Latticework Investor

Value Investing

Paul Sonkin from Hummingbird Value Fund

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Notes from the Value Investing Congress Twitter feed.

Paul Sonkin from Hummingbird Value Fund

  • „Hummingbird focuses on Microcap Value, typically below 100 million mkt cap
  • „Portfolio may have up to 200 names
  • „Sonkin touts micro and nano cap value and ability to outperform
  • „Conditions for micro and nano cap value like they were in 2000, huge valuation gap with growth counterparts
  • „Sonkin takes rational disciplined approach to mcro/nano
  • „Looks for discount to intrinsic value
  • „Certainty of outcome, and how long it will take to play out also crucial
  • „Focuses on smallest 40 bps of US capital markets; little analyst coverage, low trading volume, large spreads, mgmt more accessible
  • „Sonkin will look at pink sheet companies that otheres wont. Many not required to file with SEC
  • „Sonkin looking for internal and external catalysts
  • „Sonkin presenting 3 ideas here at the VIC
  • „Presenting Steinway (LVB), 3 major assets: piano business, band business, real estate…sees growth in Asia over next ten years
  • „LVB piano business recovering after “nuclear winter” in US
  • „Sonkin sometimes competing with companies buying back their stock, given low liquidity of typical names
  • „Sonkin says LVB has pricing power, has raised piano prices 4% per year for many years
  • „Says LVB properties in NY may be worth 50-75 million
  • „Sonkin says most under rated document is Proxy statement…..and he won’t invest in a company if CEO wears a lot of jewelry!!

Written by latticework01

May 6, 2010 at 9:41 am

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  1. […] Paul Sonkin from Hummingbird Value Fund […]

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