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发帖数: 2584 | 1 Jim Chanos Gets Another Huge Score
Linette Lopez | Nov. 20, 2012, 8:38 AM | 4,907 | 4
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Jim Chanos
Andy Kropa/Getty Images
James Chanos speaks at the 2011 New-York Historical Society History Makers
Awards at The Waldorf Astoria Starlight Roof on November 7, 2011 in New York
City.
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Hewlett Packard is getting killed right now due to weak earnings and a big
charge, and that's a big score for famed short-seller, Jim Chanos.
Go back to July. That's when Chanos gave a presentation at the CNBC
Institutional Investor Delivering Alpha Conference about "the ultimate value
trap"...HP.
Here's how he explained it then:
"Hewlett Packard presents the ultimate value trap for investors," he said.
People who are into will tell you the stock is cheap, there's great free
cash flow, have you look at their buy-backs etc.
As you look at the revenue stream, though, its been flat over a number of
years. So has its cash flow. The company is relying on the $37 billion of
acquisitions they've done over the last couple of years to look healthy.
"When something looks cheap be careful, there could be a reason it's cheap..
." Chanos said, and then added, "This company is destroying its value.
Typically acquisitions destroy value."
It's one of those acquisitions that's hurting the company right now. HP
reported earnings that beat expectations yesterday, but also disclosed that
it was facing a one-time $8.8 billion charge.
It's mostly related to the company's acquisition of Autonomy software unit.
From CNBC:
While avoiding calling it fraud, Hewlett-Packard said there was "serious
accounting improprieties, disclosure failures, and outright
misrepresentations at Autonomy Corp." that occurred prior to its acquisition
of Autonomy and was discovered by a nearly seven-month-long internal
investigation.
The company has started an internal investigation into the matter.
Check out Chanos' presentation on value traps (he mentions HP) right here>
Read more: http://www.businessinsider.com/jim-chanos-wins-on-hp-short-2012-11#ixzz2CoL5RdTs | y******i
发帖数: 2584 | 2 http://www.businessinsider.com/jim-chanos-on-value-traps-2012-6
Here's Jim Chanos' Presentation On How To Spot A Crappy Stock
Julia La Roche | Jun. 27, 2012, 9:45 AM | 123,422 | 5
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Jim Chanos
Bloomberg TV
Hedge fund titan Jim Chanos, the founder of Kynikos Associates, gave a
presentation last week at ValueX Vail on how to spot a company that looks
good, but is actually a value trap. [via Jacob Wolinksy at ValueWalk]
Chanos, who famously shorted Enron before the company's demise, says that
good, value stocks have definitive traits such as predictable, consistent
cash flow, defensive and/or defensible business, Independence from superior
management, low/reasonable valuation, margin of safety using many metrics
and reliable, transparent financial statement.
Value traps, on the other hand, have some common characteristics. They may
have cyclical products and/or may be overly dependent on one product,
hindsight drives expectations in these companies, they use marquis
management and/or famous investor(s), and it probably appears cheap using
management's metric and accounting issues, according to Chanos.
In his presentation, Chanos mentions five different value traps and names
some stocks, too.
We've included all of his slides thanks to Vitaliy Katsenelson who posted
them on Scribd.
Read more: http://www.businessinsider.com/jim-chanos-on-value-traps-2012-6?op=1#ixzz2CoLJ2lFG | j*****h
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