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SunEdison Broke Us All

Activist news for Apr. 25. Don't be shy about hitting reply. Reach out and connect. And don't give me any of that "I don't have time." It just takes 1-2 lines; who you are, what you do, why you do it.

Major🔑 Alert - We're less than a month away from the dropping of the next Quarterly Activist Newsletter. We're looking to add 1-2 new activist funds to include ... hit reply or drop me a note on who you'd like to see.

Stake changes

  • ValueAct Capital takes its stake in Baker Hughes up by 70%. Now owns 9% of the company and has been an activist on the name since Jan. 2015. Still a lot of uncertainty over the Baker Hughes - Halliburton merger.

  • Orange Capital takes its Bellatrix Exploration from 16.1% to 15.1%.

David Einhorn of Green Light Capital

David Einhorn of Green Light Capital


  • Wintergreen Advisers putting more pressure on Consolidated Tomoka Land. Still owns 26% and been activist since 2006. They want a sale of the company to take advantage of high real estate prices. In the recent letter, it reaffirmed its push for an independent adviser to assess the situation at Consolidated.  

  • Valeant Pharmaceuticals International Inc. is finalizing a contract to hire Perrigo Co.’s chief executive officer, Joseph Papa.

  • Bill Ackman’s Pershing Square is having a good April. His Pershing is now up 12% in April, but still down 17%. This comes as his major holdings, Mondelez, Valeant and Air Products are all performing well.

  • CTW Investment letter about Discovery Communications on the proxy battle [link]

Catalyst watchlist

  • After the recent Netflix selloff, Carl Icahn might be re-building his stake.


  • Hedge Funds Biggest Losers in SunEdison's 'Magic Money Machine’ [link] David Einhorn has been SunEdison’s highest-profile supporter. His main hedge fund at Greenlight Capital dropped 20.4 percent last year in its worst performance since the financial crisis. He named SunEdison as one of its three largest losing positions after the stock dropped 74 percent ... The firm told investors in April 2014 that it had built the position at an average price of $15.55 per share, pointing to declining solar energy costs and rising electricity prices. The firm didn’t change its thinking as energy costs started to decline. On Oct. 29 of last year, Einhorn said the company’s position had stabilized ... "We think the selloff is overdone," Einhorn said on a conference call for Greenlight Capital Re Ltd., the reinsurer where he manages investments.

Other good reads

  • Smart Money? The Big Hedge Funds That Bet on SunEdison [link]


  • ICYMI Another look at Engaged target Outerwall [link]

  • ICYMI A look at Viex Capital target Maxwell Tech [link]

Read up on shareholder activism

  • The Proven Framework for Finding the Best Value Investments [link]

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