I know the view is that the top tiger cubs are all buy and hold investors (who have shorts to offset) with 2-5 year views, but looking at 13Fs and in meetings you notice there is still a decent amount of focus on quarters and earnings. What is the view from your experiences with them? Or are some longer term than others (e.g. maybe Viking is more pod-like and lone pine more buy and hold)
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Long term, but also focuses on quarters / alt data / channel checks ;)
Genuinely curious, what should they be focusing on if not earnings?
Pure vibes
"Long-term" investing at hedge funds is a myth.
This is the part I like about MM pod shops: at least they are not hypocrites.
Most single managers: "Private-equity approach to the public market, focusing on long-term earnings power / free cash flow generation, 3-5 year time horizon, with strict valuation discipline and a preference for quality bought at significant discount to intrinsic value. We don't focus on quarters." And then going on management / IR calls asking about monthly trends and quarterly guidance while the other party does the following:
If they weren't before, they are now. Any fund down 30% becomes "long term" in a hurry.
Just because you have a long term view and stable capital doesn't mean you want to hold a large position at full size through a terrible quarter (or any time period) where you think it will trade poorly.
If the valuation rerates so that the prospective 3-5 year return isn’t attractive anymore (I.e. hits or is near their 5 year price target after earnings), the fund will start selling
I don't think they're having this problem right now...
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