Dear friends,
Just a quick reminder that we're talking with Mr. Berkowitz this evening and that you are welcome, as always, to join in. The registration link is
http://dpregister.com/10061668.
The calls, up to now, have been limited to "A" tier managers who I've spoken with several times and who are running interesting funds. That doesn't apply to tonight's conversation: we haven't spoken and the fund hasn't launched. So why have, or join, the call? We're trying not to be too doctrinaire about running the calls. We keep getting back to the question: how can we help? In this case we had a chance to talk to a manager with a really distinguished career in the hedge fund / private equity world and who's making the transition to the mutual fund world. RiverPark has a pretty good track record for launching interesting funds.
Focused Value will be a large-cap fund ($10B+) with the ability (but not intention) to short and/or buy high yield bonds. It screens a 1000 stock universe down to 20 or so with a special focus on special situation stocks: spin-offs, mergers and acquisitions, changes of corporate management and other corporate events.
I'm likely to ask predictable, big picture questions: what do you gain by leaving the high compensation world of hedge funds? Why do we need another value fund a/k/a what do you bring to the table? why does it make sense to launch (or buy) such a fund now given that many value investors claim that they're finding few attractively-priced stocks?
If you can drop by, that's great. If you have questions for Mr. Berkowitz but can't drop by, share them here and I'll include them in the fodder file.
As ever,
David
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