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Whitney Tilson’s email to investors discussing Seth Klarman’s letter; P&G overvalued; Sears & Eddie Lampert; Unconventional Mortgages.
 
1) Following up on my last email about Seth Klarman’s widely discussed 2018 annual letter. you can read extensive excerpts in Doug Kass’s missive, The Oracle of Boston Speaks…and We Should Listen Closely (more at the end of this post), as well as these articles:

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Get The Full Seth Klarman Series in PDF
Get the entire 10-part series on Seth Klarman in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

 
Q4 hedge fund letters, conference, scoops etc

Via His Latest Letter, Seth Klarman Pisses In The Davos Punch (love this title!)
The Investor Seth Klarman, in a Rare Interview, Offers a Warning. Davos Should Listen
We got a copy of billionaire hedge fund manager Seth Klarman’s letter to investors — here are his 5 biggest warnings about the economy

2) A spot-on Heard on the Street column in today’s WSJ: P&G Shares Not Worth their Premium. Excerpt:
The concern for P&G and its competitors has been that they are losing pricing power as e-commerce and private-label brands are making the household goods sector more competitive.
P&G is a great company and a cash cow, but it has a $236B market cap ($259B enterprise value) and the stock trades at 3.9x trailing revenues, 14.7x EBITDA and 23.1x earnings. It would be one thing valuing a company at such lofty multiples if it had strong growth prospects, but P&G, in a benign, fairly healthy U.S. and global economy, is struggling to even tread

Article From: "Jacob Wolinsky"   Read full article