Dan Loeb's Letter to Yahoo

Dan Loeb sent a letter to Yahoo's board:

We firmly believe that there is much to be gained from a successful and rapid transition in management, as we are convinced that Yahoo is grossly undervalued.  We have followed Yahoo for many years, and our analysis suggests that at a share price of $13.61, with $2.49 per share in tax adjusted net cash, $3.10 per share and $5.24 per share of after-tax values for the Yahoo! Japan and Alibaba Group stakes respectively, core Yahoo is left at an implied value of $2.78 per share or 2.2x 2012 EBITDA.   With more effective and focused management, one could realistically envision a re-rating to at least 7.0x 2012 EBITDA, driving a target of over $19.00 per share.  When coupled with tax efficient outcomes for its Asian assets, an additional $3.00-4.00 per share stands to be realized.  Continued share count reduction via buybacks and other potential capital structure optimization alternatives would further bolster the Company’s stock price.  In addition, based on our discussions with industry experts and entrepreneurs, we believe that with new management, there is significant further value in leveraging Yahoo’s globally trusted franchise and platform for a range of new products and innovations.

Focusing specifically on the Alibaba Group, the mid-term value potential for this stake alone could represent another $5.00 per share of upside.  The e-commerce interests housed under the Alibaba Group umbrella hold the dominant positions in the “B2B” (63% of 2010 market share according to Marbridge Consulting), “C2C” (85% share) and “B2C” (51% share) Chinese e-commerce markets.   Alibaba Group’s Taobao business is essentially Ebay and Amazon on steroids in terms of market share and revenue growth.   According to Goldman Sachs, the Chinese e-commerce market was $75 billion in 2010, with a 3 year forward compound annual growth rate of 43% compared to the $193 billion U.S. market with compound annual growth of 14% over the same period.   We currently estimate a pre-tax value for Alibaba Group of $25 billion.  Given Alibaba Group’s growth potential and market share, it is entirely conceivable that Yahoo’s 40% fully diluted stake in Alibaba Group could double in value over the next 2-3 years, highlighting its tremendous value.

 

You can read Dan Loeb's letter to Yahoo at Dan Loeb – Third Point’s Letter to Yahoo’s Board

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Dan Loeb'in Yeni Hisseleri

Dan Loeb Amerika'da yildizi parlayan hedge fon yoneticilerinden bir tanesi. Cok ilginc bir kisilik. Dan Loeb kimdir, Dan Loeb'in yeni hisseleri nelerdir diye merak ediyorsaniz bu konuda yazdigimiz Dan Loeb's New Stock Picks baslikli yazimizi okumanizi tavsiye ederiz.
Daniel Loeb, founder of New York based hedge fund Third Point, has more than $4 Billion in assets under management (AUM). He’s a very outspoken investor and a pioneer in activist investing. He made $150 Million in 2005, $200 Million in 2006, and $270 Million in 2007. Third Point’s flagship fund returned 41.7% in 2010. Third Point Offshore returned 18.8% annually since its inception in 1996. S&P 500 returned 5.9% since then.

2. David Einhorn’s Greenlight Capital

3. Eric Mindich’s Eton Park

4. Roberto Mignone’s Bridger Management

5. Julian Robertson’s Tiger Management

6. Patrick McCormack’s Tiger Consumer

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Dan Loeb Kimdir Portfoyundeki Yeni Hisseler Nelerdir

Gecenlerde yazdigimiz bir yazida Dan Loeb'in senelik %7'nin uzerinde bir alfasi oldugunu hesaplamistik. Bugun sizi yonlendirecegimiz yazi Insider Monkey blogunda yazmayi amacladigimiz formata cok guzel bir ornek. Once hedge fon yoneticisi Dan Loeb'in kim oldugunu, yatirimlarini nasil yaptigini anlatiyor, kendisini tanitiyoruz. Sonra da en son 13F raporlarina dayanarak portfoyundeki en buyuk hisselerin ne oldugunu, yeni hangi hisseleri aldigini, ve bize gore bu yeni hisselerden hangilerinin daha onemli oldugunu belirtiyoruz.

Bir programci arkadas 13F verilerinin indirilip veritabanina yuklenmesiyle ilgili calisiyor. Elimizde bu veriler olursa bu raporu hazirlama suresini onemli olcude azaltabilecegiz ve cok daha fazla sayida raporu sizlerle paylasabilecegiz. Bugunku yaziya asagidaki linkten ulasabilirsiniz:

The Best of Daniel Loeb’s (Third Point) New Stock Picks Read More!

Dan Loeb ve Third Point Hedge Fonu

Dan Loeb Amerika'daki en eglenceli hedge fon yoneticilerinden bir tanesidir. Bu konuyla ilgili detayli bir yaziyi daha sonra yazacagim. Bugun deginecegim konu Dan Loeb'in alfasinin olup olmamasidir. Piyasada endeks fonlarina yatirim yapan bir cok kisi var, bu kisiler kimsenin daha az risk alarak borsa endeksinin uzerinde getiri saglayamayacagini dusunuyorlar.

Dan Loeb 2007 yilindan once de cok meshur bir hedge fon yoneticisi ise. 2005, 2006 ve 2007 yillarinda senede $100 milyonun uzerinde gelir ediyordu. Biz 2007'nin ortasindan itibaren getiri ve alpha'sina baktigimiz icin Dan Loeb'in sonradan basarili oldugu icin secmedigimiz acik.

Dan Loeb'un son 3 yilda alpha yaratip yaratamadigini merak ediyorsaniz Daniel Loeb and Third Point’s Returns and Alpha baslikli yaziyi okumanizi oneririz. Vakit bulabilseydim Dan Loeb'in son ceyrekte hangi hisseleri portfoyune ekledigini, en buyuk pozisyonlarinin neler oldugunu da bir yaziyla paylasacaktim ama vakit bulamiyorum. Gonullu programcilar bu islemleri otomatik olarak yapmak uzerinde calisiyorlar. Basarili olabilirlerse bunun gibi daha cok yazi ile karsiniza cikacagiz.

Not: Excel kullanmasini iyi bilen ve bos vakti olup bana gonullu yardim etmek isteyen varsa email atsin. Bu tur yazilari beraber hazirlayabiliriz. Read More!