Latticework Investor

Value Investing

Posts Tagged ‘Hummingbird Value Fund

Paul Sonkin from Hummingbird Value Fund

with one comment

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!!
Advertisements

Written by latticework01

May 6, 2010 at 9:41 am