Value Investing Congress Las Vegas Notes 2014 – source: Marketfolly

Good read off Value Investing Congress Las Vegas Notes 2014

Thomas Russo’s Presentation

Whitney Tilson’s SodaStream Pitch

Sahm Adrangi: Short Bank of Internet

Carlo Cannell’s 2 Investment Ideas

Tim Eriksen: Long Awilco Drilling

Chris Mayer’s 2 Picks 

Eric Andersen (Western Standard): Pitches on Forrester, OFS Capital & Hartmann 

Eric Sprott (Sprott Asset Mgmt): 2 Ideas

David Neuhauser (Livermore Partners): Energy pitches

Lisa Rapuano (Lane Five Capital:  2 Investment Ideas

Zeke Ashton (Centaur Capital): Long BMW Preferreds

Daniel Miller (Gabelli):  2 Long Ideas

Isaac Schwartz (Robotti & Co): Long Tarkett and Halik Savings Bank

David Hurwitz (SC Fundamental): Opportunities in Korea

Michael Kao (Akanthos Capital): His TAG Oil Pitch

Chan Lee & Albert Yong (Petra Capital): Long Nexen Tire

Richard Lashley (PL Capital):  TARP Warrants and small cap bank plays

Richard Pearson: Short Organovo

– John Lewis (Osmium Partners):

Daniel Ferris (Extreme Value): Long Altius Minerals

Arnaud Ajdler (Engine Capital): Pitch on Hill International



Wells Fargo and John Stumpf

Selected words:

As Stumpf’s bible puts it: “There are only three ways a company can grow. First, earn more business from your current customers. Second, attract customers from your competitors. Or third, buy another company. If you can’t do the first, what makes you think you can earn more business from your competitors’ customers or from customers you buy through acquisition?”

“There’s only three jobs at Wells Fargo: taking care of existing customers, getting new customers and managing the risk of those two things,” adds Loughlin. “Nowhere in there am I talking about profitability or market share.”