Click your state for more features, events, specials + local business listings. Click your province for more features, events, specials + local business listings. You need to login or register to bookmark/favorite this content. Add to Style File Style Files are collections of articles and products you love from the REstyleSOURCE website. Save your favorite things so you can find them later! View your Style Files → To change your location, please sign up for REstyleSOURCE — it's free and only takes a second! Discover the BEST shops, designers and lifestyle businesses in your neighborhood. Be inspired and find products locally. Connect with your community and be rewarded for supporting local businesses!Cream BedroomsLuxe BedroomsCosy BedroomsWhite BedroomsHamptons Style BedroomsBed LuxesourceBaths LuxesourceCeiling LuxesourceFuture House BedroomsForwardExplore the best in design. View the most comprehensive collection of luxury homes and luxury design experts.
Luxe Interiors + Design Magazine - Search Interiors - Kitchens - Living RoomsFull text of "King's Mountain and its heroes : history of the Battle of King's Mountain, October 7th, 1780, and the events which led to it"You are here: / PropertiesMississippi S FoodJackson Mississippi TravelVacation MississippiMississippi HolidayMississippi AdventureMississippi LivingMississippi LouisianaVisit MississippiMississippi BluesForwardWhy you need to care about Jackson, Mississippi's food and drink scene-- happy to see our sister restaurant Char included!!In 1959, Truman Capote learns of the murder of a Kansas family and decides to write a book about the case. While researching for his novel In Cold Blood, Capote forms a relationship with one of the killers, Perry Smith, who is on death row. Stars: Philip Seymour Hoffman, Clifton Collins Jr., Catherine Keener, Allie MickelsonSee how a beautiful old theater was transformed into a modern gym In Defense of Post-Workout Pizza and Bagels A Judgement Free-kind Of Love: Planet Fitness Offers Valentine’s Day Tips For Working Out Together
One gym is taking the workout world by storm (PLNT) 11 Of The Best Fitness Deals This MonthThe LSTA is becoming one of my favorite sites on the web for the amount of information they provide to the public. For example, see below for some fantastic slides they put out from their recent conference and my commentary (Note - I have picked and chosen from a number of different presentation ... net/net all presentations are worth the read). Before I do that, I want to just post something I read from Hussman Funds "Weekly Market Commentary" as a backdrop:There is a significant amount of loan paper that needs to be refinanced in 2014.Unfortunately, CLO's are currently structured will not be there to refinance said paper in 2014 because of reinvestment lock-ups. CLO 2014 refinancing capability is essentially nil.Other investor types (hedge fund, retail, etc) grow dramatically to soak up CLO wind-downsLoan issuers use equity issuance to de-lever balance sheetsCLOs return to their pre-Lehman gloryThe amount of bonds in a capital structure increases dramatically relative to loansLoan issues using the bankruptcy process to rid themselves of over levered balance sheets.
I wanted to give all our readers a quick update on the Distressed Debt Investors Club. Each week we are getting more and more member and guest application and we could not be any happier with the growth and progress of the site. Throughout the second half of the year I plan on devoting a significant amount of resources to expand the functionality and membership of the site. Currently we have nearly 1500 guests and 140 members. As mentioned in previous posts, the membership for the site closes when we get to 250 members so I encourage those that are interested to apply - you get access to all the previous posted ideas and the Distressed Debt Investors Club forum, a place where I am posting 2 to 3 times a day. [Note - All attachments have not been included in the below write-up. You will just have to join the site to get the 17 page supporting attachment]Investment ThesisBusiness ModelValuation RisksHere are a few choice quotes:"When Charlie thinks about things, he starts by inverting.
To understand how to be happy in life, Charlie will study how to make life miserable; to examine how business become big and strong, Charlie first studies how businesses decline and die; most people care more about how to succeed in the stock market, Charlie is most concerned about why most have failed in the stock market. His way of thinking comes from the saying in the farmer’s philosophy: I want to know is where I’m going to die, so I will never go there."The first thing that quote brought to mind was Seth Klarman's investment style. The next link is from Tariq Ali's Street Capitalist, a blog I find myself reading more and more often. If you remember the last time we featured his blog was with a summary of a Li Lu lecture at Columbia. Tariq has done it again with a 2010 lecture given by Li Lu. Some more choice quotes:Warren Buffett says that when he retires, there are three people he would like to manage his money. First is Seth Klarman of the Baupost Group, who you will hear from later in the course.
Next is Greg Alexander. Third is Li Lu. He happens to manage all of Charlie Munger’s money. I have a small investment with him and in four years it is up 400%.So how do you really understand and gain that great insight? And truly understand it. I tell my interns to work through this exercise – imagine a distant relative passes away and you find out that you have inherited 100% of a business they owned. What are you going to do about it? That is the mentality to take when looking at any business. I strongly encourage you to start and understand 1 business, inside out. That is better than any training possible. It does not have to be a great business, it could be any business. You need to be able to get a feel for how you would do as a 100% owner. If you can do that, you will have a tremendous leg up against the competition. Most people don’t take that first concept correctly and it is quite sad. People view it as a piece of paper and just trade because it is easy to trade. But if it was a business you inherited, you would not be trading.
You would really seek out knowledge on how it should be run, how it works. If you start with that, you will eventually know how much that business is worth. On February 22nd, Reader's Digest emerged from bankruptcy. For those that are interested, the bankruptcy docket for Reader's Digest can be found here: Reader's Digest bankruptcy docketReader's Digest presents an interesting distressed debt opportunity and we will keep our reader's updated in the coming months. It gives me great pleasure to announce a partnership between Distressed Debt Investing and IQPC in the upcoming 6th annual Global Forum on Investing in Distressed Debt. Over the last 3 months, I have worked with the organizers of this fantastic event in bringing together a group of speakers and presenters that I feel will be a significant value add to Distressed Debt Investing readers. Here is the second part of the interview from yesterday. For more information on Greenstone, contact Chris White (chris [at] greenstonefund [dot] com).
In managing a book, how do you hedge? What are your thoughts on shorting? In your opinion, why do assets get mispriced? If you could have lunch with anyone - alive or dead, who would it be and why? If you were to peg one valuation technique you really rely on - what would it be? How do you generate ideas? We noticed some distressed debt ideas in your top holdings and commentary. Is that a matter of style or are you seeing interesting opportunities in the distressed space? Talk about one or two ideas your find particularly compelling. Why are they mispriced? Where is the market wrong? Tronox Inc. (TRXAQ and TRXBQ) Hawaiian Holdings (HA) A few months ago, I received in my inbox the 1Q 2010 letter for the Greenstone Value Opportunity Fund. Not only were their returns spectacular but also their largest position at the time was Tronox, a company we did a distressed debt research piece on earlier in the year. Needless to say, with their candor, their value investing mindset, and their ability to see the forest through the trees in a number of highly complicated situations, I was incredibly impressed.
I reached out to founders Chris White and Tim Stobaugh, and asked them a number of questions in the interview below. I was split the interview into two parts, and will post the second part later in the week. Of the prominent investors (Seth Klarman, WEB, Graham, etc) out there, who would you say your styles most mirror? You run a fairly concentrated book. Talk about your thinking behind diversification and running a fund. In your opinion, what is the hardest aspect of running a hedge fund?Talk a little bit about your background. How did the two of you come together to launch Greenstone?What has been one of your biggest investment mistakes of the past? When allocating capital, must discussion in the past few years has been on value investor’s transition to start taking a look at the larger/macro picture. If anything, how does the general economy and macro trends play into your investing style and how you run the fund? Hey guys - As I am sure many of you know, I also publish the Merger Arbitrage Blog.
I have been working with a very strong analyst since the launch of the blog (he wrote the most recent post on Javelin Pharmaceuticals). This analyst is looking to join a buy-side shop as an arb analyst. He is very talented and I would highly recommend him. If you are looking for an analyst, and want to speak with him, shoot me an email at hunter [at] distressed-debt-investing [dot] com and I will make it happen. While this post is more particular to high yield and investment grade bonds, than to distressed investing, I believe it is an important concept considering what is going on in certain pockets of the market today. A credit curve is essentially the spread over treasuries of various maturities for a single bond issuer. The greater the difference between the front end (near term maturities) versus the long end (longer maturities) determines the steepness of the credit curve. About 6 weeks ago I posted a graph on the amount of distressed debt outstanding according to . Here is that post: Amount of Distressed Debt Outstanding as of April 2010cheap