tag:blogger.com,1999:blog-4815867514277794362.post1606422385072429704..comments2024-03-08T06:18:28.125+11:00Comments on Bronte Capital: Pershing Square modifies their performance numbers with an eight day weekJohn Hemptonhttp://www.blogger.com/profile/03766274392122783128noreply@blogger.comBlogger31125tag:blogger.com,1999:blog-4815867514277794362.post-48381544872391921922016-01-03T05:44:17.526+11:002016-01-03T05:44:17.526+11:00FWIW, I saw http://wtexas.com/content/5410-william...FWIW, I saw http://wtexas.com/content/5410-william-ackmans-pershing-square-trims-stake-valeant-selling-5-million-shares and thought of you; it says "William Ackman’s hedge fund Pershing Square Capital Management sold approximately 5 million shares in the pharmaceutical giant Valeant International “to generate a tax loss for their investors”". Umm, that sounds like a fine reason for starting to back out of a poor investment :-)William M. Connolleyhttps://www.blogger.com/profile/05836299130680534926noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-19295143335173272342015-10-16T12:49:54.885+11:002015-10-16T12:49:54.885+11:00Good attention to detail. Fun read. Others are cle...Good attention to detail. Fun read. Others are clearly annoyed, which makes reading the comments even better.美国noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-53503837624466751402015-10-14T19:08:15.179+11:002015-10-14T19:08:15.179+11:00OK Global Trader: I think we are at crossed purpos...OK Global Trader: I think we are at crossed purposes - my comment was simply on my understanding of the relationship of sampling error and sample size. Beating or lagging a market is a different and I understand, far more complex question.BBINCnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-82754563622789776432015-10-13T19:14:12.589+11:002015-10-13T19:14:12.589+11:00"True, my understanding is that extreme resul..."True, my understanding is that extreme results are more likely with sampling a smaller data set, however this equally means that the returns are actually understated. The sampling error works both ways. "<br />not "equally means" at all. its easier to lag the market than to beat itGlobalTraderhttps://www.blogger.com/profile/01717693276747483404noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-4346823891074057492015-10-12T06:07:53.204+11:002015-10-12T06:07:53.204+11:00Not sure both funds have the same objectives.
ie ...Not sure both funds have the same objectives.<br /><br />ie John's fund runs loosely 50% net long. Pershing Square is somewhat opportunistic and deploys capital when it sees fit. The different net and different risk (let's say volatility as one measure, but also say correlation with being long only) can tell a very different story.The PMhttps://www.blogger.com/profile/14003946750495994736noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-57402349464342659142015-10-10T13:42:49.889+11:002015-10-10T13:42:49.889+11:00
True, my understanding is that extreme results a...<br /><br />True, my understanding is that extreme results are more likely with sampling a smaller data set, however this equally means that the returns are actually understated. The sampling error works both ways. <br /><br />At the end of the day the interpretation is limited by the study time / sample size, no way around that.<br /><br />BBINCnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-65752643495159842582015-10-10T03:03:59.796+11:002015-10-10T03:03:59.796+11:00You might want to fix a few typos in this post (sp...You might want to fix a few typos in this post (speaking of typos):<br /><br />"Pershing Square was - it seems - would normally have report" (garbled)<br /><br />"Mondalez" instead of "Mondelez"Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-41841229369683920792015-10-09T16:04:35.911+11:002015-10-09T16:04:35.911+11:00>No Mr Global Trader - the AGGREGATE is larger ...>No Mr Global Trader - the AGGREGATE is larger than Pershing too (despite the shorter time).<br /><br />Anyone with basic statistics background knows its easier to get lucky on shorter time periodsGlobalTraderhttps://www.blogger.com/profile/01717693276747483404noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-83757078614768238062015-10-09T06:20:58.991+11:002015-10-09T06:20:58.991+11:00one point on returns... i think comparing return l...one point on returns... i think comparing return levels in completely irrelevant if you dont factor in the risk level of the investments... <br /><br />altough mr. bronte is 100% fair in noting that it is significantly mire difficult to make returns with 20x capital...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-82936818248692039092015-10-09T02:55:22.305+11:002015-10-09T02:55:22.305+11:00No Mr Global Trader - the AGGREGATE is larger than...No Mr Global Trader - the AGGREGATE is larger than Pershing too (despite the shorter time).<br /><br />that said most of it was done on very little money.<br /><br />It is hard to manage $10 billion plus - and I could not have got his returns on that much money. I fully acknowledge that.John Hemptonhttps://www.blogger.com/profile/03766274392122783128noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-80602417430543237552015-10-09T01:13:11.624+11:002015-10-09T01:13:11.624+11:00Also, Bronte/Pershing is a false comparison. To be...Also, Bronte/Pershing is a false comparison. To be fair, you should add in John Hempton's performance at Platinum and Bill Ackman's performance at Gotham.<br />The Rioja Kidhttps://www.blogger.com/profile/06462814606739183471noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-9234483709253534592015-10-08T19:23:25.472+11:002015-10-08T19:23:25.472+11:00a). Shorter time
well, there it is the reasona). Shorter time<br /><br />well, there it is the reasonGlobalTraderhttps://www.blogger.com/profile/01717693276747483404noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-27369945590746652302015-10-08T12:31:44.375+11:002015-10-08T12:31:44.375+11:00Compliments...but do I smell some "Carthago d...Compliments...but do I smell some "Carthago delenda est" ?guurstnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-39881803349267568242015-10-08T11:57:30.935+11:002015-10-08T11:57:30.935+11:00Dear Global Trader
a). Shorter time
b). More perf...Dear Global Trader<br /><br />a). Shorter time<br />b). More performance in aggregate since inception.<br /><br />Don't believe it. True though.John Hemptonhttps://www.blogger.com/profile/03766274392122783128noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-78011073221393016112015-10-08T05:15:59.059+11:002015-10-08T05:15:59.059+11:00You have compounded 20% for longer than he has? I ...You have compounded 20% for longer than he has? I have a hard time believing thatGlobalTraderhttps://www.blogger.com/profile/01717693276747483404noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-76622867534193948592015-10-07T22:48:13.690+11:002015-10-07T22:48:13.690+11:00John, what I do know is litigation can be just a g...John, what I do know is litigation can be just a game. Bill's personal financial resources may be bigger than yours. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-86175068081800691152015-10-07T21:09:53.502+11:002015-10-07T21:09:53.502+11:00Dear Global Trader. Mine are better. Less dollars ...Dear Global Trader. Mine are better. Less dollars though that makes it easier.John Hemptonhttps://www.blogger.com/profile/03766274392122783128noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-70456871409339685112015-10-07T17:03:16.766+11:002015-10-07T17:03:16.766+11:00LOL can I ask why are you so irritated by Bill Ack...LOL can I ask why are you so irritated by Bill Ackman? Is it jealousy? or did he actually do something to you? <br />YOU'RE PATHETIC. <br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-13869611327609053542015-10-07T07:37:20.862+11:002015-10-07T07:37:20.862+11:00How do we find out how many shares in each of the ...How do we find out how many shares in each of the holdings on the list Pershing Square bought on that last day of the quarter?obelixhttps://www.blogger.com/profile/13404559782994766876noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-356125485689729652015-10-06T23:06:04.013+11:002015-10-06T23:06:04.013+11:00John-
As you may know I work in performance:
We ...John-<br /><br />As you may know I work in performance:<br /><br />We use the Lipper LANA system to provide performance for our clients. Weekly performance is provided by LANA overnight usually on Thursday evening as of that Thursday. When the first business day of the month falls on a Friday, however Lipper will not provide us with data until the following Monday. In these cases, some clients ask us to put up the month-end performance on their website. Preferring to get the data out there as opposed to waiting.<br /><br />It could be a similar case here:<br /><br />Whatever the case, it is likely a 3rd party is providing performance and publishing it to the website.Roger Fritzhttps://www.blogger.com/profile/12598149582120189297noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-1730909145427541732015-10-06T21:25:18.849+11:002015-10-06T21:25:18.849+11:00The bigger question is, how does Bronte Capital re...The bigger question is, how does Bronte Capital returns compared to Pershing since inception?GlobalTraderhttps://www.blogger.com/profile/01717693276747483404noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-84362098105218738782015-10-06T21:19:28.493+11:002015-10-06T21:19:28.493+11:00Big fan of the blog, and I can see your frustratio...Big fan of the blog, and I can see your frustration if you shorted the closed end fund ( though probably not much given the liquidity ) but can you and bill kiss and make up. Bill has done some great things ( hunter at cp, apd, helping Burger king) and you John have been a studious market observer as well from what I have read, especially on the short side. <br /><br />life is too short for petty rivalrys abee crombiehttps://www.blogger.com/profile/13320039155613443039noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-22686309643740084152015-10-06T15:23:53.254+11:002015-10-06T15:23:53.254+11:00Anonymous if you were 10% as smart as John is, you...Anonymous if you were 10% as smart as John is, you would make a lot of money, I dont know if you remember the first article John posted when the stock was $250.00 John is Brilliant and you are just pissed off because I think you are long wrong and want an excuse to attack John, PitifullAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-54144970648514552572015-10-06T15:13:43.620+11:002015-10-06T15:13:43.620+11:00John Hempton is brillian, his comments are Brillia...John Hempton is brillian, his comments are Brilliant, read the report he issued when VRX was $250.00 He has a very nice life.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-33225645740360280922015-10-06T14:26:54.826+11:002015-10-06T14:26:54.826+11:00Why don't you outline why Ackman is wrong in h...Why don't you outline why Ackman is wrong in his new presentation, which you obviously think, comparing HLF to Vemma instead of doing this.Anonymousnoreply@blogger.com