucky Sometimes these memos are inspired by a single event or just one thing I read. This one – like my first memo 24 years ago – grew out of the juxtaposition of two observations. I’ll introduce one here and the other on page seven. Contrary to my wife Nancy’s observation that my memos are “all the same,” the subject here is one I’ve rarely touched on. The Role of Luck The first inspiration for this memo came in early November, when I picked up a copy of the Four Seasons Magazine in my hotel room in Riyadh, Saudi Arabia. I happened to turn to an article entitled “In Defence of Luck” by Ed Smith. It’s been in my Oaktree bag ever since. In his two opening paragraphs, Smith presents a thesis for dismantling: “Success is never accidental,” Twitter founder Jack Dorsey recently tweeted. No accidents, just planning; no luck, only strategy; no randomness, just perfect logic. It is a tempting executive summary for a seductive speech or article. If there are no accidents, then winners are seen in an even better light. Denying the existence of luck appeals to a fundamental human urge: to understand, and ultimately control, everything in our path. Hence the popularity of the statement “You make your own luck.” That’s all it took to get my juices flowing. I – along with Smith – believe a great many things contribute to success. Some are our own doing, while many others are beyond our control. There’s no doubt that hard work, planning and persistence are essential for repeated success. -
Ben Graham Centre's 2021 Virtual Value Investing Conference
Ben Graham Centre’s 2021 Virtual Value Investing Conference “In Celebration of Ben Graham in a World that Questions Value Investing” April 14, 2021 IMPROVING LONG RUN INVESTMENT PERFORMANCE www.bengrahaminvesting.ca Mission of the Conference to promote the tenets of value investing as pioneered by Benjamin Graham; to expose Conference participants to the various value investing methods used by practitioners; to encourage and support academic research and study in the area of value investing. The Conference will provide a forum to explain, discuss and debate the principles, practices and various applications of value investing from a global context. Corporate executives will offer an industry perspective of how to look for value creating opportunities and how to create value. Conference Organizer and Chair George Athanassakos, Director, Ben Graham Centre for Value Investing, Ivey Business School A Message from the Director I am a firm believer in stock picking. I think stock picking, with the right process and the right temperament, works. And, in my opinion, contrary to popular claims, value investing is not dead. Those who claim it is dead, substantiate this by providing evidence that picking cheap stocks, meaning stocks with low price-to-earnings or price-to-book ratios, has been ineffective since the onset of the great recession. What is going on? Is value investing dead or not? It all depends on how one defines value and growth investing. Investors widely use the terms value stocks and growth stocks, but many do not know what they mean. Academic researchers sort stocks by price-to-earnings, price-to-book or other valuation metrics from low to high and form a number of portfolios from the sorted stocks. -
2003 - 2019 Top 200 Employers for CPT Students**
2003 - 2019 Top 200 Employers for CPT Students** **If a student is employed at the same Employer while in a different program, he/she will be counted multiple times for that employer. Top 200 Employer Names Number of Students Participating in CPT in 2003-2019 Amazon 9,302 Intel Corporation 6,453 Microsoft Corporation 6,340 Google 6,132 IBM 4,721 Deloitte 3,870 Facebook 3,810 Qualcomm Technologies, Inc 3,371 Ernst & Young 2,929 Goldman Sachs 2,867 Cummins 2,729 JP Morgan Chase 2,474 PricewaterhouseCoopers 2,295 Bank of America 2,241 Apple, Inc 2,229 Cisco System, Inc 2,133 Disney 2,041 Morgan Stanley 1,970 World Bank 1,956 Citigroup 1,904 Merrill Lynch 1,850 KPMG 1,464 Dell, Inc 1,448 Yahoo 1,403 Motorola 1,357 Tesla, Inc 1,314 eBay or PayPal 1,268 Kelly Services 1,195 EMC Corporation 1,119 NVIDIA Corporation 1,110 Walmart 1,108 Samsung Research America 1,102 Ericsson, Inc 1,100 Adobe Systems Incorporated 1,085 PRO Unlimited 1,042 Texas Instruments 1,022 Credit Suisse 1017 Barclays 970 Randstad 942 Sony 930 Schlumberger 928 McKinsey & Company 883 2003 - 2019 Top 200 Employers for CPT Students** **If a student is employed at the same Employer while in a different program, he/she will be counted multiple times for that employer. VMWare 868 Adecco 845 Philips 829 Deutsche Bank 797 Broadcom Corporation 791 HP, Inc 789 Oracle 789 Advanced Micro Devices, Inc 782 Micron Technology, Inc 775 Boston Consulting Group 755 CVS Pharmacy 741 Robert Bosch LLC 723 Bloomberg 711 State Street 705 Hewlett-Packard 702 Alcatel-Lucent 666 Oak Ridge Institute for Science and Education 662 Genentech 657 Symantec Corporation 657 Nokia 642 Aerotek, Inc 638 Los Alamos National Laboratory 638 LinkedIn 635 Tekmark Global Solutions LLC 634 Populus Group 624 Salesforce 623 SAP America, Inc 619 Juniper Network 609 Atrium 584 The Mathworks, Inc 582 Monsanto 581 Wayfair 580 Autodesk 571 Intuit 562 Wells Fargo 559 Synopsys, Inc 546 NEC Laboratories America, Inc. -
Mainstay Mackay S&P 500 Index Fund Annual Report
MainStay MacKay S&P 500 Index Fund Message from the President and Annual Report October 31, 2020 Beginning on January 1, 2021, paper copies of each MainStay Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from MainStay Funds or from your financial intermediary. Instead, the reports will be made available on the MainStay Funds’website.Youwillbe notified by mail and provided with a website address to access the report each time a new report is posted to the website. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from MainStay Funds electronically by calling toll-free 800-624-6782, by sending an e-mail to [email protected], or by contacting your financial intermediary. You may elect to receive all future shareholder reports in paper form free of charge. If you hold shares of a MainStay Fund directly, you can inform MainStay Funds that you wish to receive paper copies of reports by calling toll-free 800-624-6782 or by sending an e-mail to [email protected]. If you hold shares of a MainStay Fund through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive reports in paper form will apply to all MainStay Funds in which you are invested and may apply to all funds held with your financial intermediary.