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those were great returns this summer has not been great for you nor as it had been for most of the hedge fund industry um and last year was you had huge returns what does the end of the year look like for you and what do you think it's going to look like for people in your business and and if it if it turns out to be negative what do you think it does to the business sure look i think you know people call us a hedge fund and they call the whole category i mean i think we need to do a few things one is from an industry perspective we need to explain a little bit better but a hedge fund is now there are some funds that are designed to not lose money almost in any market condition there's you know call it market neutral now i think they're very few that actually work but there's some that are successful in that model and a down seven percent month for a market neutral fund is like a disaster we're really principally a long-only fund with the exception of herbalife we own concentrated positions and companies we own them for years uh you know cp we've owned you know for four years we'll probably own it for many more years howard hughes was effectively on for seven years um so we don't i can't tell you where any of our stocks are going to be next month i mean it's you know certainly i can't even tell you where they're going to be at the end of the year what i can tell you is that the businesses we mondelez will be a much more valuable company you know a year from now than it is today and two years from now it's gonna be even more valuable and cp is gonna be a much more valuable company what's interesting about a company like cp you know stock price moves up and down based on oil prices and commodity prices but if you what is the value of a business it's the present value of the cash the business generates over the la over its life you know the price of oil in the short term doesn't have a particularly meaningful impact on that calculation but it seems to have a big impact on the stock price so volatility is an opportunity for long-term investors to buy more at attractive prices or in the case of cp they're buying more of the company well i almost feel like you're a split personality on the one hand you are a long-term investor on the other hand you are a big activist what do you can think of yourself as i mean activists are long-term investors i mean the not all of them not all of them look again i think there's a spectrum just like hedge fund managers mutual fund managers what we do is uh you know 10 years ago people accused us of being short-term well we have been in business for a year it's hard to prove that we're a long-term investor um you know when you're moving around 20 billion dollars it's hard to do that constantly buying and selling things you're much better off buying super high quality companies and making them better i think the most important thing about this article is he basically says uh short sellers who share their views publicly there's something very wrong with that uh it's effectively as you say a hedge fund becoming a private regulator as opposed to people talking up stocks that they don't visit right that's right and i think that is is absurd right look at lumber liquidators i'll take myself out of it right so whitney tilson goes public maybe a year ago and says this company is shipping formaldehyde-laced product that can cause cancer and harm ignored by the markets uh it took a a 60 minutes piece uh which whitney obviously was uh the protagonist in uh but they did their own research as well to ultimately alert the world stock went from over a hundred dollars to sheridan today it's 15.
the company's been forced to withdraw this product they're under investigation by a whole bunch of regulators i think the consumers have benefited the shareholders who sold when they when whitney went out with his piece have been big beneficiaries look at david einhorn and lehman right he came public and said this company is under capitalized they need to recapitalize lehman ignored him i think they continued to buy back stock you know they said david was market manipulation i think was the word that was used well had the company recapitalized lehman might have made it through the financial crisis shareholders might have gotten something out of their investment uh in lehman look at jim chenoweth on enron so i think that you know and then he's what's interesting the article and again there are lots of factual problems with the article which we can address but the this is an inherently healthy phenomenon what's interesting about the article is the last sentence he talks about is it right for sort of hedge fund managers operating behind closed doors and private meetings you know there's nothing close to our profits about our investment herbalife right we gave the most public most transparent presentation 350 slides with multiple presentations with a website with every piece of research we've done plus all the source documents isn't that an incredibly healthy thing you know for market transparency so i think it's i really disagree uh you know reporters can write whatever they want to write i respect that you know for someone who spent clearly an enormous amount of time 12 000 word article to come to i think an absurd conclusion uh disappointment i'll give you a little fun fact which might help people discern this company is operating fraudulently so among the facts that he reports in the story says herbalife is running uh 101 orphanages in 51 countries around the world now the only place for him to get that fact was from herbalife herbalife has something called casa herbalife and it's sort of their philanthropy what it is is they give a blender or two to a children's organization in the country and they sh this product that can't that distributors can't sell they check a box and herbalife donates the product to these 101 little places around the world and it's fed to small children i i don't know whether small children in africa should be drinking this uh you know protein shake from herbalife that's a medical question but the notion that they're running orphanages uh you know i just think that if i were a reporter i would focus on that i'd go go into these casa herbalifes like do it i wouldn't ask for herbalife to tell me where the model ones are located but i go see that one i think it's more tax fraud than for distributors than it is helping you
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