Wanted to hear the thoughts of professionals in the industry about sources like Seeking Alpha, and related forums of discussion.
Do you use them, if at all?
How have you found these sources from a quality perspective?
Do they help with idea generation?
What sources/forums do you generally look at?
Context: I'm thinking about sources for personal use; where I can play around with a small-pool of personal funds and build my skillset.
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I have been working on a list: https://dicktoad.substack.com/p/equity-investor-resources?utm_source=url
I just read the letters (if available) of the funds I respect and do work on names they currently own (if price hasn't moved a lot since they first initiated the position) or just bought. I see interesting names on Twitter here and there. Some blogs and Substacks (like Clark Street Value) are great, but I am still working on compiling them.
I don't use SeekingAlpha. In fact, I deleted the app after they put up the paywall. SumZero and Value Investor Club (VIC) are decent, SumZero is more geared toward hedge fund type and VIC is more traditional value / deep value / special situation.
Thanks Dick, really appreciate the sources and input.
A few quick follow-ups about researching names that top funds are invested in:
- How do you reconcile having differing opinions on names (i.e., disliking a stock that a fund you respect is invested in)?
- Are you ever swayed to "just go with it" because a fund may be in on a name?
- Do you feel you're able to re-engineer what you think could be the fund's thesis for investment in a name?
How do you reconcile having differing opinions on names (i.e., disliking a stock that a fund you respect is invested in)?
It's the public market. If Baupost owns a complex name and it doesn't fit your philosophy, you don't have to find it interesting or own it.
Are you ever swayed to "just go with it" because a fund may be in on a name?
No. I can borrow ideas, but I cannot borrow convictions. I must do the work and gain conviction myself, because inevitably there will be drawdowns down the road, that will be ultimate test of whether one sells at the worst time or one that makes a huge fortune because ability to distinguish between thesis impairment or short-term noise.
Do you feel you're able to re-engineer what you think could be the fund's thesis for investment in a name?
Some time yes, I get why a shop took a position after doing work myself. Some time I just don't understand why or think it's wrong to own a name, then I just move on from the situation.
Hi mate, the list appears to not be working. Can you please share it again? Would really appreciate it!
Sorry. I took it offline.
Idea Generation
Blogs I follow:
Hey, would also really appreciate it if you could share the list!
see above
Who are your favorite people on fintwit you like to follow?
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