market folly

We're posting up notes from the Ira Sohn Conference 2013 in New York.  Next up is a summary of the presentation from Mitchell Julis of Canyon Partners.  He presented Clear Channel Outdoor (CCO) and wandered into other topics throughout his talk.


Long Idea: Clear Channel Outdoor (CCO)

Stub equity. Says depressed multiple. So his bull case needs multiple expansion. And he expects some EBITDA growth. Complex story, litigation, etc.

Apple. (AAPL) Long. Cites their bond at 1.5% interest rate, says the discrepancy between the debt and equity is significant. "Capital structure matters." - quote from Michael Milken.

He also touched on how tons of CUSIPs have been bought by CB's since 2007 and you don't want to fight them.  Julis says "if you don't do macro, macro will do you."

While everyone is just going long in this environment, he said to look for earnings power and staying power (Warren Buffett's great at this).


Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.